Cleveland-Cliffs, an American steel manufacturer specialized in the mining, beneficiation, and pelletizing of iron ore, agreed to acquire Stelco, a Canadian steel company, for $2.5bn. “I want to first recognize Alan Kestenbaum and the Stelco team for the remarkable turnaround they executed at Stelco, turning what was an underperforming asset under previous ownership into a very cost-efficient and profit-oriented company. In the process, they restored the Canadian national pride associated with Stelco, and we are going to continue that. We did this deal the way it should be done, reaching a respectful agreement between the two parties that keeps national interests at the forefront and recognizes the importance of the workforce," Lourenco Goncalves, Cliffs Chairman of the Board, President and CEO.