Hamilton steel maker Stelco Holdings sold to Cleveland-Cliffs for $3.4 billion

Hamilton, Ont.-based alloy shaper Stelco Holdings Inc. is group to beryllium acquired by Cleveland-Cliffs Inc. for $3.4 billion.

Stelco says it has agreed to waste each issued and outstanding communal shares for $70 per stock to nan Cleveland-based alloy producer.

Stelco main executive Alan Kestenbaum says he is assured that Cleveland-Cliffs will stay a reliable supplier to its customers, while maintaining Stelco’s “stature and estimation successful Canada and maintaining our Canadian nationalist interests.”

As portion of nan agreement, Stelco’s office will stay successful Hamilton and nan institution will support important employment levels successful Canada, on pinch Canadian practice connected its guidance team.

Cleveland-Cliffs president and CEO Lourenco Goncalves says Kestenbaum was capable to move an “underperforming plus nether erstwhile ownership into a very cost-efficient and profit-oriented company.”

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He says nan woody “keeps nationalist interests astatine nan forefront and recognizes nan value of nan workforce,” noting Stelco respects nan national representing its workers, “treats their labor good and leans into their costs advantages.”

Stelco operates 2 steelmaking sites, some located successful Ontario adjacent Lake Erie and successful Hamilton shipping astir 2.6 cardinal nett tons of flat-rolled alloy annually.