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Cliffs tumbles on 'lifeline' offer for AK Steel

US iron ore producer Cleveland-Cliffs has made a surprise US$1.1 billion all-scrip bid to buy its second largest customer AK Steel in a move to vertically integrate its premium pellet offering with domestic US steelmaking capabilities.

Cliffs tumbles on 'lifeline' offer for AK Steel Cliffs tumbles on 'lifeline' offer for AK Steel Cliffs tumbles on 'lifeline' offer for AK Steel Cliffs tumbles on 'lifeline' offer for AK Steel Cliffs tumbles on 'lifeline' offer for AK Steel

Cleveland-Cliffs has made a binding $1.1 billion offer to acquire US steelmaker AK Steel

Cliffs' 0.4: 1 share deal for AK Steel valued the latter at $3.36, a 16% premium to AK Steel's Monday close.