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U.S. Steel to Acquire Stelco

US Steel (USS) has agreed to buy Canada's Stelco for C$38.50 per share in cash. Shareholders owning more than 76 percent of Stelco's outstanding shares have irrevocably committed their support for the transaction.

USS apparently targeted Stelco's Lake Erie works, the most modern integrated mill in North America. Slabs produced there and at Stelco's Hamilton works will expand USS's semis supply to support finishing facilities for both flatrolled and tubular products.

After the acquisition, USS will have annual raw steel capability of about 33 million short tons, including its European holdings.

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