A&O Shearman represents Stelco in its acquisition by Cleveland-Cliffs

The transaction will be completed pursuant to a court-approved plan of arrangement and is subject to approval at a special meeting of Stelco shareholders, as well as various Canadian and U.S. regulatory approvals and other customary closing conditions. The transaction is expected to close in the fourth quarter of 2024, subject to the timely receipt of all required approvals.

Stelco, headquartered in Hamilton, Canada and traded on the Toronto Stock Exchange (TSX: STLC), is a low cost, integrated and independent steelmaker with one of the newest and most technologically advanced integrated steelmaking facilities in North America. Stelco’s steel products are supplied to customers in the construction, automotive, energy, appliance, and pipe and tube industries across Canada and the United States. Upon closing of the transaction, Stelco is expected to continue operations as a wholly-owned subsidiary of Cleveland-Cliffs with its name and legacy preserved in Hamilton, Nanticoke and Canada.

Cleveland-Cliffs, headquartered in Cleveland, Ohio and traded on the New York Stock Exchange (NYSE: CLF), is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cleveland-Cliffs is also the largest manufacturer of iron ore pellets in North America and the largest supplier of steel to the automotive industry in North America.

The transaction was announced by Stelco on July 15, 2024 in a press release.

The A&O Shearman team representing Stelco was led by M&A partner Sean Skiffington and included Capital Markets partners Ryan Robski and Jason Lehner, Tax partner Larry Crouch, Compensation, Governance, Pensions & Employment partner Jai Garg and Antitrust partners Ben Gris and Jonathan Cheng. The team also included M&A associate Luca Marescotti, Tax associate Austin Jones, and Compensation, Governance, Pensions & Employment associate Daniella Villatoro.