06:37 AM EDT, 07/15/2024 (MT Newswires) -- Cleveland-Cliffs ( CLF ) said Monday it signed a definitive agreement to acquire Stelco for a total of 70 Canadian dollars ($51.31) per Stelco share.

The purchase price consists of CA$60 per Stelco common share in cash and 0.454 shares of Cliffs common stock per share of Stelco common stock.

Following the transaction, which values Stelco at $2.5 billion, Cliffs shareholders will own around 95% and Stelco shareholders will own about 5% of the combined company, on a fully diluted basis.

Cleveland-Cliffs ( CLF ) expects the acquisition to be immediately accretive to 2024 and 2025 earnings per share.

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