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US Steel Canada bidding deadline extended to May 13

Add Time:2016-05-09 23:20:00 Clicks:
The Hamilton Spectator reported that the bidders for US Steel Canada have been given another week to kick the tires before making final offers. Friday was the initial deadline for bidders to submit binding offers for the former Stelco, but the date has been extended to May 13.

The report quoted a source familiar with the process saying that the rumour talks of four offers - two for all of it and two for pieces of its.

Under the court-approved sales process, buyers were invited to submit offers for all or parts of the company. USSC and its advisers chose a short listfor a second phase in which the bidders have been given access to confidential financial and other information to finalize binding offers. A final bidder, or bidders, will be selected and recommended for court approval.

The United Steel Workers and others are anxious for a buyer willing to operate the company as a going concern, including restarting steelmaking in Hamilton. Retirees want a sale that will produce enough excess cash to top up the pension plans, currently about $839 million short of what's needed to meet all their obligations.
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