Stelco files for IPO to fund steelmaker’s production capabilities
Proceeds also to fund early payment to certain pension and other post-employment benefits trusts.
HAMILTON — Stelco Holdings Inc. says it has filed a preliminary prospectus for an initial public offering of common shares.
The Hamilton-based steel company says it intends to use the net proceeds of the IPO to develop new products and enhance the company’s production capabilities.
It will also use proceeds to fund early payment to certain pension and other post-employment benefits trusts, as well as for general corporate purposes including additional capital investments.
Stelco says it has not determined the number of shares to be sold and the price per share.
Stelco was founded in 1910 – an amalgamation of several smaller firms. It filed for bankruptcy in 2007 and was bought by US Steel. In 2016, the company was sold to Bedrock Industries in the US.