Report: Indian Steelmaker Bidding On U.S. Steel Canada
08/13/2015 - India's Essar Steel Holdings is looking to acquire U.S. Steel Canada's operations, which are under creditor protection, according to a report in The Hamilton Spectator newspaper.
According to the report, which cited unidentified sources, said Essar has bid on U.S. Steel's Hamilton and Lake Erie plants and that the Essar bid is competing against one submitted by USSC parent U.S. Steel Corp.
"Right now, it looks like the bidding is down to Essar and U.S. Steel," a source told the newspaper.
USSC was placed into creditor protection in September and has been undergoing a process to sell the two facilities, the newspaper said. Firm bids for the assets were submitted on July 24 and are being reviewed by USSC's monitor, chief restructuring officer and financial adviser. They'll recommend bids to the court, the newspaper said.
Those that have expressed interest in the assets are said to have included "global and North American steel producers, coke producers, steel and metal industry participants, land redevelopers, and private equity and financial investors," the newspaper reported.
It said that two organizations intended to submit bids -- U.S. Steel and the Hamilton Port Authority. Rumors persist that ArcelorMittal Dofasco is interested in USSC's coke ovens, the newspaper said.
The report said that of the bids, the Essar bid is the only one for the entire USSC operation. Others, it said, are either for pieces of the operation or the land on which the Hamilton mill sits.
"Right now, it looks like the bidding is down to Essar and U.S. Steel," a source told the newspaper.
USSC was placed into creditor protection in September and has been undergoing a process to sell the two facilities, the newspaper said. Firm bids for the assets were submitted on July 24 and are being reviewed by USSC's monitor, chief restructuring officer and financial adviser. They'll recommend bids to the court, the newspaper said.
Those that have expressed interest in the assets are said to have included "global and North American steel producers, coke producers, steel and metal industry participants, land redevelopers, and private equity and financial investors," the newspaper reported.
It said that two organizations intended to submit bids -- U.S. Steel and the Hamilton Port Authority. Rumors persist that ArcelorMittal Dofasco is interested in USSC's coke ovens, the newspaper said.
The report said that of the bids, the Essar bid is the only one for the entire USSC operation. Others, it said, are either for pieces of the operation or the land on which the Hamilton mill sits.
