Stelco has announced a definitive agreement for acquisition by Cleveland-Cliffs Inc.
The deal values Stelco at $3.4 billion, with shareholders receiving $70 per share.
This represents an 87% premium to Stelco’s closing price on July 12th.
Major stakeholders, including Fairfax Financial Holdings, have agreed to support the transaction, set to bolster Stelco’s legacy in Canada.
Written by Matt LeBlanc