Mining firm Cleveland-Cliffs, North America’s largest producer of iron pellets, agreed to buy Appalachian coal producer Alpha Natural Resources for $10 billion. The combined company, Cliffs Natural Resources, will own nine iron ore plants and more than 60 coal mines in the Americas and Australia. Cleveland-Cliffs said the deal will help it compete in providing raw materials to the booming global steel industry. (Bloomberg)
of The Week magazine.