Stelco Holdings has completed the repurchase of about 11.4 million common shares from an affiliate of US private equity Lindsay Goldberg for C$34.93 per share. The deal generated gross proceeds to Lindsay Goldberg of about C$398 million. Stelco, a Hamilton, Ontario-based steel manufacturer, went public on the Toronto Stock Exchange in 2017.
HAMILTON, ON, Aug. 13, 2021 /CNW/ – Stelco Holdings Inc. (“Stelco” or the “Company”) (TSX: STLC) announced today that the previously announced repurchase of 11,398,024 common shares in the capital of the Company (the “Purchased Shares”) from LG Bedrock Holdings LP at a price of $34.93 per Purchased Share for gross proceeds to LG Bedrock Holdings LP of approximately $398 million has closed and the Purchased Shares have been cancelled.
Stelco is a low cost, integrated and independent steelmaker with one of the newest and most technologically advanced integrated steelmaking facilities in North America. Stelco produces flat-rolled value-added steels, including premium-quality coated, cold-rolled and hot-rolled steel products. With first-rate gauge, crown, and shape control, as well as reliable uniformity of mechanical properties, our steel products are supplied to customers in the construction, automotive and energy industries across Canada and the United States as well as to a variety of steel services centres, which are regional distributors of steel products.