Nova Scotia

Maritime Steel gets new owner

A former manager of Maritime Steel and Foundries Ltd. is now its owner.

A former manager of Maritime Steel and Foundries Ltd. is now its owner.

A Nova Scotia court approved Abbas Jafarnia's bid for the century-old foundry on Thursday.

Jafarnia, a former quality control engineer, paid $1.25 million for the shuttered business. He plans to reopen it in October.

The foundry was placed in receivership last December owing more than $17 million to its parent company, Cameron Corp. Ltd.

Fifty people lost their jobs.

Jafarnia needs environmental approval from the province before the sale closes on Aug. 9.

The town of New Glasgow is opposed to the reopening of the foundry at its present location next to the East River for environmental reasons.