Steel Mills
Cleveland-Cliffs sets Nov. 1 closing date for Stelco deal
Written by Laura Miller
October 30, 2024
Cleveland-Cliffs has received all the required approvals to finalize its $2.5-billion acquisition of Canadian steelmaker Stelco Holdings Inc.
The transaction is set to close this Friday, Nov. 1.
The two steelmakers said on Wednesday that they had received the final approvals needed to close the deal under the Investment Canada Act and Strategic Innovation Fund.
This means the deal, first announced in July, will have been completed in under four months’ time.
That’s much faster than the other big M&A story of 2024: Nippon Steel’s proposed $14.9-billion acquisition of U.S. Steel, first announced in December 2023, which has faced opposition from the start. The two companies still hope to close that deal by the end of this year.
Recall that the Cliffs/Stelco deal has the support of the United Steelworkers (USW), while the Nippon/USS deal still does not.
On Friday, upon Cliffs closing the Stelco deal, 1,800 USW members will join the Cleveland-Cliffs team, which already includes over 15,000 workers represented by various unions across its US mills.
We’ll hear more about the plans for the combined company when Cliffs releases its third-quarter earnings report next week.
Laura Miller
Read more from Laura MillerLatest in Steel Mills
Nucor reports improved earnings, sales, and operating rates
Nucor reported a sharp sequential rebound in the second quarter, buoyed by improved pricing and strong shipments. But the steelmaker is bracing for a modest slowdown in the months ahead.
Cliffs confirms Cleveland furnace restart, Dearborn furnace idling
Cleveland-Cliffs is idling blast furnace, BOF shop, and continuous caster functions at its Dearborn plant, but downstream operations will remain unaffected, the company confirmed. Cliffs said its pickling line tandeom cold mill (PLTCM) and its extra wide automotive-grade galvanizing line for exposed parts will continue operations at the Dearborn, Michigan-based facility.
Nucor spot HR list price unchanged at $900/ton
Nucor maintained its weekly list price for hot-rolled (HR) coil flat this week, following a price cut the previous week.
Despite trade chaos, Barry Schneider upbeat on SDI, steel
With 30 years of experience at Steel Dynamics, Barry Schneider reflects on the company and the state of the steel industry.
Algoma Steel seeks CAD$500M in operational support
Algoma Steel applied to Canada’s federal Large Enterprise Tariff Loan (LETL) program for $500 million to support its long-term operations.