US Steel Canada commences sale and investment solicitation process

Tuesday, 02 February 2016 19:36:11 (GMT+3)   |   San Diego
       

US Steel Canada Inc. yesterday announced that it is commencing a sale and investment solicitation process (SISP) pursuant to a court order dated January 13, 2016. USSC obtained an initial order under the Companies' Creditors Arrangement Act from the Ontario Superior Court of Justice, Commercial List on September 16, 2014. Pursuant to the Initial Order, USSC is authorized to pursue all avenues of a sale or refinancing of its business or property, in whole or part, subject to prior approval of the Court.

USSC is a two-site leading integrated steel producer whose assets include blast furnace operations, coke ovens, steelmaking facilities, and hot-rolling, pickling, cold-rolling, and galvanizing lines. In addition to the currently operating assets, USSC assets include certain idled production equipment which could be restarted.

The SISP is intended to solicit interest in and opportunities for a sale, restructuring or recapitalization of USSC's assets and business operations (the "Opportunity"). The Opportunity may include one or more of a restructuring, recapitalization or other form of reorganization of the business and affairs of USSC as a going concern, or a sale of all, substantially all, or one or more components of USSC's assets (the "Property") and business operations (the "Business") including, without limitation:

•    USSC's 813 acres of real property located on Hamilton Harbour in Hamilton, Ontario (the "Hamilton Lands"), and coke ovens, assets used for ironmaking, steelmaking and finishing, and other operating assets and business operations located in Hamilton, Ontario ("Hamilton Works"); and

•    USSC's 6,600 acres of real property located in Nanticoke, Ontario, coke ovens, assets used for ironmaking and steelmaking, hot-rolling, pickling, and other operating assets and business operations located in Nanticoke, Ontario ("Lake Erie Works").

Ernst & Young Inc. is USSC's Court appointed Monitor and Rothschild Inc. is USSC's financial advisor.


Similar articles

Canadian iron ore production down 1.0 percent in February

23 Apr | Steel News

Canadian railway freight volume up 4.0 percent in February

23 Apr | Steel News

Canadian industrial product and raw material prices increase in March

22 Apr | Steel News

US rig count increases slightly while Canadian count plunges again

19 Apr | Steel News

Investment in Canadian building construction down 1.1 percent February

19 Apr | Steel News

Canadian new vehicle sales up 17.8 percent in February

15 Apr | Steel News

Canadian manufacturing sales up 0.7 percent in February

15 Apr | Steel News

US rig count declines slightly while Canadian count rises week-on-week

12 Apr | Steel News

Value of Canadian building permits up 9.3 percent in February

10 Apr | Steel News

Canadian rig count plunges again while US count edges down week-on-week

05 Apr | Steel News