The Hamilton-based steel producer paid about $39 million in tariffs in the third quarter.
Volumes shipped by the Hamilton steelmaker surged more than 42% to 586 million tons.
Revenue up 7% , but short of analyst expectations of $510 million.
Plans to use the money for capital investments, pension payments, and to increase its offerings in specialized steel products.
Bedrock Industries is expected to hold a roughly 86.5% interest in the company following the offering.
New contracts maintain wages, benefits, pensions and other terms for 540 USW members.
Proposal would preserve 2,100 jobs at the company’s facilities in Hamilton and Lake Erie.
Sale will release US Steel from all claims relating to environmental, pension and other liabilities.
…But the former Stelco is not keen on the group’s offer.
Steelworkers union and the City of Hamilton have filed a joint motion in Superior Court.
Concerned about conditions attached to $185 million in temporary funding.
Former Stelco cites $2.4B of operating losses since 2009.
US Steel posts Q2 $79 million loss, blames labour dispute and a slow economy.
The Supreme Court of Canada has cleared the way for a Federal Court hearing on claims by Ottawa that US Steel failed to live up to jobs and production promises it made in 2007 when it bought steelmaker Stelco.