Steel Mills
Essar Steel Algoma Gets Capital Infusion
Written by Sandy Williams
September 16, 2014
Essar Steel Algoma has received permission from the Ontario Superior Court of Justice for a recapitalization and refinancing plan that was approved by shareholders in a September 10, 2014 meeting.
The Plan of Arrangement allows for a capital infusion of up to $100 million from the Essar Global Fund Ltd to complete scheduled capital improvements and to build raw material inventory for the winter season.
Kalyan Ghosh, Chief Executive Officer of Essar Steel Algoma commented on the Plan’s approval, “This Plan provides for a comprehensive capital infusion, a substantial deleveraging of our balance sheet and the refinancing of all of Algoma’s senior secured debt. In recent months, we have been able to capitalize on the favourable market environment, building on sustainable operational improvements that positioned the Company well for the future. In July and August alone we generated EBITDA of CDN$22 million and CDN$30 million, respectively. Our order book is full and we are currently taking orders for November.”
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Nippon Steel posts quarterly loss on cost to buy U.S. Steel
Nippon Steel earnings take hit from buy of U.S. Steel.
Atlas completes Evraz NA deal, renames firm, and hires former USS exec as CEO
Atlas Holdings has completed its acquisition of Evraz North America (Evraz NA) and its subsidiaries.
ArcelorMittal: As tariffs slow global growth, Calvert could be a bright spot
ArcelorMittal expects less demand growth across most of the markets it operates in, including the US, because of President Donald Trump’s tariffs. But the Luxembourg-based steelmaker also thinks it stands to benefit from an increasingly regionalized world thanks to investments like the new EAF at its mill in Calvert, Ala.
Ternium posts solid Q2, expects further shipment growth
Latin American steel producer Ternium delivered a solid performance in the second quarter of 2025. Performance was driven primarily by higher realized steel prices in Mexico, even as shipment volumes declined slightly across its regional portfolio.
Algoma swings to loss on ‘unprecedented disruptions’ and trade barriers
Canada’s Algoma Steel saw a sharp loss in the second quarter amid a continued challenging market environment and “tariff uncertainties.”