Steel Mills
Essar Steel Algoma Receives Pension Relief
Written by Sandy Williams
December 17, 2013
Essar Steel Algoma has been granted funding relief for the Company’s defined benefit pension plan by the Ontario government. The new regulation allows Essar Algoma make fixed payments over the next three years and extends the amortization period through 2024. The regulation is effective as of December 1, 2013.
Essar Steel Algoma’s pension contribution requirements have doubled year-over-year due to historically low interest rates, making the pension model unsustainable said the Company.
“This new funding formula provides Essar Steel Algoma with greater predictability in the near term and more manageable payments over the long term,” said CEO Kalyan Ghosh in a press release.
Essar Steel Algoma Inc. is a subsidiary of Essar Steel, a global integrated steel producer with an annual capacity of 14 million tonnes. Based in Sault Ste. Marie, Ontario, Essar Steel Algoma is a manufacturer of flat rolled steel products, including hot and cold rolled sheet and plate.
Sandy Williams
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