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DewDiligence

09/27/20 7:55 PM

#22886 RE: DewDiligence #22862

MT considering asset combination with CLF—according to sources:

https://finance.yahoo.com/news/exclusive-arcelormittal-talks-merge-u-205433326.html

MT is CLF's largest external customer. If such an asset combination goes through, ~70% of CLF's pellet output will be used by CLF itself (up from ~30% now).