Government of Ontario & Bedrock Industries Group Sign MOU to Facilitate Restructuring of U. S. Steel Canada Inc.
The government of Ontario and Bedrock Industries Group (Bedrock) today announced that they have signed a Memorandum of Understanding (MOU) to facilitate the restructuring of U.S. Steel Canada Inc. (USSC), which remains in court-supervised creditor protection proceedings under the Companies' Creditors Arrangement Act (CCAA). The MOU is an important step toward the completion of a restructuring intended to protect jobs, the ongoing operations at USSC's Hamilton and Lake Erie facilities, pensions and post-employment benefits for active and retired USSC employees. In reaching this MOU, the province has worked closely with the court-appointed monitor and kept other stakeholders informed throughout the process.
News Release | Finance