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Cleveland-Cliffs, has announced the acquisition of Canadian rival Stelco Holdings for C$3.85 billion ($2.8 billion).
Cleveland-Cliffs, an Ohio-based steelmaker, announced its acquisition of Canadian peer Stelco Holdings for C$3.85 billion ($2.8 billion). This marks Cleveland-Cliffs’ first major acquisition since its unsuccessful bid for U.S. Steel last year.
CEO Lourenco Goncalves emphasized that the acquisition presents a lower-cost alternative to building a new mill in the U.S. The deal will immediately accrue to Cleveland-Cliffs’ per-share profit for 2024 and 2025.
In August 2023, Cleveland-Cliffs made an unsolicited $7.3 billion bid to take over U.S. Steel. However, U.S. Steel deemed the bid “unreasonable” and opted to merge with Japan’s Nippon Steel for $14.9 billion instead.
Stelco operates two major sites in Ontario:
The acquisition significantly expands Cleveland-Cliffs’ steelmaking footprint, doubling its exposure to the flat-rolled spot market. It also brings cost advantages in raw materials, energy, healthcare, and currency.
Following the announcement, Cleveland-Cliffs’ shares were down 3% in premarket trading, reflecting cautious investor sentiment.
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