Richard A. Miller, 65, who has been chairman and chief executive of the Cleveland-based company since 1988, is retiring.

The Cleveland-based companies each will own 46.5 percent of the venture, to be called Cliffs & Associates Ltd.

The proposal was valued by analysts at about $170 million, and some of them said it was not enough for the Cleveland-based company.

The Cleveland-based company, which still has interests in iron ore, oil and natural gas, has been looking to diversify.

The Cleveland-based company will put up $105 million of the purchase price in cash and $15 million in a five-year note with a market-based interest rate.

This Cleveland-based company (with offices in Mexico and Japan) is the nation's third-largest steel company.

The two main businesses of the Cleveland-based company are supplying parts for the auto industry and making sophisticated space and military equipment, like satellites.

Mr. Candlish, 56, said he planned to remain with the Cleveland-based company until the end of the year.

A union of the two Cleveland-based companies would create the nation's 17th-largest banking concern.

Mr. McDonough, 60, has led the Cleveland-based company for the last six years.