Slater Steel Inc. entered into a letter of intent with Delaware Street Capital for the sale of substantially all of the assets of Hamilton Specialty Bar.
Completion of the acquisition is subject to Slater and Delaware entering into a definitive agreement, court approval and certain other conditions.
Slater expects the transaction to close this month.
Last June Slater and its subsidiaries sought creditor protection under Canadian and U.S. legislation. To date, Slater has completed the sale of, or entered into definitive agreements to sell, the following divisions: Lemont, Fort Wayne Specialty Alloys and Sorel Forge.
Slater is a mini mill producer of specialty steel products.
Delaware Street Capital said its new offer to acquire Slater Steel’s Specialty Bar mill includes a total cash consideration of C$16.95 million, as well as an additional commitment estimated at C$24 million for employee pensions and extended health benefits for retirees.
Latest from Recycling Today
- Malaysian customs office seizes scrap containers
- Lindner establishes Brazil subsidiary
- Tire recycling veteran predicts growth in pyrolysis
- ShearCore adds FC95 to concrete processor line
- The Scrap Show: Kamlesh Jain of Jain Metal Group
- Amcor expanding PCR capabilities in Kentucky
- CAA submits amended plan in Colorado
- Tetra Pak finances installation of AI-powered optical sorting technology