0001387131-20-011234.txt : 20201217 0001387131-20-011234.hdr.sgml : 20201217 20201217172454 ACCESSION NUMBER: 0001387131-20-011234 CONFORMED SUBMISSION TYPE: 3 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20201209 FILED AS OF DATE: 20201217 DATE AS OF CHANGE: 20201217 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: ArcelorMittal North America Holdings LLC CENTRAL INDEX KEY: 0001836580 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 3 SEC ACT: 1934 Act SEC FILE NUMBER: 001-08944 FILM NUMBER: 201397136 BUSINESS ADDRESS: STREET 1: 1 SOUTH DEARBORN STREET, 13TH FLOOR CITY: CHICAGO STATE: IL ZIP: 60603 BUSINESS PHONE: 312 899 3902 MAIL ADDRESS: STREET 1: 1 SOUTH DEARBORN STREET, 13TH FLOOR CITY: CHICAGO STATE: IL ZIP: 60603 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: ArcelorMittal CENTRAL INDEX KEY: 0001243429 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [3312] FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 3 SEC ACT: 1934 Act SEC FILE NUMBER: 001-08944 FILM NUMBER: 201397137 BUSINESS ADDRESS: STREET 1: 24-26, BOULEVARD D?AVRANCHES STREET 2: L-1160 LUXEMBOURG CITY: GRAND DUCHY OF LUXEMBOURG STATE: N4 ZIP: 00000 BUSINESS PHONE: 35247922151 MAIL ADDRESS: STREET 1: 24-26, BOULEVARD D?AVRANCHES STREET 2: L-1160 LUXEMBOURG CITY: GRAND DUCHY OF LUXEMBOURG STATE: N4 ZIP: 00000 FORMER NAME: FORMER CONFORMED NAME: ARCELOR DATE OF NAME CHANGE: 20030618 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: CLEVELAND-CLIFFS INC. CENTRAL INDEX KEY: 0000764065 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] IRS NUMBER: 341464672 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 BUSINESS ADDRESS: STREET 1: 200 PUBLIC SQUARE STREET 2: STE. 3300 CITY: CLEVELAND STATE: OH ZIP: 44114-2315 BUSINESS PHONE: 216-694-5700 MAIL ADDRESS: STREET 1: 200 PUBLIC SQUARE STREET 2: STE. 3300 CITY: CLEVELAND STATE: OH ZIP: 44114-2315 FORMER COMPANY: FORMER CONFORMED NAME: CLIFFS NATURAL RESOURCES INC. DATE OF NAME CHANGE: 20081015 FORMER COMPANY: FORMER CONFORMED NAME: CLEVELAND CLIFFS INC DATE OF NAME CHANGE: 19920703 3 1 clf-form3_120920.xml INITIAL STATEMENT OF BENEFICIAL OWNERSHIP X0206 3 2020-12-09 0 0000764065 CLEVELAND-CLIFFS INC. CLF 0001243429 ArcelorMittal 24-26, BOULEVARD D'AVRANCHES L-1160 LUXEMBOURG GRAND DUCHY OF LUXEMBOURG N4 L-1160 LUXEMBOURG 0 0 1 0 0001836580 ArcelorMittal North America Holdings LLC 1 SOUTH DEARBORN STREET, 13TH FLOOR CHICAGO IL 60603 0 0 1 0 Common Shares 78186671 I See Footnote Series B Participating Redeemable Preferred Stock Common Shares 58327300 I See Footnote These Common Shares and Series B Participating Redeemable Preferred Stock are held directly by ArcelorMittal North America Holdings LLC, an indirect, wholly-owned subsidiary of ArcelorMittal. The Series B Participating Redeemable Preferred Stock is not exercisable or redeemable at the option of ArcelorMittal or ArcelorMittal North America Holdings LLC. At any time and from time to time on and after June 7, 2021, Cleveland-Cliffs Inc. (the "Corporation") may, at its option, redeem, in whole or in part, the Series B Preferred Stock for an amount per share as described below. For additional information, please refer to Exhibit 3.1 of the December 7, 2020 Form 8-K of Cleveland-Cliffs Inc. The amount per Series B Participating Redeemable Preferred Share shall be the "Applicable Multiple" (initially 100, subject to adjustment due to dividends on Common Shares payable in Common Shares, or a subdivision, combination or consolidation of the Common Shares) then in effect times the average VWAP per Common Share for each trading day over a period of 20 consecutive trading days (ending on the trading day immediately preceding the date of such determination)(the "20-Day VWAP") as of the date fixed for redemption (the "Optional Redemption Date"), plus accumulated and unpaid dividends (including Additional Dividends (defined below), whether or not declared) to, but not including, the Optional Redemption Date (the "Optional Redemption Price"). At the election of the Corporation, the Optional Redemption Price (i) may be paid in cash or (ii) subject to obtaining any shareholder approval as may be required by the listing rules of the New York Stock Exchange or Ohio law, may be satisfied in Common Shares. If the Optional Redemption Price is to be satisfied in Common Shares, the Corporation will issue to each holder a number of Common Shares equal to the Applicable Multiple then in effect for each share of Series B Preferred Stock that is subject to redemption and pay the holder cash in respect of that portion of the Optional Redemption Price composed of accumulated and unpaid dividends (including Additional Dividends, whether or not declared) to, but not including, the Optional Redemption Date. Upon a change of control of the Corporation, the Corporation shall, subject to certain exceptions, redeem all of the outstanding shares of Series B Preferred Stock for an amount per share, payable in cash, equal to the Applicable Multiple then in effect times the 20-Day VWAP as of the closing date of such change in control (the "Change of Control Redemption Date"), plus accumulated and unpaid dividends (including Additional Dividends (as defined below), whether or not declared) to, but not including the Change of Control Redemption Date. Each holder of a share of Series B Participating Redeemable Preferred Stock shall be entitled to receive cash dividends (the "Additional Dividends") accruing and compounding from the 24-month anniversary of the date of issuance of the Series B Participating Redeemable Preferred Stock (December 9, 2022) accruing and compounding on a daily basis from December 9, 2022 at the initial rate of 10.00% per annum on the sum of (i) the Applicable Multiple then in effect times the 20-Day VWAP of the Common Shares as of December 9, 2022 and (ii) the amount of accumulated and unpaid dividends on the Series B Participating Redeemable Preferred Stock to, but not including, December 9, 2022, if any, which rate (as increased from time to time, the "Additional Dividend Rate") shall increase by 2.00% per annum at the end of each six-month period following December 9, 2022. As of the date hereof, ArcelorMittal North America Holdings LLC holds 583,273 shares of Series B Participating Redeemable Preferred Stock. Each share of Series B Participating Redeemable Preferred Stock entitles its holder to receive a multiple, initially equal to 100 (subject to certain anti-dilution adjustments), of the aggregate amount per share of all dividends declared on the Common Shares. /s/ Henk Scheffer, Authorized Signatory 2020-12-17 /s/ Joseph P. Wallace, ArcelorMittal North America Holdings LLC, Authorized Signatory 2020-12-17