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Stelco
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Stelco (TSX: STE, TSX: STE.NT.U, TSX: STE.WT) is a steel company based in Hamilton, Ontario, Canada, as is longtime rival Dofasco.
Several existing smaller steelworks combined and were incorporated as the Steel Company of Canada in 1910.[1] Charles S. Wilcox was the first president of Iron and Steel Company of Canada, (later called simply Stelco), which was formed from five companies, including his Hamilton Steel and Iron Company. Many of its main buildings in the north end of Hamilton are built on reclaimed or infilled land, which harmed the drainage of Hamilton and the water ecology of Hamilton Harbour. Several union drives at the plant were unsuccessful, until the founding strike of Local 1005 of the United Steelworkers of America in 1946.
In addition to the main Hilton Works, named after the late company president (Hugh Hilton), its operations include Stelco McMaster Works in Contrecoeur Quebec, Stelwire and the Lake Erie Works in
Nanticoke on
Lake Erie. Stelco Tower, associated with Lloyd D. Jackson Square in downtown Hamilton, has been an office building for the company and others since the 1970s, but has now been completely vacated by Stelco and re-named the rather uninspiring 100 King St. West. In
2004, Stelco has been having financial difficulties and has been under court ordered protection from its creditors, including the
Deutsche Bank.
Stelco exited bankruptcy (CCAA) protection on
March 31,
2006. It has divested itself of several non-core operations, including Stelwire, Norambar (formerly Stelco McMaster Works) and Welland Pipe. The CCAA exit has seen the remaining operations restructured into 9 separate operating businesses, held by the corporate entity of Stelco.
References
- ^ History of Industry in Hamilton, Ontario. Retrieved on 2007-01-29.
