U.S. Steel Canada No More. It's Stelco Now.
12/02/2016 - In a move to reassert itself as a Canadian steelmaker that’s now independent of its Pittsburgh-based parent, U.S. Steel Canada is bringing back the Stelco name.
On Friday, the company held a flag-raising ceremonies at its Hamilton and Lake Erie facilities to mark the change, and to kick off a recruiting drive for professionals in several key areas, including sales, finance, operations and information technology.
“Today begins a new era for Stelco. One that is built on a legacy of pride, but one that presents great opportunity for our company, our employees and our community going forward, a new Stelco,” said Stelco president and general manager Michael McQuade in a statement.
“The Canadian landscape is colored with Stelco steel, and today we are returning to our roots with every intention of continuing that legacy for another century.”
McMaster University business professor Marvin Ryder told The Hamilton Spectator newspaper that the name change is meant to show that the company is indeed a Canadian company standing again “on its own two feet.”
"It really is a PR initiative … but it's sending a clear signal that (the company is) not controlled by U.S. Steel anymore."
Stelco is continuing to operate under creditor protection -- a judged extended that protection until 31 March 2017 on Wednesday -- but is moving toward an agreement to be sold to New York-based private investment firm Bedrock Industries. Bedrock took a step toward acquiring the business last month, when United States Steel Corp. announced that it had agreed to the terms of a sale.
U. S. Steel acquired Stelco in 2007.
As part of the announcement, U. S. Steel said it would continue to provide certain shared services to Stelco as the two separate themselves. Still, Stelco will need to take back on duties that had been left to U. S. Steel. And that will mean hiring new personnel, according to the Toronto Star newspaper.
The total number of people to be hired hasn’t yet been determined, but the company’s website had about 50 job postings on Friday, the newspaper said.
“Today begins a new era for Stelco. One that is built on a legacy of pride, but one that presents great opportunity for our company, our employees and our community going forward, a new Stelco,” said Stelco president and general manager Michael McQuade in a statement.
“The Canadian landscape is colored with Stelco steel, and today we are returning to our roots with every intention of continuing that legacy for another century.”
McMaster University business professor Marvin Ryder told The Hamilton Spectator newspaper that the name change is meant to show that the company is indeed a Canadian company standing again “on its own two feet.”
"It really is a PR initiative … but it's sending a clear signal that (the company is) not controlled by U.S. Steel anymore."
Stelco is continuing to operate under creditor protection -- a judged extended that protection until 31 March 2017 on Wednesday -- but is moving toward an agreement to be sold to New York-based private investment firm Bedrock Industries. Bedrock took a step toward acquiring the business last month, when United States Steel Corp. announced that it had agreed to the terms of a sale.
U. S. Steel acquired Stelco in 2007.
As part of the announcement, U. S. Steel said it would continue to provide certain shared services to Stelco as the two separate themselves. Still, Stelco will need to take back on duties that had been left to U. S. Steel. And that will mean hiring new personnel, according to the Toronto Star newspaper.
The total number of people to be hired hasn’t yet been determined, but the company’s website had about 50 job postings on Friday, the newspaper said.
