Steel Mills
July 18, 2017
Algoma Union Wants Court to Allow New Bidder
Written by Sandy Williams
The saga of Essar Steel Algoma is continuing with a new wrinkle in its attempt to emerge from insolvency protection.
The company was granted an extension to its debtor-in-possession financing on Monday, pushing the maturity date to March 21, 2018. USW Local 2724, which represents the salaried employees at Algoma, now wants MAGA Steel Corp to be allowed to bid against the DIP lenders for acquisition of the company. Algoma has pressed to finish negotiations with the lenders and close a transaction by September.
