Stelco Takes Another Step Toward Completing Restructuring
12/12/2016 - Canada’s Stelco Inc. said it will move ahead with plans to be sold to New York investment firm Bedrock Industries and will seek court approval for the deal.
Stelco, formerly U. S. Steel Canada, has been operating under creditor protection since September 2014. In a statement, Bill Aziz, Stelco’s chief restructuring officer, said the news is a major step toward finalizing a deal that will keep the steelmaker in production.
"Constructive engagement from interested stakeholders is welcomed and appreciated,” Aziz said. “At Stelco, our focus continues to be on working with Bedrock and other stakeholders to complete the court-supervised restructuring, subject to various approvals."
Ontario Finance Minister Charles Sousa said the provincial government will provide up to CA$76 million in financing to help support the restructuring, The (Toronto) Globe and Mail newspaper reported.
“Ontario welcomes this latest development in the effort to restructure Stelco as an important step toward saving 2,100 local jobs, protecting pensions and supporting economic development in the Hamilton region while ensuring environmental protection,” Sousa said, according to the newspaper.
"Constructive engagement from interested stakeholders is welcomed and appreciated,” Aziz said. “At Stelco, our focus continues to be on working with Bedrock and other stakeholders to complete the court-supervised restructuring, subject to various approvals."
Ontario Finance Minister Charles Sousa said the provincial government will provide up to CA$76 million in financing to help support the restructuring, The (Toronto) Globe and Mail newspaper reported.
“Ontario welcomes this latest development in the effort to restructure Stelco as an important step toward saving 2,100 local jobs, protecting pensions and supporting economic development in the Hamilton region while ensuring environmental protection,” Sousa said, according to the newspaper.
