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

Ethan Bernard is a reporter and editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

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