Nov. 9, 2016

U.S. Steel, Bedrock Agree to Terms

United States Steel Corp. has agreed to terms that could clear the way for the sale of its troubled Canadian operation to Bedrock Industries Group. The transaction is subject to court and other regulatory approvals.

U.S. Steel Canada applied for relief from creditors in September 2014, claiming debt totaling $2.2 billion Canadian. Under terms of the agreement, U.S. Steel will receive approximately $126 million, plus a release on claims against U.S. Steel regarding environmental, pension and other liabilities.

“We are hopeful that this will clear the way for a restructuring process that results in a viable, healthy company that supports continued operations in Ontario and in local economies,” said Ontario Minister of Finance Charles Sousa, regarding Bedrock Industries’ proposed plan to operate the mill.

As part of the transition in ownership, U.S. Steel will continue to provide certain shared services to U.S. Steel Canada and will supply its requirements for iron ore pellets through 2021.


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Monday, October 23, 2017