"This is an exciting day for Stelco and for all of those who have worked so hard to position this company for success," Bedrock Industries chairman Alan Kestenbaum said in a statement.  

"We would specifically like to recognize the unwavering efforts of Stelco's board, the company's leadership team and all of Stelco's employees. We would also like to recognize and thank the international United Steelworkers union and its leadership, as well as the local … union leadership and members,” he said. 

U. S. Steel acquired Stelco for US$1.1 billion in 2007. But it wound up selling it for roughly a tenth of the purchase price – approximately US$127 million. The sale also releases U. S. Steel of any pension and environmental claims. 

Although it no longer owns the business, U. S. Steel will continue to have a relationship with its former subsidiary as it will provide certain transitionary services.  Moreover, it has an agreement to supply iron ore pellets to Stelco over the next four-and-a-half years. 

Executives said they are eager to get on with the business of running a steel mill, especially one that is an icon of Canadian industry. 

"It is with great excitement and pride that I look forward to writing the next chapter in Stelco's history,” said Stelco president Michael McQuade. 

“Over the past century, Stelco has helped to construct the cornerstone of Canada's identity, so it is fitting that we are able to embark on the next leg of our journey on the eve of our country's 150th birthday celebrations."

So as eyes turn  to the future, the question is: Now what?  

"You've had 10 lost years and you have to make that up now," Peter Warrian, a senior research fellow at the University of Toronto’s Munk School of Global Affairs, told The Hamilton Spectator newspaper. 

"The world's moved on. The real task is how are you going to deal with the market today and go forward. They've got some new ideas … They're committed to reinvesting. They'll need that to catch up to the marketplace," he said. 

Meanwhile, McMaster University business professor Marvin Ryder expects changes will come sooner rather than later, saying he believes the company will be aggressive in targeting new markets and product offerings.