BY THE NUMBERS
PAID TO CREDITORS
$130 million — to U.S. Steel as a secured creditor $15.4 million — to non-secured creditors $9 million — a settlement of claims from salaried retirees
PENSION PAYMENTS
$160 million to $430 million — the amount of money Bedrock-owned Stelco has pledged to contribute to pension plans over the next 20 years. It will vary depending business results $1 billion — estimated unfunded liability in all Stelco pension plans 14,000 — the number of pensioners and beneficiaries in all Stelco pension plans with most being retired members of United Steelworkers Local 1005
RETIREE BENEFITS
$33 million per year — money paid for 10 years by Bedrock per year for other post-employment benefits (OPEBs), backed in part by loans from the province $8 million — provincial government money paid to supplement lost benefits to Stelco workers after the October 2015 court decision that allowed the company to suspend OPEB payments to retirees
TAXES
$10 million — back property taxes, penalties and interest owed to the City of Hamilton that will be paid by Bedrock after the closing of the deal. Millions in property taxes are also owed to the County of Haldimand for Lake Erie Works. Figures were unavailable
PROVINCIAL SUPPORT
$22 million — a fully secured loan from the province to help pay for OPEBs. The loan is payable in three and four years from now $66 million — a provincial loan over 10 years to assist with OPEBS $10 million — a provincial loan to establish the land trust known as LandCo. Stelco will become a tenant on one-third of the current Stelco property, which will be passed over to the land trust with the province assuming the liability for historical pollution of the site
LAND REMEDIATION
$80 million — the amount Bedrock will pay toward remediating former Stelco lands; the company will have no liabilities beyond this
CASH RESERVES
$300 million — estimated cash reserves accumulated by Stelco while in bankruptcy protection; in a company report late last month, Stelco’s cash reserves were listed at $285 million and the figure is thought to be closer to $300 million at this time