Stelco Holdings Inc. closes C$183.75M bought deal secondary offering

On March 10, 2021, Stelco Holdings Inc. (Stelco) completed its bought deal secondary offering of 7,000,000 common shares of Stelco by Bedrock Industries Coöperatief U.A. (Bedrock) at a price of C$26.25 per common share for aggregate gross proceeds of C$183.75 million.
The offering was completed by way of a prospectus supplement dated March 5, 2021, to the final base shelf prospectus of Stelco Holdings Inc. dated February 11, 2021.
The offering was led by BMO Capital Markets. All net proceeds of the bought deal secondary offering, after deducting the underwriting commission, were paid to Bedrock.
Stelco is a steel company based in Hamilton, Ontario, and is a significant economic player 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.
Bedrock based in Amsterdam, Netherlands, is a private equity firm focused on owning and operating metals, mining and natural resources assets and companies.
McCarthy Tétrault LLP advised Stelco with a team led by Andrew Parker that included Victoria Zed and Scott Bergen.