Ontario Court green lights Stelco's Welland sale

Ontario Court green lights Stelco's Welland sale

The Ontario Superior Court of Justice has given Stelco Inc. final approval to sell its Welland Pipe subsidiary's U&O Mill to Panama-based Grinolet Incorporation The final purchase price was sealed by the court until the transaction is completed. The sale was approved after the court determined that Stelco had adequately met its obligations to seek enough prospective purchasers, set a fair and commercially reasonable sale price, and that it was in the best interests of Welland Pipe's stakeholders. As previously reported by SteelOrbis, Welland Pipe's business operations were shuttered in March 2003 due to lack of demand for large diameter pipe. Its land and buildings were listed with a C$4 million sale price.