Court approves Deutsche Bank's proposal for Stelco

Court approves Deutsche Bank’s proposal for Stelco

According to the statement released by Hamilton-based steel producer Stelco Inc, the Ontario Superior Court of Justice has approved Deutsche Bank commitment as the ’stalking horse' in Stelco's capital rising process. The Court announced that the Deutsche Bank proposal has been reviewed and recommended by a number of parties, including Company's Board, Chief Restructuring Officer etc. Upon the approval of Deutsche Bank proposal, Stelco Inc officials expressed that they will now have an opening bid which will create competition among other bidders, adding that the bid approved will serve the interest of the company and the shareholders.