Sept. 28, 2016

U.S. Steel Canada a Step Closer to Restructuring

U.S. Steel Canada moved a step closer to solvency last month when Ontario regulators and the equity fund Bedrock Industries LP signed a memorandum of understanding on the troubled mill’s restructuring. The deal must still be approved by various stakeholders, including the Canadian court and U.S. Steel Canada, which has been in creditor protection since September 2014.

Under the agreement, Bedrock reportedly will purchase U.S. Steel Canada’s plants in Hamilton and Nanticoke. It must complete collective bargaining agreements with the union representing about 2,000 workers for the deal to proceed.

U.S. Steel Canada’s two Ontario facilities, Hamilton Works and Lake Erie Works, have the capacity to produce 2.6 million tons of steel annually for the automotive, appliance, construction, container and energy markets. The former Stelco was acquired by U.S. Steel in 2007 and entered bankruptcy protection after struggling for seven years.


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Monday, October 23, 2017