# Cleveland-Cliffs to acquire Stelco for $2.5B

Cleveland-Cliffs entered a definitive agreement to acquire Stelco Holdings for approximately USD $2.5 billion (CAD $3.4 billion) enterprise value, adding Stelco's two Ontario steelmaking sites.

- Type: Acquisition
- Announced: 2024-07-15
- Where: Ontario, Canada
- Value: $2.50B
- Status: announced
- Capacity: 2.6 million net tons of flat-rolled steel annually
- Products: flat-rolled steel, hot-rolled steel
- Sectors: [Steel and Metal Products](https://endata.com/sectors/steel-metal-products.md)

## Companies

- [Stelco](https://endata.com/companies/25295.md) (target)
- [Cleveland-Cliffs](https://endata.com/companies/27377.md) (acquirer)

## Sources

- [clevelandcliffs.com](https://www.clevelandcliffs.com/news/news-releases/detail/643/cleveland-cliffs-announces-the-acquisition-of-stelco), 2024-07-15: "Cleveland-Cliffs Inc. is pleased to announce that it has entered into a definitive agreement to acquire Stelco Holdings Inc."
- [steelorbis.com](https://www.steelorbis.com/steel-news/latest-news/cleveland-cliffs-to-acquire-canadian-steelmaker-stelco-1348923.htm), 2024-07-16: "The acquisition will allow the company to increase steelmaking capacity, strengthening its position in the flat steel market, with cost advantages in raw materials and energy."
- [buildsteel.org](https://buildsteel.org/news/cleveland-cliffs-announces-the-acquisition-of-stelco/), 2024-08-13: "The acquisition will expand Cliffs’ steelmaking footprint and double its exposure to the flat-rolled spot market."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.