Steel Mills
US Steel Canada Asks for Extension of Credit Protection
Written by Sandy Williams
April 27, 2015
US Steel Canada has filed for an extension of creditor protection with the Superior Court. It will be the third time that protection has been extended under the Companies Creditors Arrangement Act (CCAA). The new requested deadline is September 11.
Chief restructuring officer or USSC, Bill Aziz, said in an affidavit that progress has been made in talks with workers and creditor but more time is needed. Although the date of September 11 is being filed, USSC is expecting to extend the period beyond September, 2015.
No word yet on whether the court will release the “secret deal” made between the government of Canada and US Steel. Superior Court Justice Herman Wilton-Siegel and reserved judgment and is expected to reach a decision sometime this week.
US Steel Canada has $141.5 million in cash as of the end of March according to the latest report by court monitor Alex Morrison.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
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.
Algoma fires up EAF steelmaking with first arc
Algoma Steel reached a milestone in its transformation from blast furnace to electric arc furnace (EAF) steelmaking, with its Unit One EAF achieving its first steel production this week.