The process of selling U.S. Steel Canada is moving ahead.
New York investment fund Bedrock Industries has a memorandum of understanding with the Ontario government.
The court appointed bankruptcy monitor is calling that a significant step toward a resolution for the steelmaker.
The latest analysis of U.S. Steel Canada’s performance shows August was a good month for the steelmaker.
The report to the court appointed bankruptcy monitor shows the company made 30.7 million dollars before taxes.
That is well up from August of last year when it made 1.4 million.
The report says the increase is mostly from orders placed earlier in the year.
It also says that the rest of the year is not looking as good, with a weakening of orders in August and September due to a softening economy overall.
U.S. Steel Canada has been under creditor protection for two years.
That order is set to expire November 30, but extensions are almost always granted.