Hamilton steelmaker names new CEO

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Published January 27, 2020 at 3:47 pm

Stelco Holdings Inc. announced Monday (Jan. 27) that Alan Kestenbaum will return as the Company’s Chief Executive Officer.

Stelco Holdings Inc. announced Monday (Jan. 27) that Alan Kestenbaum will return as the Company’s Chief Executive Officer.

Kestenbaum will return to the role on Feb. 21, 2020, a press release said.

David Cheney will be stepping down and returning to Bedrock Industries, the U.S.-based firm that owns Stelco.

Kestenbaum previously served as Stelco’s CEO, the release says, from the closing of Stelco’s Initial Public Offering to February 2019 and is currently acting as Stelco’s executive chairman.

“I am excited to be returning soon to the CEO role to continue leading the Company through its next phase of growth,” Kestenbaum said in the release.

Kestenbaum noted that David Cheney “has been a valued member of the leadership team that culminated in the successful restructuring of Stelco Inc. and the initial public offering of the Company and its many achievements to date.

“The Board of Directors join me in thanking David for his contributions and leadership and we wish him well in his return to his previous role at Bedrock.”

In his profile on Stelco’s website, Kestenbaum is said to have extensive investing and operating experience in the natural resources sectors as well as having a successful track record in turnarounds and restructurings.

He is also one of the founding members of Bedrock Industries and last year Kestenbaum became a minority owner and limited partner of the Atlanta Falcons.

Stelco went into creditor protection in 2004 and was sold as a subsidiary to U.S. Steel Co. in 2007.

Then, in 2014, the company went back into creditor protection in 2014 before being sold to Bedrock Industries L.P. in late 2016.

Back in September, the company opened a brand new $30-million annealing facility in Hamilton.

A mere two months later, though, the company reported disappointing Q3 profits as the price for steel took a hit.

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