Stelco announces final results of its substantial issuer bid

On January 28, 2022, Stelco Holdings Inc. ("Stelco") announced the final results of its "modified Dutch auction" substantial issuer bid. Stelco took up and paid for 4,441,023 common shares at a price of $37.00 per common share. The shares purchased under the offer represented an aggregate purchase price of approximately C$164,317,851 and 5.7% of the total number of Stelco's issued and outstanding shares before giving effect to the offer.

Stelco is a steel company based in Hamilton, Ontario, and is a significant economic player in the Canadian steel industry. Stelco's steel products are supplied to customers in the construction, automotive and energy industries across Canada and the United States as well as to steel service centres.

McCarthy Tétrault advised Stelco with a team led by Andrew Parker that included Suzie Cusson, Lama Kahiel, Angela Lizotte (Business), Gabrielle M. Richards, Stefanie Morand, and Dean Xiao (Tax).