Hamilton Specialty Bar goes belly up; list of creditors; is Bedrock interested?

After failing to find a buyer, Canada’s Hamilton Specialty Bar went into bankruptcy late last week. The major metals related creditors are: Minerais, C$339,329; Fedmet Resources, C$73,065; Danmetal, C$61,156; CCMA, $56,073; Master Alloys, C$34,921; Minmet Minerals, C$30,1154; Rand Alloys, C$28,293; PC Campana, C$26,991; and Polymet Alloys, C$22,491.

For a full list of creditors:

S245-S246(1) Notice – Jan. 11, 2018

HSB’s product focus is Special Bar Quality (SBQ) carbon and alloy steels (rounds). Classified as a steel minimill, HSB has a finished annual capacity of approximately 400,000 tpy of engineering steels though it wasn’t running at capacity.

HSB was bought the mill out of bankruptcy in 2004 by Delaware Steet Capital for $15.4-million. The previous owner was Slater Steel.

One potential buyer could be Bedrock that bought Canada’s Stelco last year and turned it around. Also, Bedrock’s Alan Kestenbaum has a track record by buying distressed companies and turning them around.

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chuck

would have thought canadian dollar would help them ???

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down43rd

HSB 2007 was bought in 2007 for $12 million by Bain Capital and Woodside Capital. Early on somehow they were able to lend it $110 million and charge interest as high as 10%. . Still almost no improvements to the operation were made in the 10 years they owned it. The killer philosophy of buying the worst and cheapest scrap caused constant production delays in both the melt shop and mill. Scrap dealers were able to get rid of poor quality scrap and often a load included a ton or two of dirt or maybe a large block of concrete.… Read more »