U. S. Steel acquires Stelco

Date Closed

October 31, 2007

Lead Office

Toronto

Value

1.20 Billion USD

In October 2007, a wholly owned Canadian subsidiary of United States Steel Corporation completed its acquisition of Stelco Inc. pursuant to a court approved plan of arrangement for a purchase price of approximately $1.2 billion. The acquisition also involved the repayment of approximately $750 million of existing Stelco Inc. debt. The new entity, named U. S. Steel Canada Inc., will expand U.S Steel’s North American flat-rolled operations to better respond to customer needs.

McCarthy Tétrault advised Stelco Inc. with a team led by G. Cowper-Smith, and included David Tennant, Henry Wiercinski, Daryl McLean, Andrew Parker, Orysia Semotiuk and Victoria Everett (business law), Oliver Borgers, Glen MacArthur and Michele Siu (regulatory), Michael Barrack, Jessica Amey and Kenneth Morris (litigation), Jamey Gage (bankruptcy & restructuring) and James Morand (tax).

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