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Ontario Steel wants to buy U.S. Steel Canada with $725m liabilities

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Staff Writer |
Ontario Steel
Acquisition   U.S. Steel Canada employs nearly 2,000 workers

Ontario Steel Investment, a group that includes shareholders of Essar Global, has submitted an offer to purchase U.S. Steel Canada, which has been in creditor protection since 2014.

The offer includes the assumption of C$954 million ($725 million) in liabilities under U.S. Steel Canada's pension plan and a commitment to provide C$25 million toward post-employment benefits for U.S. Steel Canada's past and present staff.

U.S. Steel Canada, which employs nearly 2,000 workers in Ontario and has the capability to produce 2.6 million tons of steel annually, is a former unit of United States Steel Corp.

The offer for Essar Steel Algoma, which employs 3,400 workers and has the capability to produce about 4 million tons per year, was submitted to a court-appointed monitor and the company's advisers on August 5.

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