Oct. 14, 2015

Court Approves Split of U.S. Steel Canada

The Ontario Superior Court of Justice has approved the motion for Pittsburgh-based U.S. Steel Corp. to separate from its money-losing U.S. Steel Canada operation. The transition agreement makes U.S. Steel Canada an independent company and opens the door for other companies to bid on the mill.

For U.S. Steel Canada, the court’s agreement provides $75 million in debtor-in-possession financing, but suspends health benefits for an estimated 20,000 retirees and dependents. The Canadian government is taking steps to address that issue.

“U.S. Steel Canada is undergoing a significant transition in the restructuring process, which is having a tremendous impact on retirees and their families who rely heavily on health benefits provided by the company. Our government remains committed to working with all stakeholders to achieve the long-term viability of the Canadian operations and the best possible outcome for employees, retirees, suppliers, customers and all interested parties,” says Charles Sousa, minister of finance for the province of Ontario. The government has established a $3 million transitional fund administered by USSC and union and salaried worker representatives.

U.S. Steel acquired the former Stelco in 2007. It consists of facilities at Nanticoke and Hamilton, though U.S. Steel permanently idled the blast furnace at Hamilton in 2013.


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Thursday, October 19, 2017