HAMILTON, ON, Jan. 28,
2022 /CNW/ - Stelco Holdings Inc. (TSX: STLC)
("Stelco" or the "Company") announced today the final
results of its "modified Dutch auction" substantial issuer bid (the
"Offer"). Pursuant to the Offer, the Company has taken up
4,441,023 common shares (the "Shares") at a price of
$37.00 per Share. The Offer expired
at 11:59 p.m. (Toronto time) on January 26, 2022.
The Shares purchased under the Offer represent an aggregate
purchase price of approximately $164,317,851 and represented 5.7% of the total
number of the Company's issued and outstanding Shares as of
January 26, 2022. After giving effect
to the Offer, the Company has 72,874,242 Shares issued and
outstanding.
Payment and settlement of the Shares will be effected by
Computershare Investor Services Inc. prior to February 2, 2022 in accordance with the
settlement procedures described in the Offer.
The "specified amount" for purposes of subsection 191(4) of the
Income Tax Act (Canada) in
respect of each Share is $33.18.
Details of the Offer are described in the offer to purchase and
issuer bid circular dated December 21,
2021, as well as the related letter of transmittal and
notice of guaranteed delivery, copies of which were filed and are
available on SEDAR at www.sedar.com.
This press release is for informational purposes only and does
not constitute an offer to buy or the solicitation of an offer to
sell the Company's Shares.
About Stelco
Stelco is a low cost, integrated and independent steelmaker with
one of the newest and most technologically advanced integrated
steelmaking facilities in North
America. Stelco produces flat-rolled value-added steels,
including premium-quality coated, cold-rolled and hot-rolled sheet
products, as well as pig iron and metallurgical coke. With
first-rate gauge, crown, and shape control, as well as uniform
through-coil mechanical properties, our steel products are supplied
to customers in the construction, automotive, energy, appliance,
and pipe and tube industries across Canada and the
United States as well as to a variety of steel service
centres, which are distributors of steel products. At Stelco, we
understand the importance of our business reflecting the
communities we serve and are committed to diversity and inclusion
as a core part of our workplace culture, in part, through active
participation in the BlackNorth Initiative.
Forward-Looking Information
This press release contains "forward-looking information" within
the meaning of applicable Canadian securities laws. Forward-looking
information may relate to our future outlook and anticipated events
or results and may include information regarding our financial
position, business strategy, growth strategy, budgets, operations,
financial results, taxes, dividend policy, plans and objectives.
Particularly, information regarding our expectations of future
results, performance, achievements, prospects or opportunities is
forward-looking information. In some cases, forward-looking
information can be identified by the use of forward-looking
terminology such as "plans", "targets", "expects" or "does not
expect", "is expected", "an opportunity exists", "budget",
"scheduled", "estimates", "outlook", "forecasts", "projection",
"prospects", "strategy", "intends", "anticipates", "does not
anticipate", "believes", or variations of such words and phrases or
state that certain actions, events or results "may", "could",
"would", "might", "will", "will be taken", "occur" or "be
achieved". In addition, any statements that refer to expectations,
intentions, projections or other characterizations of future events
or circumstances contain forward-looking information. Statements
containing forward-looking information are not historical facts but
instead represent management's expectations, estimates and
projections regarding future events or circumstances.
Undue reliance should not be placed on forward-looking
information. The forward-looking information in this press release
is based on our opinions, estimates and assumptions in light of our
experience and perception of historical trends, current conditions
and expected future developments, as well as other factors that we
currently believe are appropriate and reasonable in the
circumstances. Despite a careful process to prepare and review the
forward-looking information, there can be no assurance that the
underlying opinions, estimates and assumptions will prove to be
correct. Certain assumptions in respect of: the utilization of and
access to our production capacity; capital expenditures associated
with accessing such production capacity; the impact of COVID-19 on
our business and the broader market in which we operate; the
market's ability to recover from COVID-19; upgrades to our
facilities and equipment; our research and development activities
associated with advanced steel grades; our ability to source raw
materials and other inputs; our ability to supply to new customers
and markets; our ability to effectively manage costs; our ability
to attract and retain key personnel and skilled labour; our ability
to obtain and maintain existing financing on acceptable terms;
currency exchange and interest rates; the impact of competition;
changes in laws, rules, and regulations, including international
trade regulations; and growth in steel markets and industry trends
are material factors made in preparing the forward-looking
information and management's expectations contained in this press
release.
There can be no assurance that such information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such information. Accordingly,
readers should not place undue reliance on forward looking
information, which speaks only as of the date made. The
forward-looking information contained in this press release
represents our expectations as of the date of this news release and
are subject to change after such date. Stelco disclaims any
intention or obligation or undertaking to update publicly or revise
any forward-looking statements, whether written or oral, whether as
a result of new information, future events or otherwise, except as
required by law.
SOURCE Stelco