Thursday, April 19, 2007

More on Stelco

Steel companies from Mexico, Russia and Brazil, as well as the combined Mittal/Arcelor goliath, are likely kicking the tires at Stelco Inc., industry sources and analysts said yesterday as a flood of takeovers creates a scarcity of steel assets available for offshore producers anxious to get into the North American market.

Stelco shares rose yesterday -- up 70 cents to $29.80 after trading as high as $30.70 -- amid a down or flat day for shares of other major steel makers in Canada and the United States.

Among those whose shares fell was AK Steel Holding Inc., one of the few remaining potential takeout targets in the global steel industry consolidation.

Between four and five companies are examining Stelco, some from afar and one, in the case of Mittal, from next door in Hamilton, one industry official said.

Link to full story at


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