Steel Mills
Stelco Sells and Leases Back Hamilton Land for $518M CAD
Written by Laura Miller
June 1, 2022
Integrated Canadian flat-rolled steelmaker Stelco Inc. has concluded a sale-leaseback transaction of the land on which it runs its operations in Hamilton, Ontario.
Stelco, which is also based in Hamilton, is receiving Canadian $518 million ($409 million USD) from Slate Asset Management for the 800-acre parcel of land.
Additionally, the steelmaker will lease back certain portions of the land from Slate so as to continue its Hamiton Works cokemaking, cold-rolling, galvanizing and other finishing operations. The lease extends for 35 years, with renewal options for five additional 20-year terms. Once the lease expires, Stelco will be required to vacate the premises and demolish the remaining structures.
“This is a great transaction for Stelco and its shareholders, and introduces a strong and experienced developer in Slate to further develop and grow our home city of Hamilton. We look forward to continuing to operate in the community that we have called home for over 100 years as it enjoys new growth opportunities,” commented Stelco Executive Chairman and CEO Alan Kestenbaum in a statement.
By Laura Miller, Laura@SteelMarketUpdate.com
Laura Miller
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