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Cleveland-Cliffs Inc (NYSE:CLF) is trading higher Monday after the company announced it entered into a definitive agreement to acquire Ferrous Processing and Trading Company (FPT). The stock is also trading higher in sympathy with the price of iron ore.
Cleveland-Cliffs is set to acquire FPT for a total enterprise value of approximately $775 million.
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“Cleveland-Cliffs is entering the scrap business as a major player through the acquisition of a large scrap company. Even more importantly, FPT has a very meaningful presence in prime scrap," said Lourenco Goncalves, chairman, president and CEO of Cleveland-Cliffs.
FPT is among the largest processors and distributors of prime ferrous scrap in the United States.
Cleveland-Cliffs is a flat-rolled steel producer and a manufacturer of iron ore pellets in North America. It is vertically integrated from mined raw materials and direct reduced iron to primary steelmaking and downstream finishing, stamping, tooling and tubing.
CLF Price Action: Cleveland-Cliffs has traded as high as $26.50 and as low as $7.19 over a 52-week period.
The stock was up 6.06% at $21.88 at time of publication.
Photo: Khusen Rustamov from Pixabay.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.