Date Announced

July 15, 2024

Lead Office

Toronto

Value

3.40 Billion CAD

On July 15, 2024, Stelco Holdings Inc. (“Stelco”) announced its entrance into a definitive agreement with Cleveland-Cliffs Inc. (“Cliffs”), pursuant to which Cliffs will acquire all of the issued and outstanding common shares of Stelco for 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 is advising Stelco with a team led by Robert O. Hansen and includes Jake Irwin, Matthew Sanders, Adil Akbar (Business), Jason Gudofsky, Oliver J. Borgers, Gideon Kwinter, Erin Keogh (Competition), Patrick McCay, Kabir Jamal (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, Rebecca Scott (Financial Services), and Jamey Gage (Bankruptcy and Insolvency).