 Cleveland Cliffs said it will buy Canadian peer Stelco Holdings for $2.8 billion, marking its first acquisition since a failed bid for rival U.S. Steel last year. Cliffs' leadership said the steelmaker stands to benefit from the deal as the enterprise value has a lower cost structure compared to building a new mill in the U.S. The Ohio-based company expects the buyout to be immediately implemented to its 2024 and 2025 per share profit.