Stelco Inc. is seeking court protection from its creditors as it attempts to restructure its money-losing steel business. Canada’s largest steelmaker said Thursday it will seek an order under the Companies’ Creditors Arrangement Act, and is appointing turnaround specialist Hap Stephen as its chief restructuring officer.

The Hamilton-based steelmaker said it will seek an order under the Companies’ Creditors Arrangement Act in a hearing in Ontario Superior Court of Justice on Thursday morning.

Stelco also announced the appointment of Hap Stephen as chief restructuring officer effective immediately. Stephen is one of Canada’s leading restructuring advisors.

Shares of Stelco opened at 60 cents, before rising to 88 cents on the TSX.