The future of Stelco

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In order to complete it’s restructuring deal, Stelco is now a tenant on the land it owned for decades. The province will now try to sell the remaining unused land to fund the pensions of the thousands of active and retired employees.

A handful of residents and city staff gathered to share their vision for a revitalized Bayfront, specifically the property formally owned by Stelco who are now renting about a third of the 818 acre or 331 hectares of land. A provincially-backed group called Landco will try to sell off the remaining 545 acres of land for new business.

Mayor Fred Eisenberger feels that done right, transforming the space would take about 25 years. Initial talks revealed that the province had a much shorter window to start selling land.

But the mayor says as of today, the land has been deemed worthless due to the contaminants in the ground. So before any company decides to invest and start a business on the Landco lands, they’ll have to clean the entire area and experts say that the process won’t be cheap or quick.