October 9, 2015 / 11:25 PM / in 2 years

Ontario Court approves U.S. Steel's plan to separate Canadian unit

(Reuters) - United States Steel Corp said on Friday the Ontario Superior Court of Justice has approved the separation of the company from its Canadian unit.

Mario Longhi of U.S. Steel speaks during the Steel Success Strategies conference in New York, June 18, 2013. REUTERS/Lucas Jackson

The U.S. steelmaker said that it will not be generating any sales on behalf of U.S. Steel Canada and will help the Canadian unit with the transition process.

According to the agreement, the Canadian unit could enter a new sale or restructuring process.

Pittsburgh-based steelmaker had applied for relief from creditors under Canada’s Companies’ Creditors Arrangement Act for its Canadian operations last year, after reporting a total operating loss of about $2.4 billion.

U.S. Steel’s shares close at $12.38 on Friday. The stock had lost more than half its value this year.

Reporting by Sneha Banerjee in Bengaluru; Editing by Bernard Orr

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