Under the agreement with Slate Asset Management, Stelco will lease back the approximately 75 acres under its cokemaking and steel finishing facilities, and Slate will redevelop the remaining 725 acres as a world-class industrial park. 

“Stelco is thrilled to partner with Slate on this transaction,” said Stelco executive chairman Alan Kestenbaum. “After reacquiring the lands in Hamilton, we have been working to unlock value and find the right partner to redevelop the lands upon which Stelco was founded. This is a great transaction for Stelco and its shareholders and introduces a strong and experienced developer in Slate to further develop and grow our home city of Hamilton.”

Slate executives said they believe there is potential to develop up to 12 million square feet. 

“This project represents a defining opportunity to reactivate a massively underutilized parcel of land that has global industrial relevance,” said Slate founding partner Brady Welch. 

“We are committed to working in close partnership with local institutions, government, and community groups to deliver a state-of-the-art industrial park that is modern and sustainably developed, attracting world-class tenants and restoring economic vitality to the area.”