As U.S. election results were announced last week, several steel industry players are in the midst of acquisitions that could mean changes for in-house heat treat operators in North America.
Cleveland-Cliffs Expands North American Presence
Chairman, President, CEO
Cliffs
Source: Cliffs
Cleveland-Cliffs Inc. (“Cliffs”) today announced that it has successfully completed its acquisition of Stelco Holdings Inc. (“Stelco”). The addition of Stelco enhances Cliffs’ position as the largest flat-rolled steel producer in North America, diversifies Cliffs’ end-markets and expands its geographical presence in Canada. Stelco will continue operations as a wholly-owned subsidiary of Cliffs, preserving the name and iconic Canadian legacy of the business.
Lourenco Goncalves, chairman, president and CEO of Cliffs, stated: “Today marks a transformative step forward for Cleveland-Cliffs. By bringing Stelco into the Cliffs family, we are building on our commitment to integrated steelmaking and good paying union jobs in North America. This acquisition allows us to further diversify our customer base and lower our cost structure. We are excited about the opportunities this acquisition brings and appreciate the warm welcome we have received from all government officials in Canada. We take our permission to operate very seriously and aim to continue the Stelco legacy with dedication and purpose.”
Nothing New: Questions for Nippon-U. S. Steel Acquisition
Vice Chairman and Executive Vice President
Nippon Steel
Source: Nippon Steel
This past April 2024, U. S. Steel was heralding the merger with Nippon Steel as advancing their sustainable steel goals. Still, outgoing President Joe Biden and Vice President Kamala Harris as well as President-Elect Donald Trump and Vice President-Elect JD Vance have all spoken out with concerns to preserve American ownership of U. S. Steel. “And I couldn’t agree more with President Biden,” commented Harris recently along the campaign trail in September, “US Steel should remain American owned and American operated.”
At this time, the U. S. Committee on Foreign Investment has the proposed acquisition under review until late December 2024.
If the deal is approved before the January 2025 inauguration, that does not guarantee that Trump would not overturn the results. However, “The previous Trump administration said it would attract foreign investment and create new jobs,” commented Nippon Steel Vice Chairman and Executive Vice President Takahiro Mori. “This (acquisition) is extremely in line with such a policy.” He still aims to see the deal close before the end of the calendar year.
The press release for the Cliff’s story is available in its original form here.
