Lourenco Goncalves

CLEVELAND — Cleveland-Cliffs Inc. announced Friday that it has received regulatory and program approvals under the Investment Canada Act and Strategic Innovation Fund, the final approvals needed to complete Cliffs’ pending acquisition of Stelco Holdings Inc., according to a company press release.

With these approvals in hand, the acquisition closed Friday.

Lourenco Goncalves, chairman, president and CEO of Cliffs, stated:

“Today marks a transformative step forward for Cleveland-Cliffs. By bringing Stelco into the Cliffs family, we are building on our commitment to integrated steelmaking and good-paying union jobs in North America.

“This acquisition allows us to further diversify our customer base and lower our cost structure. We are excited about the opportunities this acquisition brings and appreciate the warm welcome we have received from all government officials in Canada.

“We take our permission to operate very seriously and aim to continue the Stelco legacy with dedication and purpose.”

Cleveland-Cliffs is a leading North American-based steel producer with ties to Marquette County. Headquartered in Cleveland. Cleveland-Cliffs employs approximately 30,000 people across its operations in the United States and Canada.

Stelco is a low-cost, integrated and independent steelmaker with one of the newest and most technologically advanced integrated steelmaking facilities in North America. Stelco produces flat-rolled, value-added steels, including premium-quality coated, cold-rolled and hot-rolled steel products, as well as pig iron and metallurgical coke.

Alan Kestenbaum, executive chairman and chief executive officer of Stelco, stated:

“Over the past seven years, since the acquisition of the company, we have worked tirelessly with all of our stakeholders — our customers, our suppliers, the United Steelworkers, all of our valued employees and investors who believed in us — to restore Stelco as a North American leader in the steel industry and an iconic Canadian company.

“I am extremely proud of our track record of identifying and executing on operational improvements and competitiveness, resulting in industry-leading adjusted (earnings before interest, taxes, depreciation and amortization) margins that enabled us to pay $1 billion in dividends while buying back over $1.2 billion of shares. This has been capped off by completing this sale at a 300% premium to our IPO price, resulting in a compound annual growth rate of 32%.”