March 29, 2018 / 3:05 PM / 6 months ago

BUZZ-Stelco Holdings: Slides on secondary stock offering

** Canadian steel producer’s shares down 4.7 pct at C$21.69 - hits 2-month low

** Underwriters led by BMO Capital Markets and Goldman Sachs Canada agree to buy 10 mln shares of co at $21.75 per share, a discount of 4.5 pct

** Shares offered represent over 11 pct of total shares outstanding; STLC currently trading at 3.2x 30-DMA on TSX

** Including today’s losses, stock has fallen 17 pct from March 8 when Trump exempted Canada from import tariffs on steel and aluminum

Reporting by Taenaz Shakir in Bengaluru

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