Steel Mills
November 14, 2017
SMU Q&A with Stelco’s New CEO
Written by Tim Triplett
Stelco, Inc., Canada’s iconic steelmaker, has new life under the new ownership of Bedrock Industries. Bedrock Executive Chairman and CEO Alan Kestenbaum makes a strong case that the oft-troubled steelmaker is poised for a turnaround.
Stelco went into creditor protection in 2004, was bought by U.S. Steel in 2007, then went back into bankruptcy in 2014 before being bought by the Bedrock investment group late last year. It emerged from creditor protection at the end of June with $3 billion in debt and $1.4 billion of pension and retirement liabilities removed from its balance sheet. The steelmaker employs nearly 2,200 workers at its Hamilton and Lake Erie facilities in Ontario, which have an annual capacity of about two million tons of steel products.
