Cliffs Completes Stelco Acquisition
By
Metal Center News Staff on
Nov 4, 2024
Cleveland-Cliffs Inc. has completed its acquisition of Stelco Holdings Inc. The deal had been agreed upon in July.
The addition of Stelco enhances Cliffs’ position as the largest flat-rolled steel producer in North America, diversifies Cliffs’ end-markets and expands its geographical presence in Canada. Stelco will continue operations as a wholly-owned subsidiary of Cliffs, preserving the name and iconic Canadian legacy of the business, the companies claimed.
“Today marks a transformative step forward for Cleveland-Cliffs. By bringing Stelco into the Cliffs family, we are building on our commitment to integrated steelmaking and good paying union jobs in North America," said Lourenco Goncalves, chairman, president and CEO of Cliffs. "This acquisition allows us to further diversify our customer base and lower our cost structure.”
Stelco operates two integrated steelmaking facilities in Canada, Hamilton Works and Lake Erie Works. It has a capacity of 4.8 million tons.
Wells Fargo, J.P. Morgan and Moelis & Company LLC acted as financial advisors and Davis Polk & Wardwell LLP and Blake, Cassels & Graydon LLP served as legal counsel to Cliffs.