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US Steel

Saturday January 17, 2015

January 16, 2015 by Graeme MacKay

Saturday January 17, 2015

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Saturday January 17, 2015

U.S. Steel looks to sell “surplus” Hamilton lands

A “for sale” sign is up over chunks of former Stelco land around Hamilton Harbour.

Since mid-December, U.S. Steel Canada has been quietly seeking offers for pieces of its sprawling 328-hectare property. It’s unclear how much of that land is on the block.

In court documents seeking to extend its current creditor protection order, the company said if any offers are accepted it will sell pieces of the property. Those land sales would proceed whether or not creditors agree to any other restructuring plans.

As part of an outline of efforts to get the struggling company back on its feet, chief restructuring officer Bill Aziz said in an affidavit the company has started an “organized” process to sell land in Hamilton, with a Jan. 22 deadline for filing expressions of interest.

“(P)rompted in part by inquiries from interested third parties, USSC in consultation with Rothschild (the company’s financial adviser) and the [court-appointed] Monitor, determined that it would be useful to start an organized process to solicit expressions of interest in connection with the possible acquisition of the land owned by USSC in Hamilton,” Aziz wrote.

Rothschild, he said, has been looking for potential buyers “who have an interest in, and track record of, redeveloping brownfield industrial properties.”

Any sale, he said, could be done in a way that would not “preclude the continued operation and/or sale of its coke ovens, iron and steel making assets and finishing lines located at Hamilton Works.”

Potential purchasers will be required to sign a confidentiality agreement before being given access to due diligence information.

U.S. Steel Canada, which purchased Stelco in 2007, owns prime industrial land in an area roughly bounded by the bay, Industrial Drive, and the northern ends of Ottawa Street and Sherman Avenue. (Source: Hamilton Spectator)

 

Posted in: Hamilton Tagged: art crawl, arts, brownfield, development, Hamilton, steel, Stelco, US Steel

Thursday, October 31, 2013

October 31, 2013 by Graeme MacKay

Thursday, October 31, 2013By Graeme MacKay, The Hamilton Spectator – Thursday, October 31, 2013

U.S. Steel announces shutdown

Hopes that Hamilton’s U.S. Steel blast furnaces will fire up again have burned out, along with more than a century of steel production at the plant.

The announcement Tuesday that U.S. Steel will permanently cease making iron and steel in Hamilton has been feared since the company idled the mills in October 2010.

The final blow came when CEO Mario Longhi told investors Tuesday those operations will wrap up Dec. 31.

“Decisions like this are always difficult, but they are necessary to improve the cost structure of our Canadian operations,” he said.

Tuesday’s announcement does not affect rolling, coating and finishing operations, along with coke making, according to Pittsburgh-based U.S. Steel.

Forty-seven non-union jobs will be lost, but company spokesperson Courtney Boone said it would try to move staff into other positions. That leaves approximately 600 members of United Steelworkers Local 1005 and about 228 salaried positions at the Hamilton plant.

Mayor Bob Bratina said he hopes to travel to Pittsburgh within days for a “very urgent” conversation with U.S. Steel officials.

Rolf Gerstenberger, Local 1005 president,said he always hoped the firm would restart steelmaking at the plant, but he wasn’t surprised by the move.
“It’s more of the finality of it, that you are written off, if you think about that … You guys aren’t making steel here anymore.”

Steel analyst Chuck Bradford said the move is only a confirmation of what was inevitable.

“The only question I’ve had is, ‘What took so long?'”
He says because the former Hilton Works lacks a hot strip mill, the only thing it could produce was semi-finished steel.

“There is no market for that product at all.”

NDP Leader Andrea Horwath said her party will fight to protect the jobs that remain. (Source: Hamilton Spectator)

Posted in: Hamilton Tagged: Halloween, Hamilton, steel, Stelco, US Steel

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