Steel Mills
US Steel Canada Commences Sales Process
Written by Sandy Williams
February 2, 2016
US Steel Canada is officially for sale again. A press release by USSC announced the company is commencing a sale and investment solicitation process under the Companies’ Creditors Arrangement Act (CCAA).
US Steel Canada is authorized by order from the Ontario Superior Court of Justice “to pursue all avenues of a sale or refinancing of its business or property, in whole or in part, subject to prior approval of the Court.”
USSC is comprised of two mills: Lake Erie Works, located on 6,000 acres in Nanticoke, Ont.; and Hamilton Works, situated on 813 acres on Hamilton Harbour.
Hamilton Works steelmaking operations were idled in 2010 and permanently shut down in 2013. The mill operations currently include coke ovens, a cold reduction mill and two galvanizing lines.
Lake Erie Works operations include coke making, iron and steel making and finishing and a pickling line. Combined the mills have the capability to produce 2.6 million tons of steel annually.
For the first phase of the sale, bidders are asked to enter into a non-disclosure agreement and provide a non-binding letter of interest no later than 5:00 p.m. on February 29, 2016.
Sandy Williams
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