U. S. Steel Announces Sale Of U.S. Steel Canada Inc. To Bedrock - Quick Facts

(RTTNews) - United States Steel Corp. (X) announced it has agreed to proposed terms with Bedrock Industries Group LLC regarding the sale and transition of ownership of U. S. Steel Canada, Inc. to Bedrock. U. S. Steel will continue to provide certain shared services to U. S. Steel Canada and will enter into an agreement to supply U. S. Steel Canada with all of its requirements for iron ore pellets through 2021.

On Sept. 16, 2014, U.S. Steel Canada applied for relief from its creditors pursuant to Canada's Companies' Creditors Arrangement Act. As part of the CCAA proceedings, U. S. Steel submitted secured and unsecured claims of approximately C$2.2 billion. The company said, should the transaction be approved by the Ontario Superior Court of Justice and ultimately close, U. S. Steel will receive approximately $126 million in satisfaction of its secured claims, including interest, and unsecured claims.