US Steel Canada begins sale and investment solicitation process

HAMILTON — Insolvent US Steel Canada Inc. says it is starting a sales and investment solicitation process under a court order obtained earlier this month.

The company, which is operating under protection of the Companies' Creditors Arrangement Act, says the move is intended to solicit interest in either the sale of its assets or the restructuring or recapitalization of the business as a going concern.

Those assets include 329 hectares of property on Hamilton Harbour and 2,670 hectares of property Nanticoke, Ont., along with blast furnace operations, coke ovens, steelmaking facilities, and hot-rolling, pickling, cold-rolling, and galvanizing lines. In addition to the currently operating assets, USSC assets include certain idled production equipment which could be restarted.

In addition to currently operating assets, it also has idled production equipment which could be restarted, the company said Monday in announcing the sale and solicitation process.

Full details of the SISP are available on the website of Ernst & Young Inc., the company's court-appointed monitor.

US Steel Canada's operations at its Lake Erie and Hamilton Works are capable of producing some 2.6 million tons of steel annually and employ about 2,000 workers. The company continues to carry on business as usual while it develops and implements comprehensive restructuring solutions.

For more information, visit www.ussteelcanada.com.