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
Read more from Laura MillerLatest in Steel Mills

Hyundai still on for Louisiana steel mill despite US raid at Georgia battery plant
Hyundai has reaffirmed its commitment to build a steel plant in Louisiana following a US government immigration raid at its battery facility in Georgia.

Hybar lowers output forecast, owning up to EAF startup delay
Hybar LLC’s rebar mill in Osceola, Ark., is now melting scrap and will soon be fulfilling orders, according to CEO David Stickler, despite a six-to-eight-week delay caused by commissioning the world’s first Aura electrical system.

Steel Dynamics guides to more metal, more money in Q3
Steel Dynamics Inc. is bullish heading into the close of the third quarter, with all three of its operating segments tracking higher.

AHMSA opens doors to potential buyers as $1.3B asset auction nears
AHMSA is opening its doors to potential buyers to tour its steel plant and mining operations in northern Mexico in preparation for the next stage of its bankruptcy process: the auction of its assets.

USW seeks clarity on USS plans for Granite City Works
The United Steelworkers union has asked U.S. Steel to elaborate on its Granite City Works plans following reports that the steelmaker is ending processing at the facility.