Bedrock takes over Stelco

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After nearly three years of negotiations, Stelco finally has a suitor. Just before three this afternoon, Bedrock Industries officially became the new owner of the iconic steel company that’s gone through some very tough times in recent years. CHCH News spoke exclusively with the founder and chairman of Bedrock Industries, Alan Kestenbaum, at the Ritz Carlton Hotel moments after the deal was struck about Bedrock’s short and long term goals with Stelco, along with what they plan to do to avoid a third case of bankruptcy in just under two decades.

We also spoke with the president of the Local 1005 Steelworkers Union and Gary Howe said that he and his members are relieved to be done with the nearly three years of negotiations. He also wanted to pass along that vision, dental and drug benefits for the thousands of retirees are now back up and running after being frozen since October 2015.