International Steel Mills
October 22, 2016
Essar Global Teams with Cargill to Try Another Bid for USSC
Written by Sandy Williams
Essar Global has teamed up with Cargill Inc. to make a bid for US Steel Canada, according to the Globe and Mail. Essar’s bid was rebuffed by USSC in June of 2016 and again as the entity Ontario Steel in August, despite the backing of the United Steelworkers.
Bedrock Industries is the current favorite for a successful transaction and has been working with US Steel Canada and stakeholders to negotiate an agreement that will keep the Canadian mills operational. Bedrock signed a memorandum of understanding on September 21st with the government of Ontario who says they will support an acquisition by Bedrock that protects pensions and post-employment benefits.
