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| David Cheney, left, managing director of Bedrock Industries, talked with McMaster business professor Marvin Ryder at the Bay Area Economic Summit on Tuesday about the U.S. investment firm's plans to purchase Stelco later this week. (Samantha Craggs/CBC)
If all continues smoothly this week, Bedrock Industries is scheduled to officially take over as the buyer of Stelco on Saturday, July 1.And Tuesday, a Bedrock representative made the company's first local public appearance since emerging as a would-be buyer more than a year ago.
David Cheney, Bedrock managing partner, told Hamilton and Burlington business leaders the company wants to be profitable for "all of our stakeholders," which he listed as the workers, the community, the environment and the company's shareholders.
"One of our goals is to make Stelco the employer of choice again in Hamilton," Cheney said during a live interview with McMaster University business professor Marvin Ryder at the Bay Area Economic Summit.
"This is an iconic brand with a rich history in Hamilton and the province of Ontario and we're going to restore that."
Earlier this month, an Ontario judge approved the sale of Stelco to Bedrock Industries. The previous owner, U.S. Steel, imposed a deadline of June 30 to get the deal done.
Cheney said the company is a "privately funded, industrial investor" with $500 million already committed and access to $2 billion for other deals.
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| Mike McQuade, president and general manager of Stelco, joined the company in the 1970s as a co-op student. Cheney said Tuesday that McQuade will stay in his current capacity after Bedrock buys the company. (Kelly Bennett/CBC) ~
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