Stelco Inc to sell three of its subsidiaries

Stelco Inc to sell three of its subsidiaries

According to the statement released by Canadian producer Stelco Inc, the company will sell its wholly owned subsidiaries AltaSteel Ltd and Norambar Inc, and its 40% ownership interest in Camrose Pipe Company. As previously reported by SteelOrbis, Stelco had announced that it was looking for buyers for its subsidiaries Stelfil, Stelpipe and Stelwire. Stelco officials explained that these sales are a part of Stelco's four-point strategy announced in July. Accordingly, the company planned to sell off its assets outside the integrated steel business. The sales are subject to the approval of the court.