Stelco subsidiary to obtain new credit facility

Stelco subsidiary to obtain new credit facility

Stelco subsidiary Norambar Incorporated announced they will obtain a new credit facility for operating purposes. The $40 million Canadian dollars (CA$) facility will cover Norambar Inc. and Fers et Metaux Recycles Ltee, and will replace the existing facility of $CA30 million. The lenders are CIT Business Canada Inc. with GE Canada Finance Inc. Norambar Inc. is a modern mini-mill in Quebec, employing 400 people. They produce over 600’000 net tons of bars and billets for the automotive, construction, and railway industries.