Posted AT 10:24 AM EST on 27/08/07
U.S. Steel to buy Stelco
Shares of Stelco Inc. surged by more than a third Monday after United States Steel Corp. reached a deal to take over the once-mighty Hamilton company, the final domino to fall in the Canadian steel industry.
The U.S. giant will purchase the remaining Canadian-owned steel maker for $1.044-billion, the companies announced Sunday night.
Shares of Stelco rallied $10.
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