Cleveland-Cliffs Inc. has announced the acquisition of Stelco Holdings Inc., solidifying its position as a leader in integrated steel production in North America. The acquisition brings 1,800 new union employees into Cliffs' workforce. Stelco shareholders will receive CAD $70.00 per share, and the transaction is expected to be immediately accretive to earnings. The deal values Stelco at approximately USD $2.5 billion (CAD $3.4 billion) and is expected to close in the fourth quarter of 2024. The acquisition expands Cliffs' steelmaking footprint and doubles its exposure to the flat-rolled spot market, bringing cost advantages in raw materials, energy, and healthcare. The transaction has received support from Stelco's board and the USW union. Cliffs plans to maintain Stelco's operations in Canada, invest in capital improvements, and increase charitable support, demonstrating its commitment to Canada's economy and communities.