BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR COOKIE NOTICE
X


USW says last-minute buyer emerges for Hamilton Specialty Bar

Louisville, Kentucky (Platts)--13 Mar 2018 430 pm EDT/2030 GMT


The United Steelworkers union will ask a Canadian judge on Wednesday to delay liquidation proceedings for Hamilton Specialty Bar following the 11th-hour emergence of a potential buyer that would operate the plant in Hamilton, Ontario, as a going concern, a union official said Tuesday.

"We're working closely with a potential buyer," Tony DePaulo, assistant to USW District 6 director Marty Warren, told S&P Global Platts in an interview. "These guys came in at the last minute."

DePaulo would not identify the would-be purchaser except to insist: "They're the real deal. They're talking to customers and doing everything they have to. If this goes through, we're going to have a going concern."

At the request of HSB's court-appointed receiver, Ernst&Young, Justice J. Hainey of the Ontario Superior Court in Toronto agreed to launch liquidation proceedings for the company on March 14. HSB was placed in involuntary receivership January 8 by Wells Fargo Finance Corp. Canada after it defaulted on more than C$27.5 million in loans to Wells Fargo.

Article continues below...


Request a free trial of: Steel Markets Daily

Platts Steel Markets Daily is a leading source for steel raw materials news and prices. It is the only publication that provides global metallurgical coal spot prices on a daily basis, two iron ore benchmark assessments in one report (Platts IODEX and TSI 62% iron ore) and information on steel scrap and ferro-alloys. Use the request a free trial link to receive of it for a short period of time.

Request a trialMore Information


DePaulo said the USW will ask Hainey to delay any liquidation proceedings "for another week or two" to give the union and the potential buyer more time to finalize a deal.

More than 200 union members worked in the plant until recently when operations wound down.

HSB is an electric-arc mill that melts steel and makes products such as ingot and round bars, mainly for the automotive industry.

--Bob Matyi, newsdesk@spglobal.com

--Edited by Kevin Saville, kevin.saville@spglobal.com




Copyright © 2018 S&P Global Platts, a division of S&P Global. All rights reserved.