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Cleveland-Cliffs Inc.’s proposed acquisition of Stelco Holdings Inc. is likely to get the nod from Ottawa, industry experts say. The Cleveland-based steel company on Monday announced it had reached a friendly deal to acquire Canadian steel maker Stelco for $3.85-billion.
Originally called the Steel Company of Canada, Stelco is the biggest steel maker in the country. Founded in 1910, it operates the Lake Erie Works steel plant and Hamilton Works, both in Ontario. Industry Minister François-Philippe Champagne will scrutinize the deal to make sure there are no national security concerns and that it makes economic sense for Canada under a net benefit test.
While China-based acquirers with their sights set on Canadian critical minerals assets have been lately rebuffed by Mr. Champagne because of national-security concerns, since Cleveland-Cliffs is based in the United States, one of this country’s closest allies, national security isn’t expected to be an issue.
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