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  #301  
Old Posted Jun 6, 2017, 4:34 AM
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I would guess this presupposes that the coke battery and blast furnace complexes do not get sold for those uses? (I think it unlikely, but you never know)

It's really staggering how large that area is.
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  #302  
Old Posted Jun 6, 2017, 11:57 PM
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Stelco/U.S Steel has only maintained a VERY small section of the property, most of what is down there hasn't been used in 10+ years, it would probably cost less to rebuild it than try and refurbish it.
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  #303  
Old Posted Jun 7, 2017, 1:16 AM
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http://www.thespec.com/news-story/73...greement-vote/

Quote:
Stelco: 1005 says yes in historic collective agreement vote


United Steelworkers Local 1005 has a new collective agreement with Stelco's owner-in-waiting Bedrock Industries, clearing the last major obstacle in a mega-restructuring deal to lift the steelmaker out of creditor protection.

With workers voting nearly 64% in favour of the new contract tonight, Stelco representatives will now present the takeover plan to Justice Herman Wilton-Siegel at a "Sanction Hearing" Friday at which the judge is expected to approve the plan.

The contract vote Tuesday follows ratification votes for Lake Erie Works Locals 8782 (a) and 8782 (b) last Friday and acceptance of the restructuring plan by all stakeholders in the court-supervised process under Companies' Creditors Arrangement Act (CCAA).

After the court "sanctions" the deal, people contesting or having claims will have 21 days to apply to the court. If no substantial issue arises, Bedrock will become the new owner of Stelco operations in Hamilton and Nanticoke on June 30.

The bargaining committee did not make a recommendation to the 500 person bargaining unit about whether or not to accept the offer and union officials declined to comment on the results Tuesday night.

McMaster University business professor Marvin Ryder said,"It's not utopia for the union members. But it was the best deal on the table."

He noted the workers in Hamilton will receive cost of living increases, and "there is a way forward" when it comes to gathering funds to pay for pensions and benefits for pensioners.

Hamilton Mayor Fred Eisenberger says he supports the Bedrock takeover but feels the city was unduly left out of the negotiations.

"We want Bedrock to begin operating," he said. "We are not going to try to thwart the proceedings in any way shape or form we want the (restructuring) to close."

One of the key features of the deal is the creation of a land trust, called Landco, for the steelmaker's 818-acre harbourfront property with environmental liability being backstopped by the province. Stelco would then lease a third of the property for its operations leaving the rest to be remediated for future development.

Bedrock will put $80 million towards the remediation.

Details about who would sit on the board that oversees Landco still has to be worked out but a source within the province's finance ministry says they are looking for people with financial expertise rather than people to represent various interests.

Eisenberger wrote a letter to Premier Kathleen Wynne last month about fears the land would be sold in a "fire sale" fashion, undermining its future potential. Under the original terms of the deal, the vacated land would be fixed up and sold or leased within five years.

The province has since lifted the time constraint.

However, the city is still looking for assurances that it will be involved in the future development of the lands.

"We want to step up the dialogue with the province and ultimately the federal government about next steps to make this best possible outcome for all concerned," said Eisenberger.

The provincial source said leaving the city out of the negotiations up till now was seen as the best way to get a deal. Once that is formalized by the court, there will be all kinds of opportunity for discussion about future use of the lands.
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  #304  
Old Posted Jun 7, 2017, 6:53 PM
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  #305  
Old Posted Jun 8, 2017, 3:28 AM
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If the coke battery goes, that alone will vastly improve the view of the city from the Skyway, never mind any improvements to the land itself.

I could see parts of the blast furnace building being kept in some way, if possible, and the conceptual plan seems to show that. Though I have no idea what innards can be removed without having to take down most of the structure with them. It looks like it would offer lots of space, in floor area and on the vertical.

What's currently there, from this January 2015 Spec story -- For sale: Prime (contaminated) waterfront land



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  #306  
Old Posted Jun 10, 2017, 5:49 PM
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  #307  
Old Posted Nov 15, 2017, 3:21 PM
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Time for some concepts! How much density does one need to spread say $1B of remediation into built space to make it feasible to build economically.
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  #308  
Old Posted Jan 10, 2018, 4:52 PM
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Stelco opts to shore up steelmaking infrastructure in Hamilton
Decision to stabilize furnaces leads to speculation could fire up production

https://www.thespec.com/news-story/8...e-in-hamilton/

Is Stelco's new owner laying the groundwork for a return to steelmaking at the former Hilton Works?

Six years after U.S. Steel Canada shut down the blast furnace on the bay, and only six months after emerging from bankruptcy protection, the plant is abuzz in anticipation of a steel manufacturing renaissance and the return of hundreds of new jobs.

