Cleveland-Cliffs Inc. agreed to buy Canadian steelmaker Stelco Holdings Inc. for about C$3.85 billion ($2.8 billion), in the company’s first major move after losing out in its bid for United States Steel Corp. last year.
A Stelco steel plant in Ontario, Canada. -- Cleveland-Cliffs Inc. agreed to buy Canadian steelmaker Stelco Holdings Inc. for about C$3.85 billion , in the company’s first major move after losing out in its bid for United States Steel Corp. last year.
The deal is the latest in a series by Cliffs Chief Executive Officer Lourenco Goncalves, who built the company from an iron ore miner just a few years ago into one of the top four US Steel producers and the country’s biggest automotive steel supplier. The combative executive tried unsuccessfully last year to acquire US Steel, and has been a vocal opponent of the company’s agreement to sell itself instead to Nippon Steel Corp. of Japan.
Stelco, once called the Steel Company of Canada, traces its roots back more than 110 years. The company fell onto hard times by the mid-2000s and filed for bankruptcy protection. US Steel bought the troubled producer in 2007 and changed the name to US Steel Canada. Less than a decade later, US Steel took some of Stelco’s best contracts and abandoned what was left of the company in 2015.
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