HAMILTON, ON, June 30, 2017 /PRNewswire/ - Stelco Inc. ("Stelco" or the "Company") announces that all of the closing conditions regarding the previously announced transaction with Bedrock Industries Group LLC ("Bedrock Industries") have been satisfied and that the acquisition of the Company by Bedrock Industries has closed. Stelco had been operating under the protection of the Companies' Creditors Arrangement Act ("CCAA") since being granted an initial stay of proceedings in September of 2014. The Company has now emerged from CCAA protection and has formally changed its name to Stelco Inc., formerly known as U.S. Steel Canada.
"This is an exciting day for Stelco and for all of those who have worked so hard to position this company for success," said Alan Kestenbaum, Chairman, Bedrock Industries. "We would specifically like to recognize the unwavering efforts of Stelco's Board, the Company's leadership team and all of Stelco's employees. We would also like to recognize and thank the International United Steel Workers Union and its leadership, as well as the local 8782 and 1005 Union leadership and members. Today was also made possible by the unwavering support of Stelco's customers and suppliers. We are also grateful to the many external advisors to the Company and USW locals that worked tirelessly for an extended period."
"We also want to recognize the key contributions from the Province of Ontario and Premier Kathleen Wynne, the Premier's Business Advisor, Ed Clark and Finance Minister Charles Sousa whose efforts were critical."
"We are well aware of Stelco's storied history and the special position it holds in the hearts of those in the communities of Hamilton and Nanticoke in which it operates, and across Canada. As Canada prepares to celebrate its 150th anniversary, it is fitting that we are celebrating the rebirth of Stelco, a company that played an integral role in building the Nation, starting in 1910 as The Steel Company of Canada. We look forward to marking many more milestones in the coming years as we build this Canadian icon together."
Commenting on the importance of this milestone, Michael McQuade, President of Stelco stated: "It is with great excitement and pride that I look forward to writing the next chapter in Stelco's history. Over the past century, Stelco has helped to construct the cornerstone of Canada's identity, so it is fitting that we are able to embark on the next leg of our journey on the eve of our country's 150th birthday celebrations."
"I look upon the collective efforts of our employees over the past 33 months with sense of gratitude and humility, as their contributions have led to this successful outcome for our business," said McQuade.
Powered by Canadian craftsmanship, Stelco's operations in Hamilton and Nanticoke reflect the strength of each community. Together employing more than 2,200 people, these fully integrated, industry-leading facilities are among the most safe, environmentally progressive, and productive steel plants in the world. Hamilton Works is located on the shore of Lake Ontario in Hamilton, Ontario. Lake Erie Works is located in Nanticoke, Ontario, on the shores of Lake Erie. Stelco produces high-quality steel that is used primarily in the North American automotive, construction, infrastructure, appliance, manufacturing and pipe and tube industries.
About Bedrock Industries
Bedrock Industries is a privately funded metals, mining and natural resources company focused on owning, operating and growing related assets and companies. Its philosophy is to maximize value creation for all stakeholders through active and collaborative partnerships. For more information, please go to www.bi15.com.