Under the deal with Legato Merger Corp., Algoma netted US$306 million and returned as a publicly traded company. Shares are listed on NASDAQ on the Toronto Stock Exchange, and trading was to have begun Thursday.

In a press release, the Canadian producer said it is “working to build a new era in steel through its transformational journey.”
 
Michael McQuade, Algoma’s chief executive, said, “We are thrilled to complete our business combination with Legato and return Algoma to the public market. Algoma is building a new era in steel. We are investing in our people and processes, and optimizing our operations to embrace a more sustainable future.”
 
McQuade touted the company’s upgrade of its Direct Strip Production Complex, construction of its second ladle metallurgy facility and the upgrade to its plate mill. The company, he said, is looking to “a proposed transition to electric arc steelmaking, a fundamental change that has the potential to increase our production capacity while shrinking our environmental footprint with a reduction of more than 70% in carbon emissions.”
 
David Sgro, chief executive of Legato, said, “We are excited to complete this combination and our significant investment in Algoma provides a platform for growth as a sustainable employer and advanced manufacturer of quality steel products essential to the automotive, manufacturing, energy and construction sectors.”