U.S. Steel Canada Inc.

U.S. Steel Canada Inc. (“U.S. Steel Canada”) is the Canadian subsidiary of U.S. Steel. It formerly operated as “Stelco Inc.” prior to U.S. Steel’s acquisition of it in 2007. U.S. Steel Canada operates steel production plants in Hamilton and Nanticoke, Ontario. Operations include producing coke, iron and steel and also include steel finishing. Customers of finished steel products are primarily large automotive and construction manufacturers.

We were engaged by a group of U.S. Steel Canada’s principal stakeholders. As part of our mandate, we evaluated a financial model prepared by our client which forecasted the pro-forma operations of U.S. Steel Canada and compared that model to an integrated financial model prepared by the financial advisor to U.S. Steel Canada. We also completed an analysis of other historical and projected financial information prepared by U.S. Steel Canada and its stakeholders.