Steel Mills
June 15, 2017
Stelco Purchase Estimated at $500 Million
Written by Sandy Williams
Bedrock Industries received a deal on the purchase of Canada’s Stelco, acquiring it for less than $500 million, according to a report by the Hamilton Spectator.
U.S. Steel originally purchased what was then a much larger Stelco for $1.1 billion in 2007. The many transactions required to satisfy creditors, pension payouts, retiree benefits, taxes and other payments make it difficult to gauge the exact price Bedrock paid for the mill. Among the payments that Bedrock will make is a payment of $130 million to former owner US Steel.
