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Potential buyer wants US Steel Canada to settle debts-The 17th Guanzhou Die-casting,Foundry&Industry Furnace Exhibition
4/14/2016 Die-casting,Foundry&Industry Furnace expo |
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The Globe and Mail reported that the issues of environmental liabilities and pension deficits of US Steel Canada Inc must be settled during the current bankruptcy protection process, says one of the potential buyers of the steel maker.
Mr Tom Clarke, a Virginia health-care executive and environmental activist whose ERP Compliant Fuels has made a bid to buy US Steel Canada said that those are key issues that were kicked down the road during the trip that Stelco Inc made through creditor protection in the 2000s before United States Steel Corp bought Stelco in 2007. He said “If we’re going to avoid Stelco 3, we need to deal with the issues right now.”
Mr Clarke and Charles Ebetino, ERP Compliant’s senior vice-president of business development, said their bid to buy the company would address the pension deficit and establish a process to begin cleaning up environmental messes in Hamilton and Nanticoke. He said “The environment is critical. If Hamilton is ever going to reinvent itself, we’ve got to take care of the harbour.”
He said “It would likely take 10 years to clean up Hamilton Harbour, but there are questions concerning whether the province will work with ERP Compliant, how it will be funded, who will finance the cleanup and how it will be managed.”
At stake as the court-appointed monitor assesses bids by ERP Compliant, some restructuring hedge funds and others, are about 1,000 jobs in Nanticoke, Ont, another 500 in Hamilton and potential costs to taxpayers in the billions of dollars if all of the bids are rejected and the assets are liquidated.
-The 17th Guanzhou
Die-casting,Foundry&Industry Furnace Exhibition
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