Canadian steelmaker Stelco Holdings Inc. announced that its wholly-owned subsidiary, Stelco Inc., has completed the acquisition of the remaining 37 acres of land, which includes buildings of approximately 500,000 square feet of industrial space and 100,000 square feet of office space located adjacent to Stelco's Hamilton Works operations, which is currently comprised of approximately 760 acres of property purchased by Stelco in June 2018.
The remaining lands were purchased from Legacy Lands Limited Partnership for an aggregate purchase price of $20 million and completes the return to Stelco of control over all of the Hamilton Works lands previously held by it prior to the commencement of the CCAA proceedings.
In a press release, the company said the acquisition of the remaining lands “provides a necessary contiguous footprint for the Hamilton property that will provide Stelco with the flexibility to develop the lands in a manner that both complements its current and future operations and pursue other uses for the lands.”