Cleveland-Cliffs to buy Stelco in a $2.5 billion cash-and-stock deal, shares down

FREE Breaking News Alerts from StreetInsider.com!

E-mail Address

StreetInsider.com Top Tickers, 9/19/2026

1. SPY
2. XENE
3. NUE
4. HUBS
5. RTB
6. ONON
7. AAPL
8. TRMD
9. ACN
10. AZN

Go back to Cleveland-Cliffs to buy Stelco in a $2.5 billion cash-and-stock deal, shares down

Wolfe Research Reiterates Underperform Rating on Cleveland-Cliffs (CLF) Following Bid for Stelco

July 15, 2024 12:20 PM EDT

Wolfe Research analyst Timna Tanners reiterated an Underperform rating and $12.00 price target on Cleveland-Cliffs (NYSE: CLF)

The analyst comments "STLC deal makes operating sense... Mon's announced US$2.5B acquisition of Stelco (STLC, not covered) makes strategic sense operationally, in our view, but adds operating leverage into what we consider a challenging sheet mkt outlook. Under the pending deal, CLF would pay C$70/shr for STLC, an 87% premium to its July 12 closing price, split between C$60/shr cash and C$10/shr equity at an 0.454... More

Cleveland-Cliffs to buy Canadian steelmaker Stelco for $2.8 billion

July 15, 2024 6:11 AM EDT

By Aatreyee Dasgupta and Nathan Gomes

(Reuters) -Cleveland-Cliffs will buy Canadian steelmaker Stelco Holdings for C$3.85 billion ($2.8 billion), it said on Monday, marking its first acquisition since a failed bid for rival U.S. Steel last year.

North American steel producers have been consolidating to reduce production costs in the face of cheap imports from China that have weighed on the industry.

"Stelco is a plug-and-play asset for Cleveland Cliffs...," CEO Lourenco Goncalves said in an investor call. "(It) will be the lowest... More