Officials in Canada announced Tuesday that German steel production company, Max Aicher became of the official owner of US Steel's two idled Hamilton, Ontario bar and bloom mills last Friday.
Thomas Fetzer, President of Max Aicher commented Tuesday that the company has already turned on the blast furnaces, and plans to begin test runs in December.
Although details of the transaction were not released to the public, the official acquisition of the former Stelco, and now former US Steel mills, comes just over six months after Aicher announced a deal to buy the plants from US Steel.
Officials note that approximately 70 of the recently locked out workers will be moving into jobs with Aicher.
The acquisition is the first North American acquisition for the company, and will mark the company's "debut" as a North American steel processor.
Fetzer also noted that its new mills will concentrate almost exclusively on the value-added end of the market, focusing on steel production for auto and mining machine parts, and construction industry.