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Cleveland-Cliffs announces $2.5 billion acquisition of Canadian steelmaker

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Cleveland Cliffs announced Monday morning that it has agreed to but Canadian steelmaker Stelco.

Monday that it will buy Canadian steelmaker Stelco for $2.5 billion., allowing the Cleveland company to add another 1,800 employees. Stelco has facilities in Hamilton and Nanticoke, Ontario.

Cliff’s CEO Lourenco Goncalves praised Stelco in a conference call for investors Monday morning, saying he has long admired what Stelco’s CEO Alan Kestenbaum has done to transform the Canadian company into a low-cost steelmaker. USW President David McCall also praised the sale in a news release, saying Cliffs “has a proven track record of making sure the union always has a seat at the table, and this deal was no different.”

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