Corporation (USS) is announcing an agreement to sell and transition
ownership of U.S. Steel Canada Inc. (USS Canada) to Bedrock Industries Group
In September 2014,
USS Canada applied for relief from its creditors pursuant to Canada’s
Creditors Arrangement Act, under which USS submitted claims totaling CAD$2.2
billion. Should the agreement between USS and Bedrock be approved, USS would
receive approximately $126 million in satisfaction of those claims,
according to a statement released by USS after deadline on Tuesday.
Also under the
proposed agreement with Bedrock, USS would be released from all claims
regarding environmental, pension, and other liabilities, the statement said.
USS would continue
to provide certain shared services to USS Canada and would enter into an
agreement to supply USS Canada with “all of its requirements for iron ore
pellets through 2021.”