Stelco
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| subsidiary | |
| Industry | Steel milling |
| Founded | 1910 as Steel Company of Canada (Stelco) |
| Founder | Charles S. Wilcox |
| Headquarters | Hamilton, Ontario |
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Area served
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Worldwide |
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Key people
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Mike McQuade, general manager and president |
| Products | Hot-rolled steel cold-rolled steel galvanized steel sheet special bar quality green steel ore mining |
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Number of employees
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2,000 |
| Website | US Steel Canada |
Stelco (known as U.S. Steel Canada from 2007 to 2016) is a steel company based in Hamilton, Ontario, Canada. Stelco was founded in 1910 from several smaller firms. It continued on for almost 100 years, until it filed for bankruptcy in 2007 and was bought by U.S. Steel. In 2016, an agreement was reached to sell the company to Bedrock Industries of the United States.
The Hamilton plant has not produced steel since 2011, but its coke ovens and cold rolling finishing works remain in operation. The company employs about 750 people in the Hamilton plant and 1,400 in Nanticoke, Ontario.
The Steel Company of Canada was established in 1910. It was founded after the merging of the Hamilton Steel and Iron Company (1900) with the Canada Screw Company (1866), Montreal Rolling Mills (1868), the Dominion Wire Manufacturing Company (1883) and the Canada Bolt and Nut Company.Charles S. Wilcox, president of the Hamilton Steel and Iron Company at the time of the consolidation, was appointed the first president of Stelco. He held the position until 1916, continuing on with the company as chairman of the board until his death in 1938.
Several union drives at the plant were unsuccessful, until the founding strike of Local 1005 of the United Steelworkers of America in 1946.
In 2004, Stelco had financial difficulties and went under court-ordered protection from its creditors, including the Deutsche Bank. Stelco exited Companies' Creditors Arrangements Act (CCAA) protection on March 31, 2006. It has divested itself of several non-core operations, including Stelwire, Norambar (formerly Stelco McMaster Works) and Welland Pipe. The CCAA exit has seen the remaining operations restructured into 9 separate operating businesses, held by the corporate entity of Stelco.
On August 27, 2007, U.S. Steel purchased Stelco for $1.9 billion – $1.1 billion in cash, and assuming $800 million in debt. The company was renamed Hamilton Works – US Steel Canada. The deal closed on October 31, 2007. The company was renamed U.S. Steel Canada Inc. and its shares were delisted from the .
In an effort to streamline operations, U.S. Steel announced on March 3, 2009 that it would be temporarily shutting down its Hamilton plant and most of its Lake Erie plant putting more than 2,000 people out of work. This announcement came four months after U.S. Steel laid off 700 employees at the Hamilton plant when it shut down its blast furnace.
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Wikipedia