Ontario Steel makes bid for U.S. Steel Canada

Tue Aug 9, 2016 9:33am EDT
 
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TORONTO Aug 9 (Reuters) - Ontario Steel Investment Ltd, a group that includes shareholders of Essar Global, said on Tuesday that it had submitted an offer for the purchase of U.S. Steel Canada.

The offer includes the assumption of C$954 million ($725 million) in liabilities under U.S. Steel Canada's pension plan and a commitment to provide C$25 million toward post-employment benefits for U.S. Steel Canada's past and present staff. U.S. Steel Canada is a former unit of United States Steel Corp. ($1 = 1.3155 Canadian dollars) (Reporting by Matt Scuffham; Editing by Jeffrey Benkoe)