Bid to save Hamilton Specialty Bar faces March 26 deadline
March 15, 2018
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The United Steelworkers (USW) is working with a prospective buyer for Hamilton Specialty Bar (HSB) to save the Hamilton steel plant from possible liquidation.
A Superior Court judge today approved a liquidation bid for HSB, which is in receivership. However, the judge also informed stakeholders that he will entertain a “going-concern bid” to purchase the plant if such a proposal is presented to the court by March 26.
“This isn’t over,” said Tony DePaulo, Assistant to the Ontario Director of the USW, which represents more than 200 HSB employees. “If a viable bid is presented to the court by March 26 and approved, Hamilton Specialty Bar will be spared liquidation and will continue to operate.
“We know that HSB has the facilities, the products and the skilled workforce needed to be a productive and successful business,” he continued. “And we know that KAL Advisory Partners LLC – the prospective purchaser for HSB – is working hard to secure the commitments it needs to finalize its bid by March 26.”
DePaulo added that they are continuing to work with their legal and financial advisors “to do everything we can to support our members and find a way to keep HSB operating.”
The HSB facility is an electric-arc mill that melts its own steel and manufactures products such as ingots and round bars, mostly for the automotive industry.