Steel Mills
February 5, 2017
Confrontation Among Essar Steel Algoma Stakeholders
Written by Sandy Williams
In the last week there have been four statements released regarding the restructuring of Essar Steel Algoma. The first began last weekend with an appeal by former parent company Essar Global to be readmitted to the bidding process for Algoma.
Essar Global criticized the Sales and Investment Solicitation Process (SISP) noting that KPS Capital dropped out of the running and the current bid by the Term Creditors seemed stuck in quagmire. Essar asserts that is was a “responsible owner” who has forged “good relationships with employees, community representatives, and other stakeholders” and should be considered as a potential buyer in bidding process.
