Canada’s steel hub of Hamilton, Ontario, has plenty of reasons to watch the billion-dollar takeover battle for steelmaker Dofasco Inc. Workers at Stelco Inc. hope it’s a sign their employer, heading out of bankruptcy, will be next to draw buyer interest.
“It’d be a fresh start,” said Harry Fitzpatrick, 53, a carpenter for 30 years at Stelco. He boarded a bus in Hamilton this week to attend the company’s bankruptcy hearing at a Toronto court.
Stelco is ready to emerge from two years of bankruptcy protection in March, just as global steel producers such as Arcelor SA seek additional capacity to meet increasing demand from China and India. That puts it in a better position to be sold, says Peter Warrian, a senior fellow at the Munk Centre for International Studies at the University of Toronto.
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