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:
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.