Cleveland-Cliffs Closes Deal to Acquire Stelco
11/04/2024 - Cleveland-Cliffs has closed its acquisition of flat-rolled producer Stelco, finalizing a deal that gives Cliffs a manufacturing presence in Canada.
“By bringing Stelco into the Cliffs family, we are building on our commitment to integrated steelmaking and good-paying union jobs in North America,” said Cleveland-Cliffs chairman Lourenco Goncalves. “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.”
Stelco will continue operations as a wholly owned subsidiary of Cliffs, preserving the name and iconic Canadian legacy of the business.
“Over the past seven years, since the acquisition of the Company, we have worked tirelessly with all of our stakeholders — our customers, our suppliers, the United Steelworkers, all of our valued employees and investors who believed in us — to restore Stelco as a North American leader in the steel industry and an iconic Canadian company,” said Stelco executive chairman and chief executive officer Alan Kestenbaum.
“Cliffs, led by industry leader Lourenco Goncalves, has made it clear both in words and in practice, that they share many of the core values that have led to Stelco’s recent success, and I am confident that the strong legacy of Stelco, our partners and our employees are in very good and strong hands going forward,” he said.
Stelco will continue operations as a wholly owned subsidiary of Cliffs, preserving the name and iconic Canadian legacy of the business.
“Over the past seven years, since the acquisition of the Company, we have worked tirelessly with all of our stakeholders — our customers, our suppliers, the United Steelworkers, all of our valued employees and investors who believed in us — to restore Stelco as a North American leader in the steel industry and an iconic Canadian company,” said Stelco executive chairman and chief executive officer Alan Kestenbaum.
“Cliffs, led by industry leader Lourenco Goncalves, has made it clear both in words and in practice, that they share many of the core values that have led to Stelco’s recent success, and I am confident that the strong legacy of Stelco, our partners and our employees are in very good and strong hands going forward,” he said.
