HAMILTON, Ont.—Stelco’s nearly three years in creditor protection and approximately 10 years under American producer U.S. Steel appear to be at an end.
The Ontario Superior Court of Justice approved the sale of Stelco to Bedrock Industries Group June 9, clearing the way for the two companies to close the marathon acquisition.
“We have diligently pursued the best possible outcome for almost three years and I sincerely appreciate the constructive engagement from many stakeholders,” Bill Aziz, Chief Restructuring Officer at Stelco, said in a statement.
“Despite the uncertainty, the company’s dedicated people kept moving the business forward to the point that it is now poised to emerge as a strong, independent Canadian steel producer,” he added.
The United Steelworkers union locked the final piece in place earlier this week when workers at Stelco’s Hamilton, Ont. plant ratified a new collective agreement. The union green-light followed a similar approval from workers in Nanticoke, Ont. last week, the go-ahead from U.S. Steel Corp. last winter and numerous other approvals along the way.
Michael McQuade, Stelco’s president and general manager, said despite continued headwinds in the steel industry, the deal positions Stelco for bright future.
“Today marks the turning of the page on a new chapter for Stelco,” he said “I would like to thank all of our employees for their resilience throughout this process and for their effort in creating the value in our business that was such a critical factor in achieving this successful outcome.”
The company said it’s working toward finalizing the deal by June 30 and plans to emerge from creditor protection at that time.