Steel Mills
Cliffs clears antitrust step in $2.5B bid for Stelco
Written by Ethan Bernard
October 8, 2024
Cleveland-Cliffs has cleared a regulatory hurdle for its pending purchase of Canadian steelmaker Stelco Inc.
The waiting period for the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) has expired for the deal.
“The expiration of the HSR Act waiting period clears an important regulatory hurdle and marks a significant step toward the closing of this acquisition,” the company said in a statement on Tuesday.
The HSR Act requires that companies file premerger notifications with the Federal Trade Commission (FTC) and the Antitrust Division of the Justice Department for certain acquisitions, according to the FTC website.
The Cleveland-based steelmaker said the deal is expected to close in Q4’24 following the satisfaction or waiver of other customary closing conditions and approvals.
“We are excited to secure this critical step in the process and move another step closer toward completing this transformative acquisition of Stelco,” Lourenco Goncalves, Cliffs’ chairman, president, and CEO, said.
Recall that Cliffs announced plans to acquire Stelco for $2.5 billion in July. The deal has the support of the United Steelworkers (USW) union. Additionally, in September, Stelco shareholders voted to OK the transaction.
Ethan Bernard
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