US Steel will go to court next month to seek approval for its massive debt claims against its Canadian operations (formerly Stelco).
US Steel claims it is owed more than $2.2 billion by US Steel Canada, which has been under court-supervised creditor protection since September 2014.
If US Steel’s claims are proven, the Canadian branch could be forced to the brink of failure, media reports said, now that its parent company has shifted production of its highest value products to its US operations.
The debt claim is opposed by the Ontario government, the United Steel Workers and former Stelco president Bob Milbourne.
US Steel to seek court approval of $2.2. billion debt claim against US Steel Canada
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