M&A - CLEVELAND-CLIFFS INC.
Form Type: DEF 14A
Filing Date: 2025-04-02
Corporate Action: Acquisition
Type: New
Accession Number: 000076406525000069
Filing Summary: Cleveland-Cliffs Inc. experienced a challenging year in 2024, dealing with the lowest steel demand since 2010. However, the acquisition of Stelco, a leading Canadian steel company, marked a significant strategic turnaround, enhancing their operational capabilities and diversifying their customer base. This acquisition was completed within four months and received support from the United Steelworkers union. The company announced a $150 million investment in a new transformer production plant in West Virginia, aimed at creating 600 jobs, utilizing co-investment from the state. Looking ahead, Cleveland-Cliffs anticipates improvements in steel demand for 2025, bolstered by favorable trade policies and tariffs. The upcoming 2025 Annual Meeting is scheduled for May 15, 2025, where shareholders will vote on key proposals including the election of directors, executive compensation, and ratification of the independent accounting firm.
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Additional details:
Record Date: 2025-03-17
Annual Meeting Date: 2025-05-15
Investment Amount: 150000000
Jobs Created: 600
Acquisition Target: Stelco
Form Type: 8-K/A
Filing Date: 2025-01-17
Corporate Action: Acquisition
Type: Update
Accession Number: 000076406525000031
Filing Summary: Cleveland-Cliffs Inc. indirectly acquired all issued and outstanding common shares of Stelco Holdings Inc. on November 1, 2024, under the terms of an Arrangement Agreement dated July 14, 2024. This acquisition was executed via a statutory plan of arrangement consistent with the Canada Business Corporations Act. This 8-K/A amends the Original 8-K to include the required financial information regarding the acquired business, such as audited consolidated financial statements for Stelco for the fiscal years ended December 31, 2023 and 2022, and unaudited interim financial statements for the nine months ended September 30, 2024, along with pro forma financial information detailing expected financial position and operations following the acquisition. Relevant exhibits are included to provide comprehensive financial data and auditor reports.
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Additional details:
Financial Statements Of Business Acquired: Audited consolidated balance sheets of Stelco as of December 31, 2023 and 2022; related audited consolidated statements of income, comprehensive income, changes in equity and cash flows for years ended December 31, 2023 and 2022.
Unaudited Interim Financials: Unaudited interim condensed balance sheet of Stelco as of September 30, 2024; related unaudited interim condensed statements of income (loss), comprehensive income (loss), changes in equity and cash flows for the nine months ended September 30, 2024 and 2023.
Pro Forma Financial Information: Unaudited pro forma combined financial information includes statement of financial position as of September 30, 2024 and statements of operations for the nine months ended September 30, 2024 and twelve months ended December 31, 2023.
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