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Cleveland-Cliffs to acquire former U.S. Steel subsidiary

By Paul J. Gough – Reporter, Pittsburgh Business Times

US Steel FILE - A water tower at United States Steel Corp.'s Edgar Thomson Plant in Braddock, Pa., is seen, Thursday, May 7, 2020. On Sunday, Aug. 13, 2023, U.S. Steel said that it rejected a $7.3 billion buyout proposal from rival Cleveland Cliffs and was reviewing “strategic alternatives” after receiving several unsolicited offers. (AP Photo/Gene J. Puskar, File)

By Paul J. Gough – Reporter, Pittsburgh Business Times

PITTSBURGH — Cleveland-Cliffs Inc., spurned by U.S. Steel Corp. in its acquisition attempts, will instead buy the former Canadian subsidiary of the Pittsburgh-based manufacturer.

Cliffs (NYSE: CLF) announced Monday it would acquire Stelco Holdings Inc. (TSX: STLC), an integrated steelmaker based in Ontario that had once been known as U.S. Steel Canada. The deal includes $60 Canadian dollars ($47.65) and 0.454 shares of Cliffs stock for each share of Stelco common stock, with an enterprise value of $2.5 billion.

The deal is set to close in the fourth quarter.

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