Stelco announced that they were considering divesting their wholly owned subsidiary AltaSteel after soliciting interest in the possible sale. They have received several letters of intent and are now considering their options.
The divestiture would include the company’s art mini-mill near Edmonton, Alberta, Canada, as well as their 50 percent share in MOLY-COP Canada and GenAlta Recycling Inc.
The other half of GenAlta is owned by IPSCO Ltd. The scrap facility is located in Alberta, Canada, and processes and shreds ferrous scrap that is supplied to both Stelco and IPSCO. The facility was opened in 2000.
AltaSteel Ltd. had net sales of $133 million in 2002 on shipments of 252,000 tons, and is a highly profitable, competitive supplier of high-quality carbon steel bars for mining, oil and gas, agricultural, automotive, machinery, forging, and construction customers throughout North America.
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