Agreement on Hamilton Specialty Bar sale

Slater Steel Inc. has entered into a letter of intent to sell its Hamilton Specialty Bar division in Ontario, Canada, to Delaware Street Capital, a New York investment group. A definitive agreement is still needed before the sale is final, and the court administering Slater’s bankruptcy reorganisation must approve the transaction. Slater stated it hopes the transaction will be completed this month. Hamilton-based Slater is trying to liquidate its assents after concluding it cannot achieve a reorganisation that will result in a viable business. To date, it has agreed to sales for its Slater Lemont, Fort Wayne Specialty Alloys, and Sorel Forge operations. The original deadline or the sale was 5 March. Slater stalled at the deadline, but after a revised offer from DSC an agreement was announced on 8 March.

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