Ontario steelmaker Stelco seeks court OK for moving ahead with restructuring
TORONTO — Southern Ontario steelmaker Stelco is seeking court approval to move forward with its restructuring following an agreement with Bedrock Industries.
Ontario Finance Minister Charles Sousa said in a statement Friday that Bedrock’s proposal would mean that operations at the Hamilton and Lake Erie facilities would continue and 2,100 jobs would be preserved.
Sousa said it also means that retirees in Stelco’s four main pension plans would continue to receive their benefits without interruption or reductions, and continue to receive post-employment benefits.
In addition, the minister’s statement says the proposal would ensure that Ontario receives financial assurance to cover costs that may be incurred in connection with environmental conditions on the land.