​The new owner of Stelco, Bedrock Industries, will be finalizing its purchase of Hilton Works surplus land on Monday, says Hamilton mayor Fred Eisenberger.

According to Eisenberger, a Stelco representative had told the city that Ontario has approved the company's wish to buy the lands. A court date to finalize the transaction is set for Monday.

The province's decision to approve this purchase was "a complete surprise."

"We were never made aware that there was a buyer that would be taking all of those lands," he said.

It's good news for Stelco pensioners, who will be in a better position, as part of the proceeds are directed toward their pension fund. But Eisenberger said he wishes the province had consulted with the city.

"Unfortunately, I think the city's interest in the land has been completely ignored," he said. "That's very disappointing."

The disappointment partly stems from the city having spent time and energy to determine possible future uses of the surplus land in order to maximize the value of Hamilton's waterfront and bring good employment opportunities to the city.

The city was also assured by an agent representing the province that Ontario would consult with Hamilton about the future of those lands, Eisenberger said. That did not end up happening.

"This is our city waterfront we're talking about," he said, "We have no idea what this buyer is planning on doing with these lands."

Hamilton Mayor Fred Eisenberger released a statement on Sunday expressing his disappointment in the province's decision to approve Stelco's proposal to purchase 'a significant portion' of the surplus land without consulting with the city. (Chris Young/The Canadian Press)

Unclear outlook

The city is hoping to sit down with Bedrock Industries to find out their plans after the ownership decision is presented in court on Monday. Eisenberger said they have been trying for "quite some time" to talk to the company, but have not been able to do so.

"It would be great if it was in sync with what the city plans were," he said.

In a statement he released on Sunday, he said Bedrock Industries is proposing to purchase the surplus lands with a $114.1 million mortgage at a fixed interest rate of eight per cent, with payments over "a 25-year term of blended principal and interest."

Of the $114.1 million, $69.4 million is for the land in Hamilton and the rest is for Nanticoke.