Cleveland-Cliffs receives clearance in Canada for acquisition of Stelco

Cleveland-Cliffs announced that it has received a “no-action letter” from the Canadian Competition Bureau confirming that the Commissioner of Competition does not intend to challenge Cliffs’ pending acquisition of Stelco Holdings. Cliffs remains on track to close the transaction this quarter. Lourenco Goncalves, Cliffs’ Chairman, President and CEO, said, “We have achieved three important milestones this week toward closing the acquisition of Stelco. First, yesterday morning, we announced the expiration of the U.S. Department of Justice antitrust review period. Second, in the afternoon, we successfully raised the remaining capital to fund the transaction. Third, this morning, we are happy to announce this clearance from the Canadian Competition Bureau, which officially concludes all required antitrust reviews related to the acquisition. We look forward to closing the transaction once the remaining conditions to closing are satisfied.”