Cliffs to acquire Stelco for ~$2.5B enterprise value; CAD $70/share total consideration

CLEVELAND-CLIFFS INC.

Stelco shareholders receive CAD $60 cash + 0.454 Cliffs shares per share, total CAD $70 (approx. $51/share as of July 12).
Enterprise value ~$2.5B USD; multiple 4.8x 3/31/24 LTM Adj. EBITDA; $120M expected annual cost savings; immediately accretive to EPS.
Deal expected to close Q4 2024; boards approved; voting support agreements cover ~45% of Stelco shares.
Cliffs commits to CAD $60M capex over 3 years, increase charitable support by CAD $2M/year, maintain Stelco HQ and name.
Financing: Wells Fargo and J.P. Morgan provided full underwritten commitments; BMO and RBC issued fairness opinions.

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