Steel Mills
Stelco Officially Open for Business Under Bedrock Industries
Written by Sandy Williams
July 2, 2017
Stelco has been officially acquired by Bedrock Industries as of June 30. The former U.S. Steel Canada entered protection under the Companies’ Creditors Arrangement Act in September 2014 and will now stand on its own as Stelco Inc.
“This is an exciting day for Stelco and for all of those who have worked so hard to position this company for success,” said Alan Kestenbaum, Chairman, Bedrock Industries. “We are well aware of Stelco’s storied history and the special position it holds in the hearts of those in the communities of Hamilton and Nanticoke in which it operates, and across Canada. As Canada prepares to celebrate its 150th anniversary, it is fitting that we are celebrating the rebirth of Stelco, a company that played an integral role in building the nation, starting in 1910 as The Steel Company of Canada. We look forward to marking many more milestones in the coming years as we build this Canadian icon together.”
Commenting on the importance of this milestone, Michael McQuade, President of Stelco stated: “It is with great excitement and pride that I look forward to writing the next chapter in Stelco’s history. Over the past century, Stelco has helped to construct the cornerstone of Canada’s identity, so it is fitting that we are able to embark on the next leg of our journey on the eve of our country’s 150th birthday celebrations.”
“I look upon the collective efforts of our employees over the past 33 months with sense of gratitude and humility, as their contributions have led to this successful outcome for our business,” said McQuade.
Stelco has two fully integrated facilities in Ontario, Canada, Hamilton Works in Hamilton and Great Lakes Works in Nanticoke. The company employs more than 2,200 people and produces high-quality steel that is used primarily in the North American automotive, construction, infrastructure, appliance, manufacturing, and pipe and tube industries.
Bedrock Industries is a privately-funded metals, mining and natural resources company focused on owning, operating and growing related assets and companies. Its philosophy is to maximize value creation for all stakeholders through active and collaborative partnerships.
Sandy Williams
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