Cleveland-Cliffs Concluded Acquisition of Stelco Holdings

SEATTLE (Scrap Monster): Cleveland-Cliffs Inc. announced that it has successfully completed its acquisition of Stelco Holdings Inc. Earlier in July of this year, the acquisition's final contract was finalized.

The purchase strengthens Cleveland-Cliffs' standing as the leading manufacturer of flat-rolled steel in North America. Additionally, it will broaden the company's geographic reach in Canada and diversify its end markets. According to a news release from the firm, Stelco will keep its name and carry on as a Cliffs wholly-owned subsidiary.

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The financial advisors to Cliffs for the transaction were Wells Fargo, J.P. Morgan and Moelis & Company LLC. Also, Davis Polk & Wardwell LLP and Blake, Cassels & Graydon LLP served as legal counsel.

Cliffs Chairman, President, and CEO Lourenco Goncalves commented on the development, saying the revolutionary move shows Cliffs' dedication to integrated steelmaking and well-paying union jobs in North America. The acquisition will assist the business in reducing its cost structure and expanding the variety of its clientele. He also praised the enthusiastic reception it received from representatives of the Canadian government.

The ownership of Stelco is regarded as a net benefit for Canada, the province of Ontario, and the cities of Nanticoke and Hamilton.