In June, it revealed it was putting itself on the block. Now U.S. Steel has agreed to buy it for $38.50 Canadian a share, or a total of about $1.1 billion US.
On the Toronto Stock Exchange, Stelco's share price opened Monday at $37.75 — up $10.82 or 40.2 per cent — after the overnight announcement.
If it goes through as planned, the deal will add Stelco's name to those of Dofasco, Algoma, Ipsco, Co-Steel, Harris and other Canadian steel companies that have gone to foreign control.
...
It hailed Stelco's Lake Erie Works at Nanticoke, Ont., as "the most modern integrated steel plant in North America," and said slabs produced there and at Stelco's Hamilton works will increase its semi-finished steel supply capabilities.
http://www.cbc.ca/money/story/2007/08/27/stelco-takeover.html
[Think of all the things steel is used for! Steel is one of the most important industries a country can have, & now ours is gone. -- NSay]
[Proofreader's note: this article was edited for spelling and typos on August 29, 2007]
Stumble It!