Date Closed

November 1, 2024

Lead Office

Toronto

Value

3.40 Billion CAD

On November 1, 2024, Stelco Holdings Inc. (“Stelco”) completed its previously announced acquisition by Cleveland-Cliffs Inc. (“Cliffs”) for approximately C$3.4 billion.

Stelco, headquartered in Hamilton, Ontario, Canada, is a low cost, integrated and independent steelmaker with one of the newest and most technologically advanced integrated steelmaking facilities in North America. Stelco’s steel products are supplied to customers in the construction, automotive, energy, appliance, and pipe and tube industries across Canada and the United States.

Cliffs, headquartered in Cleveland, Ohio, United States, is an American steel manufacturer. Founded in 1847 as a mine operator, Cliffs is also the largest manufacturer of iron ore pellets in North America and the largest supplier of steel to the automotive industry in North America.

McCarthy Tétrault advised Stelco with a team led by Robert O. Hansen that included Jake Irwin, Matthew Sanders, Adil Akbar, Charm Hu, Ernesto Aleman Vera (Business), Nancy Choi, Samantha Pettinato (Mining), Jason Gudofsky, Oliver J. Borgers, Gideon Kwinter, Erin Keogh (Competition), Patrick McCay, Kabir Jamal, Suhaylah Sequeira (Tax), Geoff R. Hall (Litigation), Tzen-Yi Goh, Isabel Henkelman, Katia Piccoli (Real Property and Planning), Selina Lee-Andersen (Environmental), Patrick Pengelly (Labour and Employment), Deron Waldock, Julia Miller (Pensions and Benefits), Vincent Yip (Intellectual Property), Keith D. Rose, Marissa Caldwell (Technology), Ailbish Bruchet, Justin Lapedus, Kristin Dosen, Rebecca Scott (Financial Services), and Jamey Gage (Bankruptcy and Insolvency).