U. S. Steel agrees to sale of U. S. Steel Canada to Bedrock Industries
United States Steel Corp (NYSE: X) (U.S. Steel) has agreed to the sale of U. S. Steel Canada Inc to Bedrock Industries Group, a U.S. private equity firm. The deal, which was approved by the Ontario government in September, will provide U.S. Steel with about US$126 million for its secured and unsecured claims, submitted as part of U. S. Steel Canada's application for creditor protection in 2014. It will also be released from specific obligations. Bedrock, which will restructure U.S. Steel Canada, previously said it will continue operating the company's plants in Hamilton and Nanticoke, Ontario.
2 November 2016•3 mins read
