The Globe and Mail reports in its Tuesday edition that Cleveland-Cliffs Inc. chief executive officer Lourenco Goncalves says he is confident of obtaining federal approval to buy Canadian steelmaker Stelco Holdings despite newly tightened foreign-takeover rules. The Globe's Niall McGee writes that the second-biggest steelmaker in the United States announced Monday that it intends to buy Hamilton-based Stelco for $3.85-billion. Cleveland-Cliffs is offering $60 in cash and 0.454 share for each Stelco share. The buyout is worth $70 a share, an 89-per-cent premium to Stelco's closing price on the Toronto Stock Exchange last Friday. The deal will be subject to antitrust probes in Canada and the United States, and reviews on national-security and net-benefit grounds by Industry Minister Francois-Philippe Champagne. Mr. Goncalves, on a call with analysts Monday, said he expects the transaction to be approved without much fuss. "We see a very clear path and a very short and very objective process," he said. Early phone calls with Canadian federal and provincial officials have gone well, he added. "We're in good shape. We are covered by not only a legal opinion, but a legal strategy to get this thing done and done fast."