'Several' Bids Made for Essar Steel Algoma
04/04/2016 - Canada’s Essar Steel Algoma said it is entering the second phase of its sales process with “several” preliminary bids on the table.
A spokeswoman said the company is prohibited from disclosing more details about the number and types of bidders.
Essar Steel filed for creditor protection last year amid an ongoing dispute with iron ore miner Cliffs Natural Resources.
According to The Sault Star newspaper in Canada, Essar Steel owes creditors more than $40 million, including $14 million in unpaid property taxes to the city of Sault Ste. Marie in the province of Ontario.