Much interest in former Stelco properties

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A total of 39 companies have submitted expressions of interest in U.S. Steel Canada’s facilities.

The news is providing a glimmer of hope for employees that the successful bidder will keep the former Stelco plants in Hamilton and Nanticoke operating at some level.  Future production at the Hamilton plant, which is no longer producing steel, was seen as most at risk.

The potential offers are now being studied by the company which will narrow the list based on perceived viability of the offers.

The court appointed monitor overseeing the restructuring of the Canadian assets under creditor protection describes the potential bidders as “global and North American steel producers, coke producers, steel and metal industry participants, land redevelopers, and private equity and financial investors.”

Workers plan to protest outside the court tomorrow as a discussion on next steps in the complicated restructuring takes place.