Moly Cop Steel, an affiliate of Scaw International, completed the purchase of AltaSteel Ltd. AltaSteel is a steel mill operation that was a part of Canadian-based Stelco. It operates the only steel mill in Alberta. The mini-mill has a production capacity of around 360,000 tons per year.
Moly Cop Steel Inc., is an affiliate of Scaw International, a South African-based steel company. Scaw is a wholly owned part of Anglo-American, a large global mining and industrial company. The plan to acquire AltaSteel was made Dec. 1, 2005. Scaw intends to continue operating AltaSteel in its current lines of business and in its current location near Edmonton, Alberta. Courtney Pratt, Stelco president and CEO, said, "This is positive news for everyone concerned. It provides AltaSteel with ownership that views it as a strategic asset. It provides employees and retirees with increased certainty. And it enables Stelco to focus on its integrated steel business going forward." 