M&A Deal Summary

Cliffs Acquires Stelco

On July 15, 2024, Cliffs acquired metals/mining company Stelco for 3.4B CAD

Acquisition Highlights
  • This is Cliffs’ 3rd transaction in the Metals/Mining sector.
  • This is Cliffs’ largest (disclosed) transaction.
  • This is Cliffs’ 1st transaction in Canada.
  • This is Cliffs’ 1st transaction in Ontario.

M&A Deal Summary
Date 2024-07-15
Target Stelco
Sector Metals/Mining
Buyer(s) Cliffs
Deal Type Add-on Acquisition
Deal Value 3.4B CAD
Advisor(s) BMO Capital Markets
RBC Capital Markets (Financial)
McCarthy Tétrault
Stikeman Elliott (Legal)

Target

Stelco

Hamilton, Ontario, Canada
Stelco is a steel company fully integrated, industry major facilities are among the safest, environmentally progressive, and productive steel plants in the world. Powered by Canadian craftsmanship, Stelco's operations in Hamilton and Nanticoke reflect the strength of each community. Together with employing more than 2,200 people, these fully integrated, industry-leading facilities are among the safest, environmentally progressive, and productive steel plants in the world. Hamilton Works is located on the shore of Lake Ontario in Hamilton, Ontario. Lake Erie Works is located in Nanticoke, Ontario, on the shores of Lake Erie. Stelco produces high-quality steel that is used primarily in the North American automotive, construction, infrastructure, appliance, manufacturing and pipe, and tube industries. Stelco was founded in 1910 and is based in Hamilton, Ontario.

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Buyer(S) 1

Buyer

Cliffs

Cleveland, Ohio, United States
Category Company
Founded 1847
Sector Metals/Mining
Employees28,000
Revenue 22.0B USD (2023)
DESCRIPTION

Cliffs is the largest and oldest independent iron ore mining company in the United States. Cleveland-Cliffs, Inc. is a major supplier of iron ore pellets to the North American steel industry from its mines and pellet plants located in Michigan and Minnesota. By 2020, Cleveland-Cliffs expects to be the sole producer of hot briquetted iron (HBI) in the Great Lakes region with the development of its first production plant in Toledo, Ohio. Driven by the core values of safety, social, environmental and capital stewardship, Cleveland-Cliffs’ employees endeavor to provide all stakeholders with operating and financial transparency. Cleveland-Cliffs Inc. Cliffs was incorporated in 1847 and is based in Cleveland, Ohio.

DEAL STATS #
Overall 4 of 4
Sector (Metals/Mining) 3 of 3
Type (Add-on Acquisition) 2 of 2
State (Ontario) 1 of 1
Country (Canada) 1 of 1
Year (2024) 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-11 Ferrous Processing & Trading

Detroit, Michigan, United States

Ferrous Processing & Trading is a processor and distributor of prime ferrous scrap in the United States, representing approximately 15% of the domestic merchant prime scrap market. FPT currently processes approximately three million tons of scrap per year, approximately half of which is prime grade. It operates 22 scrap processing facilities, with approximately 90% of revenues originating from its Midwest locations, primarily in Michigan and Ohio. Ferrous Processing & Trading was formed in 1904 and is based in Detroit, Michigan.

Buy $775M
Mergr

Product

Company

Legal