Cleveland-Cliffs announces shareholder approval of arrangement to buy Stelco

Cleveland-Cliffs announced that the holders of common shares of Stelco Holdings voted in favor of, and overwhelmingly approved, the special resolution regarding the previously announced indirect acquisition of Stelco by Cliffs at a special meeting of the Shareholders held earlier Monday. The Arrangement Resolution received support of 99.97% of the total votes cast for the Arrangement Resolution. The transaction is expected to close in the fourth quarter of 2024. Upon closing of the transaction, which remains subject to the satisfaction or waiver of the remaining conditions to closing contained in the arrangement agreement, Stelco is expected to continue as a wholly-owned subsidiary of Cliffs. Lourenco Goncalves, Chairman of the Board, President and CEO of Cliffs, stated: “The overwhelming approval from Stelco shareholders confirms the strong support of this transaction, and we look forward to closing this transaction in the fourth quarter of 2024. Together with Stelco and the USW in Canada, Cliffs will become an even stronger and better North America-based steel producer, which will benefit both Canada and the United States.”