U. S. Steel Canada Stakeholders in Talks With Potential Buyers, Investors
01/11/2016 - Outside investors are taking a look at buying -- or buying into -- U. S. Steel Canada Inc. (USSC), which has been operating under creditor protection since September 2014, reports The (Toronto) Globe and Mail newspaper.
According to The Globe and Mail, the United Steelworkers union, which represents USSC workers, is talking with several parties that are interested in acquiring the former Stelco operation. At the same time, a group of active and retired salaried employees said two former Stelco executives have met with investors who have expressed interest in buying into the business.
The Steelworkers, however, say its discussions are threatened by a new sales process USSC wants an Ontario court to approve, the newspaper reported. The process would include a prohibition on potential bidders contacting stakeholders directly, it wrote.
“This places a real and material chill on potential bidders, particularly those who may wish to begin discussions with the very stakeholders who are committed to a successful sales process before determining their level of interest,” the union said in a court filing.
The Steelworkers, however, say its discussions are threatened by a new sales process USSC wants an Ontario court to approve, the newspaper reported. The process would include a prohibition on potential bidders contacting stakeholders directly, it wrote.
“This places a real and material chill on potential bidders, particularly those who may wish to begin discussions with the very stakeholders who are committed to a successful sales process before determining their level of interest,” the union said in a court filing.
