US-based mining and steel company Cleveland-Cliffs Inc. has announced that it has passed the antitrust review launched by the US Department of Justice for its pending acquisition of Canada-based steelmaker Stelco Holdings Inc.
The company stated that the expiration of the waiting period under the antitrust improvements act has cleared an important regulatory hurdle and that it has paved the way for the conclusion of the acquisition. The transaction is expected to be closed in the fourth quarter of this year.
In July this year, Cleveland-Cliffs had inked a definitive agreement to acquire Stelco for about $2.5 billion in order to increase its steelmaking capacity, strengthening its position in the flat steel market, with cost advantages in raw materials and energy, as SteelOrbis reported previously.