Seven bidders line up for Stelco Inc

Seven bidders line up for Stelco Inc

According to the statement made by Canadian steel producer Stelco Inc, seven bidders lined up for the tender that will be held for the takeover of the company. Stelco officials stated that they will not reveal the bidders while the offers are evaluated. The company set December 31, 2004 as the deadline for the takeover bids. As previously reported by SteelOrbis, five of the seven bidders expressed their interest in Stelco tender. Five bidders are Deutsche Bank, Russian Severstal, Pittsburgh-based US Steel, Algoma Steel and Island Energy Partnership, a joint venture of Toronto-based mining and energy company Sherritt International and the Ontario Teachers' Pension Plan. Moreover, Mittal Steel was indicated as a possible bidder. The names of the remaining bidders have not been revealed yet. Ontario Super Court will make the final decision.