Steel Products

Stelco's IPO Successful

Written by Tim Triplett

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.

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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.

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