PITTSBURGH — Cleveland-Cliffs Inc., spurned by U.S. Steel Corp. in its acquisition attempts, will instead buy the former Canadian subsidiary of the Pittsburgh-based manufacturer.
Cliffs (NYSE: CLF) announced Monday it would acquire Stelco Holdings Inc. (TSX: STLC), an integrated steelmaker based in Ontario that had once been known as U.S. Steel Canada. The deal includes $60 Canadian dollars ($47.65) and 0.454 shares of Cliffs stock for each share of Stelco common stock, with an enterprise value of $2.5 billion.
The deal is set to close in the fourth quarter.
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