Essar Steel Algoma Sells Remaining Interest in Cogeneration Facility
11/27/2009 - Essar Steel Algoma has completed the sale of its remaining 50.1% equity interest in Algoma Energy LP to Essar Power Canada Ltd. for C$136 million.
Essar Steel Algoma has completed the sale of its remaining 50.1% equity interest in Algoma Energy LP to Essar Power Canada Ltd. for C$136 million.
Essar Steel Algoma notes that the proceeds of the sale have substantially improved its liquidity position.
Algoma Energy LP is a limited partnership of Essar Steel Algoma Inc., based in Sault Ste. Marie, Ont. As a fully integrated steel producer, Essar Steel Algoma derives its revenues primarily from the manufacture and sale of hot and cold rolled steel products including sheet and plate.
Essar Power Canada Ltd. is 100% owned directly/indirectly by Essar Global Ltd. and has a 100% equity interest in Algoma Energy LP.
