Stelco calls meeting to approve Cleveland-Cliffs acquisition

HAMILTON, Ontario — Stelco Holdings Inc. has announced that it has filed its management information circular for a special meeting of the company’s shareholders to be held on Monday, September 16, 2024, to approve the previously announced acquisition of Stelco by Cleveland-Cliffs Inc. by way of a plan of arrangement.

Shareholders are considering an offer in which a wholly‑owned subsidiary of Cleveland-Cliffs will acquire all Stelco shares. Each Stelco share will be worth C$60, plus a small portion of a Cleveland-Cliffs share, as detailed in the circular.

After a special committee of independent directors reviewed the deal, Stelco’s Board of Directors has decided that the offer is fair for shareholders. They are all recommending that shareholders vote in favour of the deal.