A last gasp effort to keep Hamilton Specialty Bar from being liquidated has failed.
United Steelworkers Local 4752 president Mickey Mercanti confirmed negotiations between the liquidation company and the potential buyer, Keshav Lall and KAL Advisory Partners, have ended.
“They walked away from it this morning,” said Mercanti, in an email to CHML News.
The Sherman Avenue North plant went into receivership on Jan. 8.
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On March 26, a Superior Court judge approved a motion from the court-appointed receiver that called for the Hamilton steel company to be sold to American Iron and Metal, which planned to liquidate the plant’s assets.
At the time, United Steelworkers’ assistant Ontario director Tony DePaulo said, “It is extremely disappointing for the situation to have come to this point, for our members, our pensioners and the community. 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.”
Hamilton Specialty Bar, founded as the Canada Steel Company in 1910, has 200 workers and 400 retirees.
Mercanti says he expects the liquidation process will begin next week.
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