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ACQUISITIONS (Tables) | 9 Months Ended
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Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Business Combination | The fair value of the total purchase consideration was determined as follows:
(In millions) |
Total cash consideration | $ | 2,450 |
Total share exchange consideration | 343 |
Total debt consideration | 415 |
Total purchase consideration | $ | 3,208 |
Total consideration shares are calculated as follows:
Number of outstanding Stelco shares | 54,448,388 |
Number of outstanding share-based compensation awards | 2,516,415 |
Total consideration shares | 56,964,803 |
Total estimated cash consideration is calculated as follows:
Number of consideration shares | 56,964,803 |
Consideration share price per share (CAD) | $ | 60.00 |
Total cash consideration (CAD) (in millions) | $ | 3,418 |
Exchange rate (November 1, 2024) | 0.7168 |
Total cash consideration (USD) | $ | 2,450 |
The fair value of share exchange consideration is as follows:
Number of consideration shares | 56,964,803 |
Fixed share exchange factor | 0.454 |
Total Cliffs exchange shares | 25,862,021 |
Cliffs share price at closing date (November 1, 2024) | $ | 13.27 |
Total share exchange consideration (in millions) | $ | 343 |
Business Combination, Recognized Asset Acquired and Liability Assumed | The preliminary purchase price allocation to assets acquired and liabilities assumed in the Stelco Acquisition was:
(In millions) | Initial Allocation of Consideration |  | Measurement Period Adjustments |  | Updated Allocation |  |  |  |
Cash and cash equivalents | $ | 341 |  |  | $ | — |  |  | $ | 341 |  |  |  |  |
Accounts receivable | 104 |  |  | — |  |  | 104 |  |  |  |  |
Inventories | 726 |  |  | (11) |  |  | 715 |  |  |  |  |
Other current assets | 107 |  |  | (1) |  |  | 106 |  |  |  |  |
Property, plant and equipment | 1,286 |  |  | (4) |  |  | 1,282 |  |  |  |  |
Intangible assets | 1,025 |  |  | — |  |  | 1,025 |  |  |  |  |
Other non-current assets | 250 |  |  | (1) |  |  | 249 |  |  |  |  |
Accounts payable | (212) |  |  | — |  |  | (212) |  |  |  |  |
Accrued employment costs | (29) |  |  | — |  |  | (29) |  |  |  |  |
Accrued expenses | (6) |  |  | (1) |  |  | (7) |  |  |  |  |
Other current liabilities | (71) |  |  | — |  |  | (71) |  |  |  |  |
Pension and OPEB liability, non-current | (14) |  |  | — |  |  | (14) |  |  |  |  |
Deferred income taxes | (449) |  |  | 10 |  |  | (439) |  |  |  |  |
Asset retirement and environmental obligations | (20) |  |  | — |  |  | (20) |  |  |  |  |
Other non-current liabilities | (616) |  |  | 5 |  |  | (611) |  |  |  |  |
Net identifiable assets acquired | 2,422 |  |  | (3) |  |  | 2,419 |  |  |  |  |
Goodwill | 786 |  |  | 3 |  |  | 789 |  |  |  |  |
Total net assets acquired | $ | 3,208 |  |  | $ | — |  |  | $ | 3,208 |  |  |  |  |
Business Combination, Intangible Asset, Acquired, Finite-Lived and Indefinite-Lived | The purchase price allocated to identifiable intangible assets acquired was:
| (In millions) |  | Weighted Average Life (In years)
Intangible assets: |  |  |
Customer relationships | $ | 953 |  |  | 15
Trade names and trademarks | 72 |  |  | 15
Total identifiable intangible assets | $ | 1,025 |  |  | 15
Business Combination, Pro Forma Information | The following table provides unaudited pro forma financial information, prepared in accordance with Topic 805, Business Combinations, as if Stelco had been acquired as of January 1, 2023:
(In millions) | Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
Revenues | $ | 5,049 |  |  | $ | 16,416 |
Net loss attributable to Cliffs shareholders | (323) |  |  | (390) |

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