Cleveland-Cliffs announced their acquisition of Stelco is complete

As anticipated, Cleveland-Cliffs has acquired the Canadian steelmaker, Stelco.

Lourenco Goncalves, Chairman, President and CEO of Cliffs, stated: “Today marks a transformative step forward for Cleveland-Cliffs. 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. We are excited about the opportunities this acquisition brings and appreciate the warm welcome we have received from all government officials in Canada. We take our permission to operate very seriously and aim to continue the Stelco legacy with dedication and purpose.”

Cliffs announced Wednesday that it has received the last regulatory and program approvals needed for the acquisition.

Wells Fargo, J.P. Morgan and Moelis & Company LLC acted as financial advisors and Davis Polk & Wardwell LLP and Blake, Cassels & Graydon LLP served as legal counsel to Cliffs.

Stelco has facilities in Ontario. Cliffs has said those will continue to operate under the name Stelco, as a wholly owned subsidiary.