A Toronto judge is expected to approve the sale of three parcels of land left from Stelco’s 2017 restructuring.
If the sales are approved on Friday, two of the former Hilton Works properties will go back to the steelmaker after falling under the control of a land trust administered by the province.
The third property, at 242 Queen St. N., is being purchased by a film studio investor known as Hamilton Studios.
Ward 2 Councillor Jason Farr believes the agreements are a win for Stelco, its pensioners and the City of Hamilton.
Farr notes that the film studio lands on Queen Street North are next to the so-called “Barton-Tiffany lands”, a city-owned property where city council has envisioned a major film production studio.
Once the studios are fully built out, Farr suggests 1,500 jobs could be created within an industry that has grown rapidly in Hamilton in recent years.
Farr adds that if the $24 million in transactions are approved most of the proceeds, $18 million, will go into a pension fund to assist retired steelworkers.
He says that is “peace of mind” for people who spent decades working for Stelco.
The steelmaker has said that it has plans to create significant value for shareholders through the redevelopment of the lands, but it has not announced specific details.
President and former investment banker David Cheney hinted at future expansion for the company earlier this week, after the release of positive financial results.
Cheney stated that “demand from most of our key end markets remains stable and we are utilizing our logistics infrastructure to continue to expand our market footprint.”
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