U.S. Steel Canada Inc. is seeking court approval for a sales process. The main alternatives for U.S. Steel Canada are selling the business as a going concern or selling the assets through liquidation. A new financing agreement approved by the Ontario Superior Court in October 2015, required U.S. Steel Canada to gain court approval of a new sales process by May 31, 2016 and receive binding offers by October 31, 2016.

The potential bidders would be required to submit their non-binding letters of interest by February 29, 2016. The timing of formal bids to be made will be provided after February 29, 2016.