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This was the last Canadian owned Steel Company. For any of you Americans that have driven to Toronto from Niagara Falls, this is the large plant you see when you go over the large bridge in Hamilton.
It least a US company bought it, not one from China......
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U.S. Steel Buys Stelco for $1.1 Billion
By ROBERT GUY MATTHEWS
August 27, 2007 2:39 a.m.
United States Steel Corp. said it will buy Canadian steel maker Stelco Inc. for $1.1 billion in a cash deal, furthering the worldwide consolidation trend in the steel industry.
The deal, crafted over the weekend, calls for U.S. Steel to purchase all the outstanding shares of Stelco for 38.50 Canadian dollars each. Additionally, U.S. Steel will retire the majority of Stelco's $760 million debt through cash and other proceeds. The two companies said they have the support of shareholders who own more than 76% of Stelco's outstanding shares supporting the proposed deal.
The combined company would produce about 33 million tons of raw steel annually, making it one of the largest steel makers in the world. This week, Netherlands-based Mittal Steel and Luxembourg-based Arcelor S.A. are expected to officially begin their two-step merger process to become the world's biggest steel maker.
It least a US company bought it, not one from China......
__________________________________________________ _________
U.S. Steel Buys Stelco for $1.1 Billion
By ROBERT GUY MATTHEWS
August 27, 2007 2:39 a.m.
United States Steel Corp. said it will buy Canadian steel maker Stelco Inc. for $1.1 billion in a cash deal, furthering the worldwide consolidation trend in the steel industry.
The deal, crafted over the weekend, calls for U.S. Steel to purchase all the outstanding shares of Stelco for 38.50 Canadian dollars each. Additionally, U.S. Steel will retire the majority of Stelco's $760 million debt through cash and other proceeds. The two companies said they have the support of shareholders who own more than 76% of Stelco's outstanding shares supporting the proposed deal.
The combined company would produce about 33 million tons of raw steel annually, making it one of the largest steel makers in the world. This week, Netherlands-based Mittal Steel and Luxembourg-based Arcelor S.A. are expected to officially begin their two-step merger process to become the world's biggest steel maker.
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