Skip to main content

Unsecured creditors and retired and active salaried workers at Stelco Inc., have approved a restructuring plan designed to take the former unit of United States Steel Corp., out of creditor protection.

J.P. MOCZULSKI/The Globe and Mail

Unsecured creditors and retired and active salaried workers at Stelco Inc. have approved a restructuring plan designed to take the former unit of United States Steel Corp. out of creditor protection.

More than 95 per cent of unsecured creditors voted in favour of the plan at meetings on Thursday, while 99.93 per cent of non-union workers who held pension and benefit claims in the proceeding also approved the plan.

"This is another step toward achieving the best – and only – outcome that will see Stelco emerge as a strong, independent Canadian steel producer," William Aziz, the steel maker's chief restructuring officer, said in a statement. Stelco will, however, be owned by Bedrock Industries Group LLC, a privately held, Miami-based metals and mining company.

Story continues below advertisement

The plan for Bedrock to take over what was Stelco, then United States Steel Canada Inc., and now Stelco again is still conditional on union members at two Stelco mills in Ontario approving new collective agreements with Bedrock.

Report an error Editorial code of conduct
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

Cannabis pro newsletter