Steelworkers Hoping New Owner Comes Forward for Hamilton Specialty Bar

HAMILTON, ON, March 1, 2018 /CNW/ - United Steelworkers (USW) representatives say they are doing everything they can to help find a new owner for the Hamilton Specialty Bar (HSB) mill that is in receivership and facing imminent closure.

"We have been informed that a motion to liquidate the company will be heard in court on March 14, as no formal bids have been received to take over operation of the plant," said USW Ontario Director Marty Warren.

"We are working with our legal and financial advisors to do everything we can to help convince a potential buyer to come forward with a viable offer for the mill. We hope that, in the next 10 days, there will be a proposal for a going-concern bid for the plant," Warren said.

"We know there are parties that still have interest in the mill and we know this plant can be successful, if given the chance," said Mickey Mercanti, President of Steelworkers Local 4752, representing HSB employees.

While the receiver in Hamilton Specialty Bar's court-supervised bankruptcy protection case has accepted a liquidation bid, the liquidation plan can be terminated if a viable bid to purchase the plant is received in coming days.

"It's not over and we're not giving up. We're doing everything we can to find a new owner," Mercanti said.

The HSB plant is an electric-arc mill that melts its own steel and manufactures products such as ingots and round bars, mostly for the automotive industry.

SOURCE United Steelworkers (USW)