A junior Canadian steel company is pushing a bid to bring former Hamilton, Ont. steelmaker Stelco back to life and put the company now owned by United States Steel Corp. back into Canadian hands.
Lakeside Steel Inc. (TSXV:LS), led by Hamilton-born and raised Vic Alboini, said today it has filed for intervenor status in Federal Court hearings into alleged breaches by U.S. Steel (NYSE: X) of job and production commitments it made two years ago in getting government approval for its $1.2-billion takeover of Stelco.
Pittsburgh-based U.S. Steel has said the global recession left it with no choice but to shut down most of its Canadian operations this spring, according to documents filed in court.
The shutdown put about 1,500 former Stelco employees out of work and has devastated the steel-industry reliant industrial community of Hamilton, about 65 kilometres southwest of Toronto.
http://www.thestar.com/business/article/676533Something seems to be percolating.
Nortel. Balsillie.
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