US-based mining and steel company Cleveland-Cliffs Inc. has announced that it has completed the acquisition of Canadian steelmaker Stelco Holdings Inc. for about $2.5 billion. Stelco will continue operations as a wholly-owned subsidiary of Cleveland-Cliffs.
The acquisition will strengthen Cleveland-Cliffs’ position in the North American flat steel market, diversify its end-markets including the construction and industrial sectors, and will expand its geographical presence in Canada. “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,” Lourenco Goncalves, CEO of Cleveland-Cliffs, said.
In early October, Cleveland-Cliffs passed the antitrust review launched by the US Department of Justice for its pending acquisition of Stelco, as SteelOrbis previously reported.