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Betteryear2on Jul 15, 2024 8:15am
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Cleveland-Cliffs Announces the Acquisition of Stelco
Cleveland-Cliffs Announces the Acquisition of Stelco
CLEVELAND--(BUSINESS WIRE)--Cleveland-Cliffs Inc. (NYSE:CLF) (“Cliffs” or “the Company”) is pleased to announce that it has entered into a definitive agreement to acquire Stelco Holdings Inc. (TSX:STLC) (“Stelco”). The acquisition confirms Cliffs’ commitment and leadership in integrated steel production in North America, and also brings an additional 1,800 United Steelworkers (“USW”) union employees into Cliffs’ workforce. Under the terms of the agreement, Stelco shareholders will receive CAD $60.00 per Stelco common share in cash and 0.454 shares of Cliffs common stock per share of Stelco common stock (or CAD $10.00 per share as of July 12, 2024), representing a total consideration of CAD $70.00 per Stelco share. The transaction has received full support from David McCall, International President of the USW union.
Cleveland-Cliffs Announces the Acquisition of Stelco | Business Wire