Steel Products
Stelco's IPO Successful
Written by Tim Triplett
November 10, 2017
Stelco Holdings, Inc., closed its initial public offering today, successfully raising $230 million to be used for select capital investments, new product development and early payments to pension trusts.
The 13.5 million shares were offered at a price of $17 per share. As of midday Friday, the stock was trading around $19.50 per share. Bedrock Industries, which acquired Stelco earlier this year, retains about 85 percent ownership in the company. Bedrock has advised the company that it intends to review its investment in Stelco on a continuing basis.
{loadposition reserved_message}
Stelco’s operations in Hamilton and Nanticoke, Ontario, produce high-quality value-added hot rolled, cold rolled, and coated sheet steel products used in the construction, automotive and energy industries across Canada and the United States. Bedrock is a privately funded investment group focused on owning and operating metals, mining and natural resources assets.
Tim Triplett
Read more from Tim TriplettLatest in Steel Products
Market says cutting interest rates will spur stalled domestic plate demand
Market sources say demand for domestic plate refuses to budge despite stagnating prices.
U.S. Steel to halt slab conversion at Granite City Works
U.S. Steel said it plans to reduce slab consumption at its Granite City Works near St. Louis, a company spokesperson said on Monday. The Pittsburgh-based steelmaker will shift the production and processing of steel slabs to its Mon Valley Works near Pittsburgh and its Gary Works near Chicago. Citing a United Steelworkers (USW) union memo, […]
SMU Week in Review: September 1-5
Here are highlights of what’s happened this past week and a few upcoming things to keep an eye on.
HR Futures: Market finds footing on supply-side mechanics
As Labor Day marks the transition into fall, the steel market enters September with a similar sense of change. Supply-side fundamentals are beginning to show signs of restraint: imports are limited, outages loom, and production is capped, setting the stage for a market that feels steady on the surface but still unsettled underneath.
Beige Book: US markets remain cautious amidst volatile pricing environment
Sluggish economic activity across the US was largely attributed to uncertainty caused by tariff policies and growing cost pressures, according to the US Federal Reserve’s (The Fed) latest Beige Book report. The Fed’s latest economic report, posted on Sept. 3, consists of economic findings from the six weeks preceding Aug. 25 throughout 12 districts. Economic […]