Reborn steel producer Stelco seeks $185 mln from IPO: Reuters
Steel producer Stelco Holdings Inc, which emerged from bankruptcy protection three months ago, said this week it has filed a preliminary prospectus with securities regulators in Canada for a proposed initial public offering of its shares, Reuters reported. Stelco, which is owned by U.S. private equity firm Bedrock Industries Group LLC, is seeking to raise about $185 million (US$150 million) in the share sale and could have a market value of about $1.2 billion (US$1 billion), a source said. Hamilton, Ontario-based Stelco emerged from nearly three years of bankruptcy protection on June 30 after it was able to extinguish its debt and sign new agreements with its unions. This was its second time in bankruptcy court after it emerged from protection in 2007 when U.S. Steel Corp bought the company for US$1.1 billion.
