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U.S. Steel Corp. finalizes sale of U.S. Steel Canada to Bedrock Industries
July 12, 2017
Source: ASM International
United States Steel Corp., Pittsburgh, announces that it has finalized an agreement with Bedrock Industries Group LLC, New York, for the sale and transition of ownership of U.S. Steel Canada Inc. to Bedrock. The transaction was finalized following requisite court and other approvals.
In connection with the closing, U.S. Steel received approximately $127 million in satisfaction of its secured claims, including interest, and unsecured claims. The terms of the plan and closing also 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 transition services to USS Canada, and entered an agreement to supply USS Canada with all of its requirements for iron ore pellets through January 31, 2022.
United States Steel is a leading integrated steel producer and Fortune 300 company with major production operations in the United States and Central Europe. The company manufactures a wide range of value-added steel sheet and tubular products.
Bedrock Industries is a privately funded holding company focused on owning and operating metals, mining, and natural resources assets and related special situations.
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