Ministerial statement on the Investment Canada Act review of Cleveland-Cliffs acquisition of Stelco
Today, the Minister of Innovation, Science and Industry, François-Philippe Champagne, issued the following statement regarding the Investment Canada Act (ICA) review of the proposed acquisition of Stelco Inc. by Cleveland-Cliffs Inc.:
“Following a thorough review under the Investment Canada Act, I have decided to allow the proposed acquisition of Stelco Inc. by Cleveland-Cliffs Inc. to proceed.
This decision was made after careful consideration of the potential economic benefits and national security implications of the transaction.
The proposed acquisition will create a leading North American steel producer with the capacity to supply critical steel products to key industries in Canada and the United States. The combined company will have a strong presence in Canada, with operations in Ontario, Quebec, and Manitoba.
The Government of Canada is committed to ensuring that foreign investment benefits Canada and Canadians. In this case, the proposed acquisition will help to secure the long-term viability of Stelco, a major Canadian steel producer. The combined company will be well-positioned to compete in the global steel market and to meet the growing demand for steel in North America.
The government also considered the national security implications of the transaction. The proposed acquisition does not raise any national security concerns. Cleveland-Cliffs is a U.S.-based company with no ties to foreign governments. The combined company will continue to be subject to all applicable Canadian laws and regulations, including those related to national security.
I am confident that the proposed acquisition will benefit Canada and Canadians. It will help to create jobs, boost economic growth, and strengthen our steel industry.
I would like to thank all of those who participated in the review process, including Cleveland-Cliffs, Stelco, and the Canadian public. Your input was invaluable in helping us to make an informed decision.”
Ministerial statement on the Investment Canada Act review of Cleveland-Cliffs acquisition of Stelco
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