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Stelco Holdings Inc. Announces Completion of Inventory Monetization Transaction
Stelco Holdings Inc. Announces Completion of Inventory Monetization Transaction Ca...
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\nStelco Holdings Inc. Announces Completion of Inventory Monetization Transaction\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nHAMILTON, ON, Dec. 11, 2017\n\n\n\nHAMILTON, ON, Dec. 11, 2017 /CNW/ - Stelco Holdings Inc. (the \"Company\") (TSX: STLC) announced today that Stelco Inc. (\"Stelco\") has completed inventory monetization arrangement previously disclosed in its supplemented prep prospectus dated November 2, 2017.  Under the terms of the arrangement, Stelco has agreed to transfer certain of its raw material inventory, including coal and iron ore to a third party in consideration for net proceeds of approximately U.S $100 million. Under the terms of the arrangement, Stelco is required to post a cash collateral margin to its counterparty and has agreed to purchase the raw materials inventory from the counterparty, at an agreed upon pricing formula, as needed for its steel manufacturing processes and upon expiry of the term of the arrangement. \n\n\n \n \n\n \nIt is anticipated that the proceeds of the inventory monetization arrangement will be used to repay the outstanding advances drawn under Stelco's asset-based credit facility and for general working capital purposes. \n\nAbout Stelco\n\nStelco is a corporation under the laws of Canada and its registered address is 386 Wilcox Street, Hamilton, Ontario, L8L 8K5. Stelco is one of Canada's leading integrated steel companies. It conducts its operations out of two facilities located in Hamilton and in Nanticoke Ontario. These operations produce high quality value-added hot rolled, cold rolled, coated sheet steel products used in the construction, automotive and energy industries across Canada and the United States. \n\nForward Looking Statements\n\nThis press release contains certain forward-looking statements that are provided for the purpose of presenting information about management's current expectations and plans. Readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking statements include statements that are predictive in nature, d...