United States Steel Corp., which cut its ties with its Canadian unit last fall, says a liquidation of the business should be considered.
The Canadian company, now independent, but operating in creditor protection under the umbrella of the Companies Creditors Arrangement Act as U.S. Steel Canada Inc. (USSC), is seeking court approval of a sales process.
An earlier sales process, done while U.S. Steel was still the parent of U.S. Steel Canada, failed amid a slumping steel market and battles between the Pittsburgh-based steel giant and such stakeholders as the United Steelworkers union, the Ontario government and a group of salaried employees and retirees.
The failed pro…
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