A new report — from the authority that has been keeping track of developments relating to Stelco's court-supervised creditor protection — says Stelco has decided to stabilize rather than demolish some key components of its steelmaking infrastructure: three basic oxygen furnaces (BOF) that were idled along with the blast furnace.
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  #309  
Old Posted May 4, 2018, 2:12 PM
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Stelco has strong first quarter in quest to rebuild the company
https://www.thespec.com/news-story/8...d-the-company/

Stelco's owners say the company's revenue increased by 25 per cent in the first three months of the year compared to the first quarter of 2017 and it would have been higher if there wasn't a trucking shortage.

The trucking industry has been struggling to find new drivers to replace the 10,000 drivers who retire every year in Canada and it's been having a major impact on companies that use trucks to distribute products.

Stelco CEO Alan Kestenbaum said in a conference call Thursday, "we could have shipped more with optimal shipping capability" ... but "nevertheless we grew shipping volumes to an annual run rate of 2.5 million net tonnes from 2017 shipments of 2 million tonnes."


Faced with the transportation problem that is expected to continue for the foreseeable future, he said, Stelco has diversified its shipping options by increasing rail capacity and using ship barges from its Lake Erie docks.

"That means the new Stelco can now ship by truck, rail, barge and ship to destinations around the globe," he said.

The company's revenue jumped to $482 million from $386 million over the same period last year, as volumes increased by 23 per cent and average selling prices were up by two per cent.

Net income was listed at $49 million compared to $8 million last year.
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  #310  
Old Posted May 4, 2018, 6:21 PM
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Interesting to read the details. Looks like there will be more ships and trains going into Stelco. This is good news as there is plenty of unused infrastructure in the North end for both of those things. It would also mean spinoff jobs at National Steel Car and marine related industries in Hamilton, plus relief of truck traffic through the city and on the highways.
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  #311  
Old Posted May 5, 2018, 2:51 AM
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This is great. Stelco survives. I look forward to seeing all the stacks all pumping max capacity. Happy 108.
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  #312  
Old Posted May 5, 2018, 2:53 AM
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I have a Hamilton SimCity and it goes through the same things in the east end of the wind. Right now. I put in some art galleries and commercial dots and the neighborhood picks up. Fred should play.
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  #313  
Old Posted May 9, 2018, 6:21 PM
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Yesterday the smoke coming from their stack was black, leaving a black streak across the east end of the city. Maybe they can invest some of that 48 mil into fixing their pollution problem.
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  #314  
Old Posted May 10, 2018, 11:27 PM
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I think it is great to see the stacks pumping production again. This little bit of smoke is nothing to what it looked like in the 70s 80s, the snow fell black. No other city like the Hammer. I remember driving into Hamilton from 6 south and there was a yellow dome over the city.
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  #315  
Old Posted Jun 4, 2018, 4:05 PM
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Stelco to buy surplus Hamilton waterfront land, mayor says city not consulted

http://www.cbc.ca/news/canada/hamilt...ario-1.4689963
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  #316  
Old Posted Jun 4, 2018, 6:32 PM
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Wow, I'm calling bullshit on this one, the lands were mysteriously valued really low and then Stelco gets to buy them

convenient.
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  #317  
Old Posted Jun 5, 2018, 1:23 AM
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I wonder if they're accepting the environmental liability along with it. I could see the province making this kind of deal if it takes that risk off their shoulders (which unfortunately puts any kind of future cleanup back into limbo, depending on what happens next with industrial land uses).

Shadows of backroom dealing aside, I imagine Bedrock will flip a substantial portion of the Hamilton land to fund investment in steel-making. If a deal for that hasn't already been cooked up, the city could still have opportunity to purchase some, or the port authority, or a private developer looking to re-purpose it for other industrial/commercial activities.

On the plus side, there must be prospect of a return to higher property tax revenue to the city as the assessment goes back up. I believe I read that in one of the Spec stories.

NOTE TO MODS: these last few posts should probably be moved to the Welcome Back, Stelco thread... this one has been primarily about the west harbour lands.
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  #318  
Old Posted Jun 5, 2018, 3:09 PM
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I think in one of the Spec articles they were taking back environmental responsibility from the province. I agree that's probably the province's motivation.

Quote:
Originally Posted by ScreamingViking View Post
I wonder if they're accepting the environmental liability along with it. I could see the province making this kind of deal if it takes that risk off their shoulders (which unfortunately puts any kind of future cleanup back into limbo, depending on what happens next with industrial land uses).

Shadows of backroom dealing aside, I imagine Bedrock will flip a substantial portion of the Hamilton land to fund investment in steel-making. If a deal for that hasn't already been cooked up, the city could still have opportunity to purchase some, or the port authority, or a private developer looking to re-purpose it for other industrial/commercial activities.

On the plus side, there must be prospect of a return to higher property tax revenue to the city as the assessment goes back up. I believe I read that in one of the Spec stories.

NOTE TO MODS: these last few posts should probably be moved to the Welcome Back, Stelco thread... this one has been primarily about the west harbour lands.
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  #319  
Old Posted Jun 6, 2018, 2:13 AM
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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."

...

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.

...

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
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