The Stel Salaried Pensioners Organization wishes to thank The Hamilton Spectator for permission to post the following article published in the October 31, 2007 edition
U.S. Steel completes acquisition of Hamilton
steelmaker Stelco
PITTSBURGH - U.S. Steel Corp. (NYSE:X) has
completed its acquisition of Stelco Inc. (TSX:STE), turning Canada's largest
steelmaker into U.S. Steel Canada Inc.
Hamilton-based Stelco was snapped up by the
Pittsburgh-based company in a US$1.1-billion deal announced in August.
The takeover was formally approved by Stelco
shareholders last week and received its remaining required approvals Monday.
"This acquisition expands the footprint
of our North American flat-rolled operations, with facilities on both sides of
the Great Lakes to better respond to customer needs, including the ability to
process U.S. Steel Canada slabs at other U.S. Steel facilities," U.S.
Steel CEO John Surma said Wednesday.
"We welcome the customers, employees
and communities of Stelco to the U.S. Steel family."
U.S. Steel Canada will be led by president
and general manager Douglas Matthews, while William Harrison has been named
vice-president and chief financial officer. Scott Buckiso will manage the Lake
Erie Works plant and Bryan Vaughn has been named plant manager at Hamilton
Works.
Matthews was previously with U.S. Steel
Serbia, an integrated steelmaking operation with annual raw steel production capability
of 2.4 million net tons.
Harrison has spent the last four years
serving as controller at Great Lakes Works near Detroit.