Cleveland-Cliffs widens North American lead as top flat-rolled steel producer with new acquisition

Cleveland-Cliffs Inc. led Northeast Ohio's mergers and acquisitions activity for the week by completing its $2.8 billion cash and stock acquisition of Stelco Holdings Inc. of Ontario, Canada, for about $2.8 billion in cash and stock.

The acquisition adds to Cliffs' position as the largest flat-rolled steel producer in North America, diversifies the Cleveland company's end markets and expands its geographical presence in Canada, Cleveland-Cliffs (NYSE: CLF) said in a statement.

"Today marks a transformative step forward for Cleveland-Cliffs," Lourenco Goncalves, Cliffs' chairman, president and CEO, said in a statement. "By bringing Stelco into the Cliffs family, we are building on our commitment to integrated steelmaking and good-paying union jobs in North America."

The Stelco acquisition rivals the size of Cleveland-Cliffs' purchase of ArcelorMittal USA with its Cleveland operations and AK Steel in West Chester Township, Ohio, for a combined $2.5 billion in 2020.

MAI Capital Management acquires Philadelphia-area firm

MAI Capital Management LLC, the Independence-based registered investment adviser specializing in comprehensive investment and financial planning for high-net-worth individuals and families, has acquired Hyperion Partners in Berwyn, Pennsylvania, for undisclosed terms.

Founded by Jeffrey Leber and Vaughn Schill in 2018, Hyperion is an advisory firm primarily serving businesses and high-net-worth individuals that had $528.8 million in client assets under management as of Sept. 30, MAI Capital said in a statement.

Transtar buys 2 auto parts wholesalers

Cleveland-based Blue Point Capital Partners and its Walton Hills portfolio company Transtar Holding Co. have acquired 4M Parts Warehouse in Cleburne, Texas, and City Auto Supply in San Francisco for undisclosed terms.

The two automotive parts wholesale distributors will join Transtar's NexaMotion Group, a family of automotive aftermarket businesses that has made five general repair add-ons since February 2023, Blue Point and Transtar said in a statement.

RPM International buys French brands

RPM International Inc. (NYSE: RPM) in Medina County's Brunswick Hills Township, has acquired TMP Convert SAS, the French maker of outdoor design and landscape products under the Jouplast and Ocape brands, for undisclosed terms.

TMP Convert, which has annual net sales of nearly $38 million, will become part of RPM's fibergrate structures business, which is part of the Medina company's Performance Coatings Group, RPM said in a statement.