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Could Two of Canada's Biggest Steelmakers Join Forces? Possibly, Newspaper Says
04/01/2016 - Preliminary bids are due today, 1 April, from investors interested in Essar Steel Algoma, a Canadian plate and sheet producer that entered creditor protection last year.
One possible future for the company might be a merger with U. S. Steel Canada (USSC), which is also under creditor protection and working through a sales and solicitation process of its own.
Citing unidentified sources, The (Toronto) Globe and Mail newspaper said bidders for Algoma are also looking at USSC. A combined Essar Steel and USSC would be among the largest steel producers in North America.
The deadline came a day after the company’s labor contract with the United Steelworkers union expired. However, the two have agreed to extend the contract until 31 July in support of the sales process, according to the company.
Bidders will learn by mid-April whether they’ll be invited to submit a formal offer.
Citing unidentified sources, The (Toronto) Globe and Mail newspaper said bidders for Algoma are also looking at USSC. A combined Essar Steel and USSC would be among the largest steel producers in North America.
The deadline came a day after the company’s labor contract with the United Steelworkers union expired. However, the two have agreed to extend the contract until 31 July in support of the sales process, according to the company.
Bidders will learn by mid-April whether they’ll be invited to submit a formal offer.
