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Cliffs tumbles on 'lifeline' offer for AK Steel

Top US iron ore producer's shares tumble as vertical integration comes at a price

Henry Lazenby in Vancouver

Cliffs' 0.4: 1 share deal for AK Steel valued the latter at $3.36, a 16% premium to AK Steel's Monday close. However, much of that premium evaporated during intraday trading Tuesday as investors grappled...

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