Stelco to revamp AltaSteel

Stelco to revamp AltaSteel

Legally insolvent Canadian steel maker Stelco Inc. announced that it would upgrade the steel bar mill of its subsidiary AltaSteel Ltd. Stelco plans to spend CA$16 million (US$13.22 million) to replace the rolling equipment of the Edmonton, Canada plant. The upgrade will add 40'000 metric tons to the plant's capacity, bringing its total output to 340'000 metric tons. The project will be completed in 2006. Stelco hopes that the upgrades will increase the bids for AltaSteel, as Stelco put it, and other non-core subsidiaries such as Stelpipe and Stelwire, up for sale as part of its efforts to emerge from bankruptcy. AltaSteel supplies grinding steel to the North American mining industry. The company also produces finished and semi-finished bar products for the manufacturing, oil, construction, and steel service industries.