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
SDI first steelmaker with carbon targets certified by GSCC
Steel Dynamics Inc. (SDI) has become the world’s first steel producer with carbon targets certified by the Global Steel Climate Council (GSCC).
ArcelorMittal Mexico to return to full production next week
After a complete stoppage earlier this year, ArcelorMittal Mexico’s steel mill in Lazaro Cardenas, in the state of Michoacán, will soon return to full production.
Stelco/Cliffs deal clears antitrust hurdle in Canada
Stelco Inc. said that the Canadian Competition Bureau will not challenge Cleveland-Cliffs’ pending buy of the Hamilton, Ontario-based steelmaker.
Cliffs clears antitrust step in $2.5B bid for Stelco
Cleveland-Cliffs has cleared a regulatory hurdle for its pending purchase of Canadian steelmaker Stelco Inc.
AISI: Raw steel production continues to slide
US raw steel mill production has slipped for the fourth consecutive week, according to the latest figures released from the American Iron and Steel Institute (AISI).