Cleveland-Cliffs widens North American lead as top flat-rolled steel producer with new acquisition

CLEVELAND, Ohio - Cleveland-Cliffs Inc. led Northeast Ohio's mergers and acquisitions activity for the week by completing its $2.8 billion cash and stock acquisition of Stelco Holdings Inc. of Ontario, Canada.

The acquisition adds to Cliffs' position as the largest flat-rolled steel producer in North America, diversifies the Cleveland company's end markets and expands its geographical presence in Canada, Cleveland-Cliffs (NYSE: CLF) said in a statement .

"Today marks a transformative step forward for Cleveland-Cliffs," Lourenco Goncalves, Cliffs' chairman, president and CEO, said in a statement. "By bringing Stelco into the Cliffs family, we are building on our commitment to integrated steelmaking and good-paying union jobs in North America."

Read the full story on cleveland.com's sister site, Cleveland Business Journal.