United States Steel Corporation (U.S. Steel) has announced the completion of the acquisition of Stelco Inc. and the change of Stelco Inc.'s name to U.S. Steel Canada Inc. The total cost of the acquisition is approximately $1.2 billion in cash.
The transaction has been finalized two months after U.S. Steel's announcement of its agreement to acquire the once-bankrupt last major Canadian steelmaker, Stelco Inc.
Commenting on the acquisition, U.S. Steel chairman and CEO John Surma said, "We welcome the customers, employees and communities of Stelco to the U. S. Steel family. This acquisition expands the footprint of our North American flat-rolled operations with facilities on both sides of the Great Lakes to better respond to customer needs, including the ability to process U.S. Steel Canada slabs at other U.S. Steel facilities."