KEY MILE­STONES

The Hamilton Spectator - - BUSINESS -

Oc­to­ber 2014 — U.S. Steel Canada is granted a re­quest for cred­i­tor pro­tec­tion un­der the Com­pa­nies’ Cred­i­tors Ar­range­ment Act (CCAA), 10 years after the steel­maker was granted a sim­i­lar re­quest in 2004 that stayed in force for two years.

Oc­to­ber 2015 — Fac­ing threats that USSC would cease Cana­dian op­er­a­tions, the judge in Toronto over­see­ing the re­struc­tur­ing hear­ings agrees to a pack­age of con­tro­ver­sial mea­sures that al­low the com­pany to stop pay­ing health ben­e­fits to re­tirees along with mu­nic­i­pal taxes and other busi­ness costs.

Fe­bru­ary 2016 — The judge agrees that par­ent com­pany U.S. Steel has $2.2 bil­lion in debts from the for­mer U.S. Steel Canada, with $1.9 bil­lion of it be­ing un­se­cured debt.

Through 2015-16 — A se­ries of po­ten­tial suit­ors con­sider mak­ing bids, in­clud­ing ven­ture cap­i­tal firm Bedrock In­dus­tries, a com­pany ap­par­ently formed in Fe­bru­ary 2016 in Mi­ami, Fla. The com­pany is a group of in­vestors led by chair Alan Kesten­baum who — ac­cord­ing to a com­pany web­site — has 25 years of ex­pe­ri­ence in the “met­als and min­ing pro­duc­tion, trad­ing, dis­tri­bu­tion and fi­nance busi­ness.”

Septem­ber 2016 — The pro­vin­cial govern­ment an­nounces it has reached a frame­work agree­ment with Bedrock that would elim­i­nate his­tor­i­cal en­vi­ron­men­tal li­a­bil­ity and mit­i­gate pen­sion obli­ga­tions.

Dec. 1, 2016 — U.S. Steel Canada hoists flags at its Hamil­ton and Lake Erie plants to sig­nal the com­pany’s re­turn to us­ing its pre­vi­ous name: Stelco. Of­fi­cials say USSC will con­tinue as a le­gal name for months.

Jan. 30, 2017 — Stelco cuts 29 salaried work­ers from its pay­roll. The com­pany says it has dif­fer­ent staffing needs as it makes the tran­si­tion away from par­ent com­pany U.S. Steel.

April 27, 2017 — Gen­eral un­se­cured cred­i­tors – of which U.S. Steel is the largest – as well as salaried work­ers and pen­sion­ers, vote to sup­port the plan that ba­si­cally pays 10 cents on the dol­lar to cred­i­tors and 70 per cent of health care ben­e­fits to pen­sion­ers.

May 9, 2017 — The court had sched­uled May 9 for a “sanc­tion hear­ing.” But lawyers will ask to have the hear­ing date changed to June 9. June 9, 2017 — “Sanc­tion hear­ing” ex­pected to take place in which the judge will be asked to ac­cept or re­ject the re­struc­tur­ing plan be­fore him.

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