Stelco
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Stelco Holdings Inc. (known as U.S. Steel Canada from 2007 to 2016) is a Canadian steel company based in Hamilton, Ontario. Stelco was founded in 1910 by the amalgamation of several smaller firms. It continued on for almost 100 years until it filed for bankruptcy in 2007 and was bought by U.S. Steel. In 2016, the company was sold to Bedrock Industries of the United States, which took the company public via a second IPO.<ref name="ipo">Template:Cite news</ref> The company made its debut on the Toronto Stock Exchange on November 3, 2017.<ref name="stock">Template:Cite news</ref> In 2024, American steel manufacturer Cleveland-Cliffs acquired Stelco for approximately US$2.5 billion.
The Hamilton plant has not produced steel since 2011, but its coke ovens and cold rolling finishing works remain in operation. The company employs about 750 people in the Hamilton plant and 1,400 in Nanticoke, Ontario<ref name="cbc.ca">CBC News "'Making Stelco great again': A Hamilton steel company changes its name back", by Kelly Bennett, 2 December 2016</ref> at its greenfield facility Stelco Lake Erie Works.
HistoryEdit
The Steel Company of Canada was established in 1910. It was founded after the merging of the Hamilton Steel and Iron Company (1900) with the Canada Screw Company (1866), Montreal Rolling Mills (1868), the Dominion Wire Manufacturing Company (1883) and the Canada Bolt and Nut Company.<ref name="Sawyer">Template:Cite encyclopedia </ref><ref name="Watson">Template:Cite journal</ref><ref name="StelcoTimeline">Template:Cite news</ref> Charles S. Wilcox, president of the Hamilton Steel and Iron Company at the time of the consolidation, was appointed the first president of Stelco. He held the position until 1916, continuing on with the company as chairman of the board until his death in 1938.<ref name="Namesake">Template:Cite news</ref>
Several union drives at the plant were unsuccessful until the founding strike of Local 1005 of the United Steelworkers of America in 1946.
In 2004, Stelco had financial difficulties and went under court-ordered protection from its creditors, including the Deutsche Bank. Stelco exited Companies' Creditors Arrangement Act (CCAA) bankruptcy protection on March 31, 2006.<ref name="TakeoverPath">Template:Cite news</ref> Several non-core operations were divested, including Stelwire, Norambar (formerly Stelco McMaster Works) and Welland Pipe. The CCAA exit has seen the remaining operations restructured into nine separate operating businesses held by the corporate entity of Stelco.
On August 27, 2007, U.S. Steel purchased Stelco for $1.9 billion – $1.1 billion in cash and assuming $800 million in debt.Template:Citation needed The company was renamed Hamilton Works – US Steel Canada. The deal closed on October 31, 2007. The company was renamed U.S. Steel Canada Inc., and its shares were delisted from the Toronto Stock Exchange.
In an effort to streamline operations, U.S. Steel announced on March 3, 2009, that it would be temporarily shutting down its Hamilton plant and most of its Lake Erie plant, putting more than 2,000 people out of work. This announcement came four months after U.S. Steel laid off 700 employees at the Hamilton plant when it shut down its blast furnace.<ref name=SHUTDOWN>Template:Cite news</ref>
Market conditions and declining customer orders prompted U.S. Steel to shut down the Hamilton Works on October 1, 2010.<ref name=SHUTDOWNAGAIN>Template:Cite news</ref> 100 jobs were restored when the German Max Aicher steel company bought two steel mills from US Steel and opened them as "Max Aicher North America."<ref name="thespecgermanybuyer">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> More jobs are expected to be created when the mills are in full production.<ref name="thespecgermanybuyer"/> The Hamilton steel-making and iron-making operations were permanently closed on December 31, 2013.<ref name="Closing Announcement"> Template:Cite news </ref>
On September 16, 2014, U.S. Steel Canada announced that it would apply for court protection from its creditors.<ref name="2014bankrupt">Template:Cite news</ref> US Steel then stated that it intended to sell all of its remaining operations in Hamilton in the next two months.<ref>Template:Cite news</ref>
U.S. Steel Canada was severed from U.S. Steel Corporation in 2015 after it entered CCAA protection in 2014.<ref>CBC News, "Restructuring officer backs proposed U.S. Steel Canada deal," by Kelly Bennett, November 2, 2016 </ref> In November 2016, a deal was struck to sell U.S. Steel Canada to Bedrock Industries.
On December 2, 2016, the company took the "Stelco" name again.<ref name="cbc.ca"/> In 2017, an initial public offering raised Template:CAD for the company.<ref>Template:Cite news</ref>
Portions of the Stelco's archives are held at Library and Archives Canada,<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Brock University,<ref>RG 75-45, Ontario Editorial Bureau fonds, Stelco records, 1951–1989, Brock University Archives, Brock University.</ref><ref>Template:Cite journal</ref> and the Canadian Centre for Architecture.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> In January 2021 Stelco added pig iron production capability to its Lake Erie blast furnace.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
Stelco purchased a 40% stake in the Hamilton Tiger-Cats professional football team in January 2022.<ref name="milton-spectator">Template:Cite news</ref>
In July 2024, it was publicly announced that Cleveland-Cliffs, an American steel manufacturer, was acquiring Stelco for approximately US$2.5 billion.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The purchase was completed four months later.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
Environmental impactEdit
Steelmaking in Canada has long been associated with pollution. For example, in 1989, Stelco and Dofasco were listed among the "dirty dozen" polluters in Ontario:
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Since Stelco ceased steelmaking in 2011, it received less media attention regarding pollution.
OperationsEdit
The company operates the main Hilton Works in Hamilton, named after the late company president Hugh Hilton, and the Lake Erie Works in Nanticoke on Lake Erie. Until the 2006 restructuring, Stelco's operations also included Stelco McMaster Works in Contrecœur, Quebec and Stelwire (both acquired by ArcelorMittal in 2006 and now operates as ArcelorMittal Long Products Canada – Hamilton-East Complex and Mittal Canada Contrecoeur-Ouest Inc.). The Nanticoke plant was notable because it is of a relatively newer design, and uses far less water.
Stelco Tower, now known as 100 King Street West and associated with Lloyd D. Jackson Square, is an office building in downtown Hamilton where the company's headquarters had been located since the 1970s, but has been completely vacated by Stelco.Template:Citation needed Stelco's current head office is co-located with their Hamilton Works location at 386 Wilcox Street in Hamilton.
GovernanceEdit
Presidents of the company are:
- Charles Seward Wilcox, 1910–1916
- Robert Hobson, 1916–1926
- Ross H. McMaster, 1926–1945
- Hugh G. Hilton, 1945–1957
- Vincent William Thomas Scully, 1957–1967
- Harold Melvin Griffith, 1967–1971
- J. Peter Gordon, 1971–1976
- John D. Allan, 1976–1987
- Robert Edmond Heneault, 1987–1991 (Stelco Enterprises)
- Frederick Harold Telmer, 1987–1991 (Stelco Steel)
- Robert J. Milbourne, 1991–2003
- James C. Alfano, 1996–2003
- Frederick Harold Telmer, 2003 (interim)
- Courtney Pratt, 2004–2006
- Rodney B. Mott, 2006–2007
- Douglas R. Matthews, 2007–2009
- David J. Rintoul, 2009–2010
- Anton Jura, 2010–2014
- Michael A. McQuade, 2014–2018
- Alan Kestenbaum, 2019–2024