---
schema_version: "secwatch.filing_event.v1"
accession: "0000764065-24-000160"
form_type: "8-K"
ticker: "CLF"
cik: "0000764065"
company_name: "CLEVELAND-CLIFFS INC."
filed_at: "2024-07-15T23:59:59+00:00"
generated_at: "2026-05-31T20:53:09.470297+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000764065-24-000160
- form_type: 8-K
- ticker: CLF
- cik: 0000764065
- company_name: CLEVELAND-CLIFFS INC.
- filed_at: 2024-07-15T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/764065/000076406524000160/0000764065-24-000160-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/764065/000076406524000160/clf-20240714.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000764065-24-000160
- JSON: https://secwatch.observer/filing/0000764065-24-000160.json
- Plain text: https://secwatch.observer/filing/0000764065-24-000160.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.