Cleveland-Cliffs, a US based steel producer, has received approval from the Competition Bureau Canada to proceed with its acquisition of Stelco Holdings, a Canadian steel manufacturer. This approval follows the expiration of the antitrust waiting period overseen by the U.S. Department of Justice, clearing the way for the transaction to close within the fourth quarter of 2024.abd
The acquisition, initially announced in July 2024 and valued at approximately $2,5 billion. Stelco, known for its blast furnace and basic oxygen furnace operations, will complement Cleveland-Cliffs’ integrated supply chain, which spans iron ore mining, pellet production, steelmaking, and downstream services.
Lourenco Goncalves, CEO of Cleveland-Cliffs, expressed satisfaction with the regulatory milestones achieved, stating that the company is now ready to move forward once all remaining closing conditions are met.
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