Justice Herman Wilton-Siegel says “we’re turning a page and commencing a new and more promising chapter in the history of Stelco.”
The bankruptcy court judge has approved the steel company’s sale to Bedrock’ Industries in a Toronto courtroom.
Bill Ferguson, President of Steelworker’s Local 8782, is hopeful for the future.
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He describes the agreement as a “milestone,” noting that “the next few weeks are going to be really busy” ironing out details.
Ferguson adds that it’s a “compromise” in which all parties “gave in some sense.”
Bill Aziz, Stelco chief restructuring officer, said it’s the first time he’s ever seen contaminated land sold to fund pensions.
He calls it an “innovative way to deal with the land” and a way to “provide additional funding for pensions” in order to create value for retirees.
The sale can be finalized once some details around land transfers and pensions are worked out before a deadline of June 30th.
U.S. Steel Canada’s supervised restructuring under the Companies’ Creditors Arrangement Act has been before the courts since the fall of 2014.
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