Steel Mills
USSC Creditor Protection Deadline Draws Near
Written by Sandy Williams
January 9, 2015
US Steel Canada has until Tuesday to file the necessary papers to extend the creditor protection order that is set to expire on January 23. The extension is likely to be granted as long as USSC shows progress towards restructuring plans for Lake Erie Works and Hamilton Works—progress that USSC says is continuing.
“The CCAA process will continue as long as the court appointed Monitor and the Court are satisfied that the parties are working in good faith toward a solution,” said USSC spokesperson Trevor Harris in an email to the Hamilton Spectator. “The monitor and the court appointed chief restructuring officer will continue to report to the court regarding progress and work toward a restructuring solution.”
US Steel Canada was granted creditor protection by the Ontario Superior Court on September 26, 2014. Originally the company was to find a buyer for Hamilton and Lake Erie Works by Nov. 15. That deadline has been extended several times with the most recent one expiring January 23.
In November, court appointed monitor Alex Morrison determined that USSC’s cash position will have decreased from $132 million, when it filed for creditor protection, to just $33.2 million by the end of January 2015.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
SDI concerned with potential Brazil pig iron tariffs
Steel Dynamics Inc. (SDI) executives called a 50% tariff on Brazilian pig iron “concerning,” but think tariffs will be a “mainstay” of trade agreements going forward.
SDI earnings slip in Q2 as trade volatility hits customer orders
SDI profits slipped in second quarter amid trade policy volatility.
Cliffs puts ‘for sale’ signs up after another big quarterly loss
Cleveland-Cliffs lost more than $400 million for the third consecutive quarter but predicted results would improve in the second half of the year. And shares of the Cleveland-based steelmaker surged after company executives said during its Q2 earnings call on Monday that they could make billions by courting foreign investors or selling assets.
Algoma sees narrower Q2 loss but feels tariff sting
Algoma Steel expects a narrower sequential loss in the second quarter, but the company continues to be impacted by the US tariff situation.
Nippon plans to double steel output at USS operations: Report
Now that it has acquired U.S. Steel, Nippon Steel is planning a significant expansion of its US operations, including the construction of a new mill and more than doubling its steel output.