Cleveland-Cliffs acquires Stelco Holdings in a $2.5bn deal, expanding its North American steel presence.

Cleveland-Cliffs, a US steelmaker, plans to acquire Canadian steelmaker Stelco Holdings in a $2.5bn deal. The transaction, which includes 1,800 USW union employees, is expected to close in Q4 and bolster Cliffs' presence in North America's steel production. The deal is accretive to 2024 and 2025 earnings per share and will double Cliffs' exposure to the flat-rolled spot market.