Steel Mills
Court Dates Set for US Steel Canada
Written by Sandy Williams
October 28, 2015
US Steel has filed court documents seeking a process trial date of November 20 to request approval of repayment of $2.2 billion in debt that it claims is owed by US Steel Canada.
The court date was delayed by other restructuring issues and has been hotly contested by the USW, former Stelco president Bob Milbourne, and the provincial government.
If the debt is approved, stakeholders fear restructuring of the Canadian mill will be doomed.
Recently a court decision severed the bonds between US Steel and US Steel Canada in a transition agreement that could allow the Canadian mills to become a stand-alone company. US Steel shifted crucial production for the automotive industry to the States, leaving the US Steel Canada without automotive contracts or a sales force to pursue them.
Bids for Lake Erie and Hamilton Works were rejected as unacceptable and the sale has been put on hold until the market improves.
Stakeholders will finally get their day in court. Progress has finally been made in getting the “secret deal” between US Steel and the federal government revealed. An expedited hearing on the matter will be held on November 19.
In a decision in May, Ontario Superior Court Judge Herman Wilton-Siegal agreed that the terms of the deal would have bearing on US Steel Canada’s bankruptcy case, but he did not have power to unseal the document.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Steel Summit: Burritt says USS and Nippon are fast-tracking modern steelmaking
U.S. Steel President and CEO David Burritt told audiences at SMU's Steel Summit 2025 that the iconic American steelmaker’s partnership with Nippon Steel is fast-tracking smarter steel production.
Nucor moves to stop HRC price slide with $10/ton hike
Nucor is attempting to halt the decline in hot-rolled coil prices with the announcement of a $10-per-short-ton increase in its weekly consumer spot price on Monday.
Explosion rocks ArcelorMittal’s DR plant in Mexico
ArcelorMittal reported a "strong" explosion at the direct reduction part of its massive Lazaro Cardenas mill in Mexico.
SDI to acquire remaining stake in New Process Steel
Steel Dynamics Inc. (SDI) announced that it has agreed to acquire the remaining 55% equity interest in New Process Steel.
North Star results improve despite buyer caution as tariffs drive prices higher
North Star BlueScope said it is optimistic that US tariffs will bolster selling prices and tighten the spread the Australia-based steel maker suffered in 2025.