Steel Mills
Sales Process Defined for US Steel Canada
Written by Sandy Williams
March 17, 2015
A plan to sell US Steel Canada plants Hamilton and Lake Erie Works will be sent for court approval March 30. The prepared court documents outline a plan for “soliciting interest in and opportunities for a sale, restructuring or recapitalization of the assets and business operations” of US Steel Canada.
The two-step sale process involves a letter of solicitation to potential bidders that will be sent by April 13. After bidders sign a confidentiality agreement and are deemed viable buyers, they will move to the second step of submitting proposals outlining the price they are willing to pay and what they intend to do with the purchased assets, including plans for employees and pension funds.
Up for purchase are the 813 acres of industrial land in Hamilton and 6,600 acres in Nanticoke, as well as the steelmaking equipment and operating assets in the two locations.
US Steel Canada has been under the bankruptcy protection of the Companies Creditors Arrangement Act (CCAA) since September 2014. The mills are expected to be sold by the end of 2015.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Primetals to replace two EAFs at US mill
Primetals Technologies will be replacing two electric-arc furnaces at a steel mill in the US with one more energy-efficient furnace.
Nippon’s Mori meets with Pa. Gov. Shapiro: Report
Nori, a top Nippon Steel official, met on Tuesday with Pennsylvania's governor, to discuss its proposed acquisition of U.S. Steel.
Nippon won’t import slabs to US if U.S. Steel deal goes through
Nippon Steel has affirmed that if its $14.9-billion bid for U.S. Steel proves successful, the Japanese steelmaker will not import overseas-produced slabs to the US.
AISI: Raw steel production falls to 5-week low
Domestic raw steel mill production slipped to a five-week low last week, according to the latest figures released by the American Iron and Steel Institute (AISI). Weekly production is now at the third-lowest level recorded this year.
Nucor maintains HR price at $750/ton
Nucor’s weekly consumer spot price (CSP) for hot-rolled (HR) coil was unchanged week on week (w/w) at $750 per short ton (st) on Monday, Nov. 18.