Meeting date set for Stelco shareholders to decide merger with U.S. Steel

By Lisa Kerner

Charlotte, N.C., Sept. 26 - Stelco, Inc. shareholders will vote on the company's acquisition by United States Steel Corp. during a special meeting to be held Oct. 26.

The record date for the meeting is Sept. 21.

The Ontario Supreme Court of Justice set the meeting date and the requirement of a two-thirds vote for approval, according to a form 8-K filing with the Securities and Exchange Commission.

It was previously reported that on Aug. 27, U.S. Steel agreed to buy Stelco for C$38.50 per share. Stelco shareholders with a 76% stake in the company, including Tricap Management Ltd., Sunrise Partners LP, Appaloosa Management LP and Stelco chief executive officer Rodney Mott, agreed to support the transaction, valued at some $1.1 billion.

U.S. Steel is an integrated steel producer based in Pittsburgh. Stelco is a Hamilton, Ont., steel company.

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