Chesterton Tribune



US Steel completes sale of USS Canada

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United States Steel Corporation has announced today final agreement with Bedrock Industries Group LLC (Bedrock) for the sale and transition of ownership of U. S. Steel Canada, Inc. (USSC) to Bedrock.

The transaction was finalized following requisite court and other approvals.

On Sept. 16, 2014, USSC applied for relief from its creditors pursuant to Canadian law. On June 9, 2017, the Ontario Superior Court of Justice sanctioned a reorganization plan. In connection with the plan, U. S. Steel received approximately $127 million of its secured claims, including interest, and unsecured claims, the company said in a press release Friday.

The terms of the plan included an agreement to provide mutual releases among key stakeholders, as well as a release of all claims against U. S. Steel regarding environmental, pension and other liabilities.

As part of the transition in ownership, U. S. Steel will continue to provide certain services to USSC and entered an agreement to supply USSC with all of its requirements for iron ore pellets through January 31, 2022.


Posted 7/3/2017




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