Steel Mills
Stelco/Cliffs deal clears antitrust hurdle in Canada
Written by Ethan Bernard
October 9, 2024
Stelco Inc. said that the Canadian Competition Bureau will not challenge Cleveland-Cliffs’ pending buy of the Hamilton, Ontario-based steelmaker.
The issuance of a “no-action letter” by the Bureau means that the $2.5-billion deal, first announced in July, has cleared another antitrust hurdle, this time on the Canadian side of the border.
The companies anticipate the deal to close by the end of the year.
As previously reported, in the US, the deal’s waiting period for the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) expired on Oct. 8, clearing that antitrust obstacle. Additionally, the deal has the support of the United Steelworkers (USW) union. And, in September, Stelco shareholders voted to OK the transaction.
Lourenco Goncalves, Cliffs’ chairman, president, and CEO, noted that a third milestone for the deal was also achieved this week, as the company “successfully raised the remaining capital to fund the transaction.”
Stelco is an integrated steelmaker with operations in Hamilton and Nanticoke, Ontario.
Ethan Bernard
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