Cleveland-Cliffs announces acquisition of Stelco

CLEVELAND, OH – Cleveland-Cliffs continues to expand its presence in the North American steel industry with Monday’s announcement it would acquire Canadian steelmaker Stelco.

The acquisition increases Cliffs’ steelmaking footprint and doubles its exposure to the flat-rolled spot market, with cost advantages in raw materials, energy, health care, and currency.

Stelco has two operational sites, both in the province of Ontario, including Lake Erie Works, the newest and lowest-cost integrated steelmaking facility in North America. Stelco ships approximately 2.6 million net tons of flat-rolled steel annually.

Upon closing of the transaction, Stelco is expected to continue operations as a wholly owned subsidiary, preserving the name and legacy of the business.

The transaction is expected to close in the fourth quarter of 2024, subject to approval by Stelco shareholders, receipt of regulatory approvals and satisfaction of other customary closing conditions.

WLUC