Hamilton Specialty Bar closes C$50 million in financing

By Jeff Pines

Washington, Jan. 6 - Hamilton Specialty Bar said it closed on a C$50 million deal in financing from CIT Business Credit Canada Inc., completing the final step in the former Slater Steel Inc.'s restructuring.

Delaware Street Capital acquired the company last June.

"Now that we have the CIT credit facility in place, we are fully prepared to complete the mill's ramp up to full production capacity in order to meet our customers' growing demand for our SBQ product," said Peter Melnick, Hamilton's chief executive officer, in a news release.

Hamilton, based in Hamilton, Ontario produces specialty bar quality carbon and alloy bars, which are primarily used in automotive components.

Slater Steel filed for protection under the Companies' Creditors Arrangement Act on June 2, 2003. Its case number is 03-CL-5028.

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