Cleveland-Cliffs Acquires Stelco for $2.8 Billion

The acquisition marks Cleveland-Cliffs' first major move since its failed bid for U.S. Steel last year.

Cleveland-Cliffs will pay C$60 in cash and 0.454 shares of its stock for each Stelco share, totaling C$3.85 billion.
The deal is expected to be immediately accretive to Cleveland-Cliffs' per-share profit in 2024 and 2025.
Stelco's shareholders will own 5% of the combined company, with Cleveland-Cliffs' shareholders owning 95%.
The acquisition expands Cleveland-Cliffs' steelmaking footprint and doubles its exposure to the flat-rolled spot market.
The transaction has received support from the United Steelworkers union and is expected to close in the fourth quarter of 2024.