Steel Mills
August 9, 2016
Ontario Steelworks Makes Bid for USSC
Written by Sandy Williams
Ontario Steel Investments Limited (Ontario Steelworks) said on Tuesday that it has submitted a bid to buy US Steel Canada. The August 5th offer includes the assumption of the US Steel Canada pension plan, currently estimated at C$954 million ($724 million) and a commitment to provide C$25 million per year for post-employment benefits for current and retired employees. The purchase price for the former Stelco steelworks was not disclosed.
Ontario Steelworks, a consortium of steel industry specialist, including Essar Global shareholders, provided the following comment in a press release:
