Steel Mills
December 17, 2013
Essar Steel Algoma Receives Pension Relief
Written by Sandy Williams
Essar Steel Algoma has been granted funding relief for the Company’s defined benefit pension plan by the Ontario government. The new regulation allows Essar Algoma make fixed payments over the next three years and extends the amortization period through 2024. The regulation is effective as of December 1, 2013.
Essar Steel Algoma’s pension contribution requirements have doubled year-over-year due to historically low interest rates, making the pension model unsustainable said the Company.
