Cleveland-Cliffs Inc. holders of common shares of Stelco Holdings Inc. voted in favor of, and overwhelmingly approved, the special resolution regarding the indirect acquisition of Stelco by Cliffs at a special meeting of shareholders. The Arrangement Resolution received support of 99.97% of the total votes cast for the Arrangement Resolution. Stelco is expected to continue as a wholly-owned subsidiary of Cliffs.
Lourenco Goncalves, chairman and CEO, stated, “The overwhelming approval from Stelco shareholders confirms the strong support of this transaction. Together with Stelco and the USW in Canada, Cliffs will become an even stronger and better North America-based steel producer, which will benefit both Canada and the United States.”
