Steel Mills

39 Potential Bidders for US Steel Canada
Written by Sandy Williams
June 7, 2015
Phase 1 in the sale of US Steel Canada has been completed. Thirty-nine potential bidders for the USSC assets have signed non disclosure agreements, according to the latest report by court monitor, Alex Morrison.
Multiple letters of intent were received indicating interest in:
a. acquiring on or both of Lake Erie Works and Hamilton Works on a going concern basis based on present operations;
b. acquiring all or part of the land at Hamilton Works, some of which included the plant and equipment and/or the land at Lake Erie Works;
c. acquiring certain specifically identified assets of Hamilton Works; and
d. investing by way of new secured debt.
In Phase 2, USSC and the financial advisor, in consultation with the court monitor, will review the letters to determine which parties have a bona fide interest in the purchase and the financial ability to consummate a transaction. A bidder cannot be eliminated without consent of the Monitor.
Letters to the approved bidders are expected to sent shortly and will set the procedure and timeline for submission of formal binding offers.

Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills

Toyota Tsusho America to acquire Radius Recycling for $1.34 billion
The companies said Thursday that Radius shareholders will receive $30 per share in cash upon the deal’s closing, which is expected in the second half of this year.

Algoma resumes steel shipments to US
Canadian steelmaker Algoma Steel confirmed it has resumed shipments to the US, effective Friday.

Algoma posts narrower Q4 loss, braces for tariff impact as US shipments pause
Algoma Steel's net loss narrowed in the fourth quarter vs. a year earlier amid economic uncertainty and tariff-related issues.

Evraz NA refutes report it falsified tests on plate for US military
Employees at Evraz North America, a subsidiary of Russia's Evraz plc, reportedly falsified quality control test results on armored plate for military vehicles. Evraz NA denies the claims.

Pacific Steel breaks ground on California rebar mill
Pacific Steel Group has broken ground on its Mojave Micro Mill in Southern California.