Yahoo! News – Family-controlled steelmaker Ivaco Inc. sells out for $375 million to U.S. fund: “Steel company Ivaco Inc., under bankruptcy protection since last September, has been sold to American holding company Heico for $375 million.

Money from the sale will go to creditors, while shareholders will get nothing. However, Ivaco’s 2,200 employees should be protected since Heico will continue to operate the steelmaker’s mills in Ontario and Quebec as the steel industry recovers and prices rise. “

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