Steel Mills
November 2, 2016
US Steel and Bedrock Industries Agree to Terms for Sale of US Steel Canada
Written by Sandy Williams
US Steel Corp announced today that it has agreed to terms proposed with Bedrock Industries Group for the sale and transition of ownership of US Steel Canada. The transaction is subject to customary court approvals.
US Steel Canada has been in Companies Creditor Arrangement Act (CCAA) proceedings since Sept. 16, 2014. Under terms of the agreement with Bedrock, US Steel will receive $126 million in satisfaction of its submission of CAD $2.2 billion secured and unsecured claims against US Steel Canada. In addition it will release US Steel from all claims regarding environmental, pension and other liabilities.
