Steel Mills
April 1, 2015
Court Hearing Thursday for Terms of US Steel Canada Sale
Written by Sandy Williams
US Steel Canada will be in court on Thursday to settle the terms of sale for its steel mills, Hamilton Works and Lake Erie Works. Workers and the provincial government objected to a clause in the proposed plan which would freeze the sale process if any bidder’s offer included settlement of debts owed to it as part of its purchase price.
Objectors to the clause fear that dragging out the sales process would deter potential bidders. Of particular concern is that bidders would drop out of the process leaving US Steel to buy the assets for what it is owed, 2.2 billion, leaving no additional monies to rescue the underfunded pension plan.
