Hamilton, Ont.-based steel maker Stelco Holdings Inc. is set to be acquired by Cleveland-Cliffs Inc. for $3.4 billion.

Stelco says it has agreed to sell all issued and outstanding common shares for $70 per share to the Cleveland-based steel producer.

Stelco chief executive Alan Kestenbaum says “I am proud of what we have accomplished over the past seven years, and the value we have generated. This sale crystallizes a 32% CAGR on a Stelco common share investment since our initial public offering in 2017. Most importantly, we have revitalized Stelco and restored it to its iconic status in Canada. I know that Cliffs will continue to build upon the excellent work and life environment we have created for all of our employees, and continue to be a reliable supplier to our valued customers, while maintaining Stelco’s stature and reputation in Canada and maintaining our Canadian national interests.”

As part of the agreement, Stelco’s headquarters will remain in Hamilton and the company will maintain significant employment levels in Canada, along with Canadian representation on its management team.