Cleveland-Cliffs (CLF) said it won the final approvals needed for its planned $2.5 billion purchase of Stelco (OTCPK:STZHF) and the deal is scheduled to close on Friday.

Cleveland-Cliffs (CLF) received approvals under the Investment Canada Act and Strategic Innovation Fund, the steelmaker said in a statement earlier on Wednesday.

Cleveland-Cliffs (CLF) agreed to pay C$70/share, consisting of C$60/share in cash plus 0.454 common shares for each Stelco (OTCPK:STZHF) share owned, in July.

Stelco (OTCPK:STZHF) ADRs edged higher by 0.7% on Wednesday.

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