Steel Mills
December 1, 2016
US Steel Canada Granted CCAA Extension While it Works on Bedrock Deal
Written by Sandy Williams
US Steel Canada has been granted an extension of its CCAA protection while it hammers out a deal with suitor Bedrock Industries. The stay period for USSC was due to terminate on November 30, 2016 and has now been extended to March 31, 2017.
According to the 32nd court monitor’s report by Alex Morrison, US Steel Canada had a cash balance of CAD $233.6 million as of November 4, 2016—nearly $89 million better than the previous forecast of $144.7 million. The positive variance was due to higher sales collection from Canadian customers and lower than forecast disbursements for raw materials, including utilities.
