Stelco & Bedrock Industries Reach an Agreement in Principle

HAMILTON, ON, April 19, 2017 /CNW/ – Stelco, the name under which U. S. Steel Canada Inc. carries on business (“Stelco” or the “Company”), announces that it and Bedrock Industries Group LLC (Bedrock) have reached an agreement in principle (the “Agreement”) with the Stelco salaried employees and retirees and certain others represented by court-appointed representatives and counsel (the”Stelco Salaried and Other Non-USW Group”) regarding their support for Stelco’s plan of arrangement, compromise and reorganization (the “Plan”), including the treatment of their Other Post-Employment Benefits (“OPEB”), unfunded supplemental pensions claims, termination and severance claims, and future pension service. Pursuant to the Agreement, which is subject to approval by the Ontario Superior Court of Justice (the “Court”), the Stelco Salaried and Other Non-USW Group has agreed to vote in favour of the Plan.

“I thank everyone who played a constructive role in reaching this agreement,” said Bill Aziz, Chief Restructuring Officer, Stelco. “Momentum continues to build towards this great company having an opportunity to re-emerge as a strong, independent Canadian steel producer. We are getting closer to the best – and only – outcome that balances the realities of the situation with the interests of the many stakeholders.”