Ontario and Bedrock Industries Group to restructure U.S. Steel Canada
The company 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.
The terms of the MOU remain confidential until they can be released pursuant to a court process. For its part, Ontario has agreed to a framework to support an acquisition proposal from Bedrock intended to protect pensions and assist in providing post-employment benefits.
The province has also agreed to support the development of industrial lands on behalf of pensioners in an effort to promote the economic development of the Hamilton region while ensuring that the environment continues to be protected. In taking these actions, the province seeks to facilitate economic progress while minimizing financial risk for the public treasury. ■