Hamilton steelmaker Stelco has secured the final approvals needed for the takeover by U.S. steel manufacturer Cleveland-Cliffs Inc.
An announcement released Wednesday morning reading that with all regulatory approvals completed, the deal is set to close on Friday.
Cleveland-Cliffs announced its agreement to acquire Stelco back in July, in a transaction valued at $3.85 billion.
Hamilton’s Stelco plant has been a staple in the city since 1910.
In 2007, U.S. Steel had previously acquired Stelco, but it bankrupted its Canadian division in 2017.
The president and CEO of Clveland-Cliffs Inc. said in a past press release that the merger would make his company and “stronger and better North American-based steel producer,” which would benefit both Canada and the United States.
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