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.