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.
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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.”