Rolls of coiled coated steel are shown at Stelco in Hamilton on June 29, 2018.Peter Power/The Canadian Press
Fairfax Financial Holdings, owned by Canadian billionaire Prem Watsa, said on Monday it bought an almost 14 percent stake in steelmaker Stelco Holdings for $250.1 million.
It acquired over 12 million shares of Stelco at $20.50 per share, a premium of 4.2 per cent to its close on Friday.
The insurer bought the stake in Stelco from Bedrock Industries, a unit of Lindsay Goldberg LLC, which owned 60.1 per cent in the company before the sale.
Bedrock still holds about 47-per-cent stake in Stelco.