Stelco buys remaining 37 acres next to Hamilton Works
Plans to capitalize on the demand for industrial lands in the Greater Toronto and Hamilton Area.
HAMILTON — Stelco Inc. has completed the acquisition of the remaining 37 acres of land located adjacent to the steelmaker’s Hamilton Works for $20 million.
The land includes buildings covering 500,000 square feet of industrial space and 100,000 square feet of office space.
Hamilton Works is currently comprised of approximately 760 acres of property purchased by Stelco in June 2018. The remaining lands were purchased from Legacy Lands Limited Partnership and completes the return to Stelco of control over all of the land previously held by the partnership prior to previous owner US Steel Canada entering into Companies’ Creditors Arrangement Act (CCAA) proceedings in 2014.
Bedrock Industries, a privately held metals, mining and natural resources company, took control of the Canadian operations, including both its Hamilton and Nanticoke operations, in 2017. The steelmaker is operated under Stelco Holdings Inc.
“Since our initial acquisition of lands in both Hamilton and Nanticoke almost one year ago, we have worked diligently to unlock their value and generate significant value for our shareholders,” said Alan Kestenbaum, executive chairman of Stelco Holdings “We have put in place a team to specifically pursue these opportunities and capitalize on the very strong demand that exists for industrial lands in the Greater Toronto and Hamilton Area. ”
Stelco produces flat-rolled value-added steels, including premium-quality coated, cold-rolled and hot-rolled steel products.