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Statement from Finance Minister Charles Sousa on the Completion of the Stelco Restructuring

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Statement from Finance Minister Charles Sousa on the Completion of the Stelco Restructuring

Ministry of Finance

Charles Sousa, Minister of Finance, issued the following statement on the completion of the restructuring of Stelco (the operating name of U.S. Steel Canada Inc. effective December 2, 2016) and its sale to Bedrock Industries Group LLC (Bedrock), effective June 30, 2017:

"Today, after years of hard work, the sale of Stelco closed, ensuring its continued operation as a viable and growing company and as one of the world's finest steel manufacturers. This outcome is a win for Stelco employees, pensioners, and the City of Hamilton.

Our government's objective from the outset was to support a process that would lead to sustainable operations for Stelco, while protecting employees, pensions and the lands. Throughout this long process the province has worked persistently to bring the parties together, to protect the interests of pensioners and employees, at times playing a leadership role in resolving barriers and, when necessary, has provided repayable financial support to facilitate a positive, private-sector solution.

Today's sale will deliver that outcome, preserving 2,200 well-paying jobs at Stelco's Hamilton and Lake Erie facilities, protecting pensions as well as health and other benefits for almost 12,000 retirees through court-sanctioned agreements, and ensuring ongoing protection of the environment.

With the transaction now complete, the province will continue to work with Bedrock and stakeholders to fulfill the terms of the agreements, including for the future of the Stelco lands, to secure maximum value for pensioners while consulting with the city with respect to ongoing local economic development and goals."

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