All articles tagged with #stelco
Stelco is idling operations in Hamilton and Nanticoke, laying off up to 500 workers, citing U.S. tariffs and weak demand. Prime Minister Mark Carney called the move a betrayal and vowed to use all legal powers to enforce the employment commitments Cleveland-Cliffs made when it acquired Stelco in 2024.
Cleveland-Cliffs Inc. has agreed to acquire Canadian steelmaker Stelco Holdings Inc. for approximately $2.8 billion, marking a significant move after its failed bid for United States Steel Corp. last year. The deal, which offers a substantial premium to Stelco shareholders, will expand Cliffs' steelmaking footprint and double its exposure to the flat-rolled spot market. The acquisition is expected to close in the fourth quarter of 2024, pending regulatory and shareholder approvals.
Cleveland-Cliffs Inc. has announced its acquisition of Stelco Holdings Inc. for approximately USD $2.5 billion, expanding its steelmaking footprint in North America. The deal, supported by the United Steelworkers union, is expected to bring significant cost savings and synergies, while maintaining Stelco's operations and legacy in Canada. The transaction is anticipated to close in the fourth quarter of 2024, subject to regulatory and shareholder approvals.