
Stelco
#3619
Rank
$2.59B
Marketcap
Canada
Country

Mr. Alan Kestenbaum (CEO & Exec. Chairman)
Mr. Paul D. Scherzer (Chief Financial Officer)
Mr. Sujit Sanyal (Chief Operating Officer)
Summary
History
The Steel Company of Canada was established in 1910. It was founded after the merging of the Hamilton Steel and Iron Company with the Canada Screw Company , Montreal Rolling Mills , the Dominion Wire Manufacturing Company and the Canada Bolt and Nut Company. Charles S. Wilcox, president of the Hamilton Steel and Iron Company at the time of the consolidation, was appointed the first president of Stelco. He held the position until 1916, continuing on with the company as chairman of the board until his death in 1938.
Several union drives at the plant were unsuccessful until the founding strike of Local 1005 of the United Steelworkers of America in 1946.
In 2004, Stelco had financial difficulties and went under court-ordered protection from its creditors, including the Deutsche Bank. Stelco exited Companies' Creditors Arrangements Act protection on March 31, 2006. Several non-core operations were divested, including Stelwire, Norambar and Welland Pipe. The CCAA exit has seen the remaining operations restructured into 9 separate operating businesses, held by the corporate entity of Stelco.
On August 27, 2007, U.S. Steel purchased Stelco for $1.9 billion – $1.1 billion in cash and assuming $800 million in debt. The company was renamed Hamilton Works – US Steel Canada. The deal closed on October 31, 2007. The company was renamed U.S. Steel Canada Inc. and its shares were delisted from the Toronto Stock Exchange.
In an effort to streamline operations, U.S. Steel announced on March 3, 2009, that it would be temporarily shutting down its Hamilton plant and most of its Lake Erie plant putting more than 2,000 people out of work. This announcement came four months after U.S. Steel laid off 700 employees at the Hamilton plant when it shut down its blast furnace.Market conditions and declining customer orders prompted U.S. Steel to shut down the Hamilton Works on October 1, 2010. 100 jobs were restored when the German Max Aicher steel company bought two steel mills from US Steel, and opened them as "Max Aicher North America". More jobs are expected to be created when the mills are in full production. The Hamilton steel-making and iron-making operations were permanently closed on December 31, 2013.On September 16, 2014, U.S. Steel Canada announced that it would apply for court protection from its creditors. US Steel then stated that it intended to sell all of its remaining operations in Hamilton in the next two months.U.S. Steel Canada was severed from U.S. Steel Corporation in 2015 after it entered Companies' Creditors Arrangement Act protection in 2014. In November 2016, a deal was struck to sell U.S. Steel Canada to Bedrock Industries.
On December 2, 2016, the company took the "Stelco" name again. In 2017, an initial public offering raised CA$200 million for the company.Portions of the Stelco's archives are held at Library and Archives Canada, Brock University, and the Canadian Centre for Architecture.In January 2021 Stelco added pig iron production capability to its Lake Erie blast furnace.Stelco purchased a minority stake in the Hamilton Tiger-Cats professional football team in January 2022.
Mission
Vision
Key Team
Mr. Paul Simon (Gen. Counsel & Corp. Sec.)
Mr. Greg Anderson (VP of Sales)
Trevor Harris (VP of Corp. Affairs)
Mr. William E. Aziz C.A., CPA, CA, CPA, H.B.A. (Chief Restructuring Officer)
Recognition and Awards
References
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Mr. Alan Kestenbaum (CEO & Exec. Chairman)
Mr. Paul D. Scherzer (Chief Financial Officer)
Mr. Sujit Sanyal (Chief Operating Officer)
