Cleveland-Cliffs Inc. has successfully completed its acquisition of Stelco Holdings Inc. 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.
Lourenco Goncalves, chairman, president and chief executive officer of Cliffs, stated, “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. This acquisition allows us to further diversify our customer base and lower our cost structure. We are excited about the opportunities this acquisition brings and appreciate the warm welcome we have received from all government officials in Canada. We take our permission to operate very seriously and aim to continue the Stelco legacy with dedication and purpose.”
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.