The Documents Speak for Themselves: Setting the Record Straight on My Stelco Career

The Hamilton Spectator has published an article questioning my professional accomplishments at Stelco more than 22 years ago.

Rather than relying on recollections from two individuals who were not directly involved in my treasury responsibilities, I believe Hamiltonians deserve to see the original documents and judge the facts for themselves.

On December 22, 2003, it was formally announced that I was appointed General Manager of Treasury at Stelco, beginning January 1, 2004, reporting directly to Senior Vice-President of Finance Bill Vaughan. I have the original corporate announcement confirming my appointment, along with legal correspondence and financing agreements from that period.

What Does a Corporate Treasurer Actually Do?

A corporate Treasurer is responsible for managing an organization’s cash, liquidity, debt financing, banking relationships and access to capital.

In simple terms, the Treasurer is responsible for ensuring the company has the money it needs to operate.

At Stelco, my responsibilities included leading treasury operations, negotiating financing arrangements, working with lenders and managing cash flow during one of the most difficult financial periods in the company’s history.

When Stelco entered CCAA creditor protection just 29 days after my appointment, these responsibilities became critical.

Working with my treasury team, lenders, and lawyers, we secured approximately $425 million in financing arrangements, including a $350 million operating facility and $75 million in debtor-in-possession financing. Additional lending arrangements involving non-CCAA subsidiaries brought the total financing work to approximately half a billion dollars.

Following the CCAA filing, Stelco lost normal supplier credit terms and was operating on a cash basis. Managing liquidity was essential to keeping the company running.

The Documents Tell the Story

Former Stelco CEO Courtney Pratt has questioned my involvement, despite acknowledging that the financing agreements existed.

I respect Mr. Pratt, but I have to ask: What exactly did he believe Stelco’s General Manager of Treasury was responsible for during a financial crisis of this magnitude?

I reported directly to Bill Vaughan, not Mr. Pratt. My responsibility was corporate treasury and debt financing.

Similarly, former union president Rolf Gerstenberger represented Stelco’s unionized workforce. His responsibilities were in labour representation, not corporate financing. There was little reason for us to work directly together.

It is also worth noting that Rolf Gerstenberger has a longstanding, publicly documented affiliation with the Marxist-Leninist Party of Canada. He has served as the party’s president, publicly identified himself as a Marxist-Leninist and ran as its candidate in federal elections, including in Hamilton Mountain in 2025. While everyone is entitled to their political beliefs, readers deserve to understand the backgrounds of those being quoted. Mr. Gerstenberger’s responsibilities at Stelco were in union representation, not corporate treasury or debt financing. His political affiliation and inability to recall my involvement do not change the original corporate and legal documents establishing my position.

Their inability to remember my involvement does not change the documentary record.

Among the documents I retained is a February 20, 2004, letter from McCarthy Tétrault LLP addressed directly to me as General Manager of Treasury, enclosing a January 28, 2004, financing agreement.

We provided The Spectator with original documentation confirming my appointment and involvement.

I have never claimed to have accomplished this work alone. I was part of a team, with leadership responsibilities for treasury and financing. That is how major corporate financial transactions are accomplished.

Hamilton Deserves Better

I find it disappointing that The Spectator has chosen to question my professional credibility based on memories from more than two decades ago when original corporate records are available.

Hamiltonians are facing rising property taxes, deteriorating infrastructure and growing concerns about public safety. Those are the issues that deserve our attention.

I am running for Mayor to bring experienced financial leadership, accountability and meaningful change to City Hall.