Steel Mills
July 12, 2016
Algoma Union Negotiates Purchase Deal for Company with Investment Firm
Written by Sandy Williams
Ontario Steel Investment says it signed a letter of intent with USW Local 2251 for the acquisition of Essar Steel Algoma. Ontario Steel says it will assume all employer liabilities for Essar Steel Algoma’s pension plan in return for a purchase price of US $900 million for the acquisition of the company.
Ontario Steel is a consortium of steel industry specialists which include shareholders of Essar Global. Essar Global was rejected from the Algoma bidding process due to an inability to complete a qualified bid that would result in Essar remaining a going concern.
