Stelco files for IPO to fund enhancement of steelmaker’s production capabilities

HAMILTON – Stelco Holdings Inc. says it has filed a preliminary prospectus for an initial public offering of common shares.

The Hamilton-based steel company says it intends to use the net proceeds of the IPO to develop new products and enhance the company’s production capabilities.

It will also use proceeds to fund early payment to certain pension and other post-employment benefits trusts, as well as for general corporate purposes including additional capital investments.

Stelco says it has not determined the number of shares to be sold and the price per share.