Century-old steel maker returns to roots as negotiations to finalize Bedrock acquisition, lift company out of creditor protection continue
HAMILTON, Ont.—Steelworkers in southern Ontario have hoisted a pair of Stelco flags over the Hamilton and Nanticoke, Ont. steelworks, putting a symbolic end to a tumultuous 10 years under the U.S. Steel Canada banner.
Last month, Pittsburgh-based producer U.S. Steel Corp. agreed to sell the two plants to Bedrock Industries Group LLC, building on memorandum of understanding reached between the government of the Ontario and the U.S. holding company in October.
While the deal has not been finalized, U.S. Steel Canada has reforged its century-old Stelco brand and says it is looking to hire the next generation of steelworkers.
“Today begins a new era for Stelco,” Michael McQuade, the company’s president and general manager, said. “One that is built on a legacy of pride, but one that presents great opportunity for our company, our employees and our community going forward, a New Stelco.”
“I could not be more proud than to announce that starting today, we are beginning the process of hiring the next generation of steel workers at Stelco. This recruitment exercise is another critical step towards becoming an independent Canadian steel company,” McQuade added.
The company released few details about its hiring plans, but spokesman Trevor Harris said the recruitment drive is currently focused on roles in information technology, finance, sales and procurement.
The total number of people to be hired hasn’t been determined yet, though the company’s new website had about 50 job postings Friday.
Stelco did not release any further details of the Bedrock acquisition.
Terms of the court-supervised deal remain secret and are still being negotiated. Among a number of major issues is securing pensions for the company’s retirees.