Steel Mills
September 18, 2014
Fate of US Steel Canada In Question
Written by Sandy Williams
US Steel announced they will seek court protection from creditor claims against US Steel Canada under the Companies’ Creditors Arrangements Act (CCAA). In the meantime US Steel will provide CA $185 million (US$165 million) to secured debtor-in-possession financing to support the Canadian mills through the end of 2015.
For now, US Steel Canada will carry on operations as usual but a restructuring is imminent, and what that may mean for the Lake Erie Works and Hamilton Works is of concern to US Steel Canada’s 2000 workers.
