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Steelworkers union head Bill Ferguson called it the “worst kept secret in the world” as he announced in a YouTube video that U.S Steel will be changing its name back to Stelco.

The company is expected to hoist a Stelco flag and officially change it’s name at 1:30 p.m. on Friday afternoon.

Ferguson says the name change doesn’t mean they are ready to go to the polls on a new deal but it is a welcomed change. “Going back to the name Stelco gives us that independence,” added Ferguson. “It is a step forward to becoming Stelco again.”

U.S. Steel Canada was granted another extension of its creditor protection until March 31 as it continues to negotiate a purchase agreement.

“There’s a lot of multi-lateral bargaining. We’ll get there,” said Ferguson.