Cleveland-Cliffs stock price target cut to $9 from $13 at CFRA

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Cleveland-Cliffs to buy AK Steel for $1.1 billion in stock

Cleveland-Cliffs said it’s reached a deal to buy AK Steel for $1.1 billion, or $3.36 a share. AK Steel shared closed Monday at $2.89. Each AK Steel shareholder will receive 0.40 Cliffs share under the pact the two companies agreed. The combination is expected to generate approximately $120 million of annual cost synergies to be fully realized within the first 12 months after closing. Lourenco Goncalves, the chairman and CEO of Cliffs, will lead the expanded organization, and AK Steel CEO Roger Newport will retire. Moelis & Company LLC and Credit Suisse are acting as financial advisors to Cliffs, while Goldman Sachs advised AK Steel.

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