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

BREAKING NEWS: Trump says Section 232 tariff on steel, and aluminum to double to 50% at Pennsylvania rally celebrating Nippon-USS deal
At a rally celebrating a “planned partnership” between U.S. Steel and Nippon Steel, President Trump announced higher tariffs on steel and aluminum imports into the United States, and revealed few more details on Nippon’s investment in USS’ operations.

CRU: Trump hails a partnership of Nippon with USS
In a social media post, President Donald Trump said a planned partnership between Nippon Steel and U.S. Steel will add $14 billion to the US economy and ensure USS remains headquartered in Pittsburgh.

Trump approves $14B Nippon Steel-USS ‘partnership’
President Donald Trump on Friday gave his blessing to a $14-billion "partnership" between Nippon Steel and U.S. Steel.

Cliffs opens June spot order book at $910/ton HR
Cleveland-Cliffs opened its June order book for spot material at $910 per short ton (st).

Op-Ed: Ternium CEO Máximo Vedoya wants a fair future forged in steel
After recently receiving an industry honor on behalf of Ternium, I had the opportunity to reflect and share my vision on the state and future of our industry.