News Release Archive
SYDNEY STEEL--DEADLINE FOR PROSPECTIVE BUYERS
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Three private companies have submitted proposals to buy Sydney
Steel from the provincial government, Labour Minister Manning
MacDonald announced today.
The deadline for offers was today, July 4.
As of 4:30 p.m., companies bidding on the steel plant were Grupo
Acerero Del Norte of Mexico, Global Steel Holdings Inc. of Canada
and Stavan-Transmet of Russia. United Steelworkers of America
indicated that it would not be making a proposal for the
ownership of Sydney Steel.
"As of today, we have some plans on the table," said Mr.
MacDonald. "The next step is to put the proposals under the
microscope and find the best operator for Sydney Steel."
The minister said he expected the evaluation and subsequent
negotiation to take a number of months to complete. "We want to
make sure we are getting the best deal for Sysco workers, for
Nova Scotian taxpayers and for the future of the company. As soon
as we have a solid deal, I'll be the first one out there to tell
all Nova Scotians."
The formal proposal process, established in mid-April, gave
interested buyers information about the history, operations and
assets of the Sydney plant and provided government with detailed
plans from potential buyers.
Proposals include information such as a company's experience
manufacturing steel, long-term plans for the plant, positions on
product diversification and production capacity, and how Sydney
Steel fits with a company's strategic operation or family of
operations.
"We want to see how companies plan to make Sysco an integral part
of their plans," said Mr. Manning. "I am confident there is a
future for this plant and its workers."
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Contact: Manning MacDonald
902-539-6032
Jennifer MacIsaac
902-424-3219
trp July 4, 1997 - 4:45 p.m.
