Chesterton Tribune



USS in agreement to sell bankrupt USS Canada

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U.S. Steel Corporation (USS) is announcing an agreement to sell and transition ownership of U.S. Steel Canada Inc. (USS Canada) to Bedrock Industries Group LLC.

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.”



Posted 11/2/2016




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