Interesting. The province is keeping the liability.
Bedrock has every chance to make this work, the pensioners are being looked after with more funds right away, and there may be potential for additional uses on the land they're purchasing. Despite the city's disappointment in how things have happened with the land deal, there are wins here.
Stelco land purchase carries environmental liability protection
Mark McNeil
The Hamilton Spectator -- June 5, 2018
Stelco Inc. says nearly 3,000 acres of industrial property in Hamilton and Nanticoke that it is buying from a province-created land trust carries with it a provincial promise of protection from environmental liability.
In a media release yesterday, the Hamilton-based steelmaker said, "Stelco continues to receive the benefit of the environmental release in respect of the Lands that was granted by the Ministry of the Environment and Climate Change (MOECC) on closing of the (Companies' Creditors Arrangement Act) reorganization."
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Another big issue with the land purchase is that tens of millions of dollars will flow to Stelco retiree benefits.
Originally, that was supposed to happen with a property sale after the lands were remediated, something that was expected to take many years. Now, without remediation, Stelco has taken ownership of the property and passed on a sudden unexpected influx of cash for pensioners.
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Kestenbaum also seemed to suggest that the company is interested in some of its new property being used for things other than steelmaking.
"Additionally, we look forward to engaging with various other parties including the City of Hamilton on further development opportunities of the land and port area," he said.
Full story here