Stelco Inc. won an extension on bankruptcy protection from a Canadian judge to allow the company to find a buyer, with at least five bidders preparing offers. The original expiration date for the steelmaker was Feb. 11.
Stelco, based in Hamilton, Ontario, filed for protection 13 months ago because of losses from high labor, energy and pension costs. The increase in steel prices last year, fueled by higher demand from China, helped it return to profit for the two quarters ended Sept. 30.