Stelco
Assembly Line
Cleveland-Cliffs to Acquire Stelco for C$70 per Share
Stelco Holdings Inc. (TSX: STLC) is pleased to announce that it has entered into a definitive agreement with Cleveland-Cliffs Inc. (NYSE: CLF), pursuant to which Cliffs has agreed to acquire all of the issued and outstanding common shares of Stelco at a price of C$70.00 per share, consisting of C$60.00 in cash and 0.454 of a share of Cliffs common stock (equivalent to C$10.00 based on the closing price of Cliffs common stock on July 12, 2024) per Stelco share.
The total enterprise value pursuant to the Transaction is approximately C$3.4 billion. The Consideration represents an 87% premium to Stelco’s closing share price of C$37.36 on July 12, 2024, and a 37% premium to Stelco’s 52-week high.