Cleveland-Cliff’s Stelco Acquisition Cleared Major Regulatory Hurdles

SEATTLE (Scrap Monster): Cleveland-Cliffs Inc. declared that it has successfully navigated significant regulatory obstacles related to its impending acquisition of the assets of Stelco Holdings Inc. The business had already declared that it had raised the last bit of money needed to complete the deal.

The business declared that the 1976 Hart-Scott-Rodino Antitrust Improvements Act waiting period was over. This expiration is regarded as a significant step toward the acquisition's closure as it removes a significant regulatory obstacle. It is currently anticipated that the deal would close in Q4 of this year, pending the fulfillment of additional usual approvals and closing requirements.

ALSO READ:

U.S. Steel, Cleveland-Cliffs Challenge New EPA Rule to Limit Mercury Emissions

Cleveland-Cliffs Initiates Monthly Announcement of Spot Prices for Hot-Rolled Steel

Furthermore, Cliffs' prospective acquisition of Stelco Holdings Inc. is not expected to be challenged, according to a "no-action letter" the Canadian Competition Bureau sent to the company. According to the corporate news release, the Canadian Competition Bureau's permission officially signifies the end of all necessary antitrust reviews related to the transaction.

Leading integrated steelmaker Stelco runs two facilities in Ontario: Hamilton Works and Lake Erie Works. Every year, the company ships about 2.6 million net tons of flat-rolled steel.