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Cleveland-Cliffs closes $2.5 billion acquisition of Stelco

( November 1, 2024, 16:47 GMT | Official Statement) -- MLex Summary: Cleveland-Cliffs announced that its $2.5 billion acquisition of Canadian steel firm Stelco has closed as of today. The company announced earlier this week that it received final regulatory approvals under the Investment Canada Act and Strategic Innovation Fund. "Today marks a transformative step forward for Cleveland-Cliffs," Chairman, President and Chief Executive Lourenco Goncalves said in a statement. "By bringing Stelco into the Cliffs family, we are building on our commitment to integrated steelmaking and good paying union jobs in North America. This acquisition allows us to further diversify our customer base and lower our cost structure. We are excited about the opportunities this acquisition brings and appreciate the warm welcome we have received from all government officials in Canada. We take our permission to operate very seriously and aim to continue the Stelco legacy with dedication and purpose.”See attached release....

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