Statement from Minister of Finance and Minister of Economic Development and Growth on Stelco's Initial Public Offering
Charles Sousa, Minister of Finance, and Brad Duguid, Minister of Economic Development and Growth, issued the following statement in reaction to the announcement by Stelco that it has filed a preliminary prospectus in connection with an anticipated initial public offering:
"The Government of Ontario welcomes news that Stelco has filed a preliminary prospectus in preparation for taking the company public pursuant to a planned initial public offering. We believe that this development underscores the confidence that the new owners have in Stelco's operations and its workers. The stated intentions of the owners to maintain their involvement and commit to new capital investments in the company's operations is particularly welcome.
Throughout the long restructuring of Stelco, the province's objective was to ensure a process that would lead to sustainable operations while protecting employees, pensions and the lands. With a combination of repayable loans as well as regulatory and policy accommodations, the government was able to help bring the players together to support a private-sector led, non-subsidized solution that secured Stelco's stand-alone commercial viability. The province will continue to work with the stakeholders to fulfill the terms of the agreements, including the future of the Stelco lands, to secure maximum value for pensioners while consulting with the City of Hamilton in relation to ongoing local economic development and associated goals."