On Thursday, Stelco said the Ontario Superior Court of Justice issued a final order approving the sale. And earlier this week, shareholders voted overwhelmingly in favor of the sale, with nearly all of the total votes cast affirming the transaction. 

“The overwhelming approval from Stelco shareholders confirms the strong support of this transaction, and we look forward to closing this transaction in the fourth quarter of 2024,” said Cleveland-Cliffs Inc. chairman and chief executive officer Lourenco Goncalves.

“Together with Stelco and the (United Steelworkers union) in Canada, Cliffs will become an even stronger and better North America-based steel producer, which will benefit both Canada and the United States,” he added. 

Cliffs is acquiring Stelco for CA$60 per share, plus 0.454 shares of common stock in Cliffs.