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
Read more from Sandy WilliamsLatest in Steel Mills
AISI: Raw steel production drops to multi-month low
After being historically strong for more than four months, US raw steel production fell for a second week.
U.S. Steel sues Algoma over iron pellet shipments
U.S. Steel is suing Algoma over the Canadian flat-rolled producer's rejection of iron pellet shipments, arguing it has breached its contract.
August US mill shipments slip but still higher than last year
The American Iron and Steel Institute reported a decline in the monthly shipments of US mills from July to August.
TransPod, Algoma, Supreme Steel linkup anchors Canadian steel in high-speed transit build
The three Canadian companies have announced a strategic partnership to support the development of an ultra-high-speed transit line from Edmonton to Calgary.
Metallus, USW agree to tentative four-year labor deal
Metallus and the United Steelworkers (USW) have agreed to a tentative four-year labor contract.