Noront Resources

-Deadline to bid for US Steel, Hamilton .... is May13

-In the case of Essar Algoma:.... deadline is May 15, 2016, deadline for final offers under SISP, with no extensions beyond June 1st, And ...August 31 , 2016 is the closing of any transactions or implementation of any plan

"Also important for investors are signs the federal government is ready to move on allegations the Canadian steel industry is being harmed by unfair foreign trade.

A federal infrastructure program that will require HUGE amounts of steel is also being developed. "

http://www.thespec.com/news-story/6543303-u-s-steel-canada-bidders-get-another-week-to-kick-the-tires/

Bidders for U.S. Steel Canada have been given another week to kick the tires before making final offers.

Friday was the initial deadline for bidders to submit binding offers for the former Stelco, but the date has been extended to May 13.

Under the court-approved sales process, buyers were invited to submit offers for all or parts of the company. USSC and its advisers chose a short listfor a second phase in which the bidders have been given access to confidential financial and other information to finalize binding offers.

A final bidder, or bidders, will be selected and recommended for court approval.

One source familiar with the process, but not authorized to speak publicly, said the rumour talks of four offers — two for all of it and two for pieces of its.

The United Steel Workers and others are anxious for a buyer willing to operate the company as a going concern, including restarting steelmaking in Hamilton.

Retirees want a sale that will produce enough excess cash to top up the pension plans — currently about $839 million short of what's needed to meet all their obligations.

U.S. Steel, the Pittsburgh-based giant that bought Stelco in 2007, has hinted several times it would prefer to see the Canadian operation liquidated in an arrangement that would allow it to take the modern Lake Erie plant in exchange for its debts of more than $2.2 billion.

Pensioners fear such a deal would leave them facing deep cuts while the provincial government could face a huge bill for top-ups through its Pension Benefits Guarantee Fund.

The sales process has been conducted behind a thick curtain of secrecy, leaving speculation and rumour to fill the information void.

One rumour posits merging U.S. Steel Canada with Essar Algoma, of Sault Ste. Marie — also restructuring under creditor protection.

The source said the delay "is a reflection of the strong level of interest in the Essar assets" as steel prices improve.

Also important for investors are signs the federal government is ready to move on allegations the Canadian steel industry is being harmed by unfair foreign trade.

A federal infrastructure program that will require huge amounts of steel is also being developed.

Other buyers rumoured to be interested in the company include three investment funds — KPS Capital Partners LP, Bedrock Industries and ERP Compliant Fuels LLP. Essar, the India-based owner of Algoma, have been suggested as has ArcelorMittal, owner of Dofasco.

The Hamilton Port Authority revealed itself to be a player in the previous effort to sell USSC, but won't confirm it has made a bid in the current process.

Another potential restructuring plan for USSC has been formulated by Tim Huxley and Bill Missen, both retired Stelco vice-presidents who are members of the active and retired salaried employees group.

They said in court documents filed last year they drafted a plan to restructure the company but USSC did not accept it. The pair are said to have tabled a bid for the company in the current process but have neither confirmed nor denied such talk because of a confidentiality agreement.

Experts have speculated the pool of potential buyers willing and able to operate the company is distressingly shallow, leaving a piecemeal sale of assets such as the Z Line zinc coating facility and other operations in Hamilton along with surplus land in Hamilton and Nanticoke as the most likely outcome.

A previous effort to sell the Stelco assets was in October after being stalled by disputes between U.S. Steel, the provincial government and workers. The company said that effort failed to produce a viable offer.

In a recent court appearance the U.S. company made a surprise move to shorten the Canadian arm's court-supervised protection from creditors, a move some stakeholders feared was a gambit to scuttle the sales process.

http://www.thespec.com/news-story/6543303-u-s-steel-canada-bidders-get-another-week-to-kick-the-tires/

Bidders for U.S. Steel Canada have been given another week to kick the tires before making final offers.

Friday was the initial deadline for bidders to submit binding offers for the former Stelco, but the date has been extended to May 13.

Under the court-approved sales process, buyers were invited to submit offers for all or parts of the company. USSC and its advisers chose a short listfor a second phase in which the bidders have been given access to confidential financial and other information to finalize binding offers.

A final bidder, or bidders, will be selected and recommended for court approval.

One source familiar with the process, but not authorized to speak publicly, said the rumour talks of four offers — two for all of it and two for pieces of its.

The United Steel Workers and others are anxious for a buyer willing to operate the company as a going concern, including restarting steelmaking in Hamilton.

Retirees want a sale that will produce enough excess cash to top up the pension plans — currently about $839 million short of what's needed to meet all their obligations.

U.S. Steel, the Pittsburgh-based giant that bought Stelco in 2007, has hinted several times it would prefer to see the Canadian operation liquidated in an arrangement that would allow it to take the modern Lake Erie plant in exchange for its debts of more than $2.2 billion.

Pensioners fear such a deal would leave them facing deep cuts while the provincial government could face a huge bill for top-ups through its Pension Benefits Guarantee Fund.

The sales process has been conducted behind a thick curtain of secrecy, leaving speculation and rumour to fill the information void.

One rumour posits merging U.S. Steel Canada with Essar Algoma, of Sault Ste. Marie — also restructuring under creditor protection.

The source said the delay "is a reflection of the strong level of interest in the Essar assets" as steel prices improve.

Also important for investors are signs the federal government is ready to move on allegations the Canadian steel industry is being harmed by unfair foreign trade.

A federal infrastructure program that will require huge amounts of steel is also being developed.

Other buyers rumoured to be interested in the company include three investment funds — KPS Capital Partners LP, Bedrock Industries and ERP Compliant Fuels LLP. Essar, the India-based owner of Algoma, have been suggested as has ArcelorMittal, owner of Dofasco.

The Hamilton Port Authority revealed itself to be a player in the previous effort to sell USSC, but won't confirm it has made a bid in the current process.

Another potential restructuring plan for USSC has been formulated by Tim Huxley and Bill Missen, both retired Stelco vice-presidents who are members of the active and retired salaried employees group.

They said in court documents filed last year they drafted a plan to restructure the company but USSC did not accept it. The pair are said to have tabled a bid for the company in the current process but have neither confirmed nor denied such talk because of a confidentiality agreement.

Experts have speculated the pool of potential buyers willing and able to operate the company is distressingly shallow, leaving a piecemeal sale of assets such as the Z Line zinc coating facility and other operations in Hamilton along with surplus land in Hamilton and Nanticoke as the most likely outcome.

A previous effort to sell the Stelco assets was in October after being stalled by disputes between U.S. Steel, the provincial government and workers. The company said that effort failed to produce a viable offer.

In a recent court appearance the U.S. company made a surprise move to shorten the Canadian arm's court-supervised protection from creditors, a move some stakeholders feared was a gambit to scuttle the sales process.