Another setback for Hamilton Specialty Bar. Monday’s deadline for a bid to purchase the steelmaker has passed without any offers from a prospective buyer.
United Steelworkers’ assistant Ontario director Tony DePaulo says “there is an investment group that has been working diligently to put together a viable going-concern offer for the plant, but they could not finalize their proposal by today [Monday].”
Earlier this month, a Superior Court judge approved a motion from the court-appointed receiver that called for the steelmaker to be sold to a company that planned to liquidate the plant’s assets.
- Kelowna company uses AI to map evacuation routes ahead of wildfire season
- Montreal North residents demand action over alleged racist conduct by police
- Calgary photographers, bird watchers flock to catch a glimpse of rare woodpecker
- ‘A piece of us is now gone:’ Family of man fatally shot seeks justice after 8 arrested
Get daily National news
Get daily Canada news delivered to your inbox so you'll never miss the day's top stories.
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.
DePaulo says “it is extremely disappointing for the situation to have come to this point, for our members, our pensioners and the community.”
But he adds: “There is still hope that the group interested in operating Hamilton Specialty Bar as a steel plant can reach an agreement with the liquidation company to buy the mill before the assets are lost.”
Comments
Want to discuss? Please read our Commenting Policy first.