ArcelorMittal SA has agreed to sell its U.S. business to Cleveland-Cliffs Inc. for around $1.4 billion, a deal that will further diminish its position as the world’s largest steelmaker as it grapples with the fallout from the coronavirus pandemic.
The Luxembourg-based company said Monday that about one-third of the deal value will be paid in cash upfront, with the rest paid in stock. ArcelorMittal said it would use the proceeds to pay down debt and hand $500 million of the proceeds back to investors in share buybacks.
The…
