Stelco Holdings Inc. is set to be acquired by Cleveland-Cliffs Inc. for $3.4 billion. Stelco said it has agreed to sell all issued and outstanding common shares for $70 per share to the Cleveland-based steel producer.
Stelco chief executive Alan Kestenbaum expressed confidence that Cleveland-Cliffs will maintain Stelco's reputation in Canada and uphold its Canadian national interests, maintaining headquarters in Hamilton and Canadian representation on its management team.
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