Steel Mills
Essar Steel Algoma Begins Sale Process
Written by Sandy Williams
February 11, 2016
Essar Steel Algoma, under CCAA protection since November 9, 2015, officially went on sale today. The company posted the following announcement on its website:
SAULT STE. MARIE, ON – Effective immediately, pursuant to an order by the Ontario Superior Court of Justice of Ontario on February 11, 2016, Essar Steel Algoma Inc. is commencing a Sales and Investment Solicitation Process (SISP).
The Sale and Investment Solicitation Process is intended to assist Essar Steel Algoma in pursuing all avenues for a sale, restructuring or recapitalization of the business and property, in whole or in part, which is deemed essential for the company to remain a going concern for the benefit of all stakeholders. The Process is designed to be as flexible as possible considering the expected complexity of the process, the assets at stake, the interests of the many different stakeholders and market conditions.
Relevant documents, including the SISP Order and the SISP Process Outline can be found on the Monitor’s website at www.ey.com/ca/essaralgoma and on the Prime Clerk website at http://cases.primeclerk.com/EssarSteel. Parties interested in receiving a Solicitation Package are invited to contact the company’s financial advisors, Evercore Group LLC at Project.A1@evercore.com.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Cliffs idles Steelton, Riverdale, and Conshohocken operations
Cliffs has idled facilities in Riverdale, Ill., and Conshohocken and Steelton, Pa.
Radius loss narrows, volumes climb in ‘healthy’ West Coast market
Stronger steel demand in the Western US, rising scrap flows, and improved rolling mill utilization drove sequential gains for Portland, Ore.-based Radius Recycling.
AISI: Raw steel production backs off multi-year high
US raw steel output edged lower last week after hitting a multi-year high in mid-June, according to the American Iron and Steel Institute (AISI).
Private equity firm Atlas Holdings to acquire Evraz North America
Atlas Holdings said it has signed a definitive agreement to acquire Evraz North America (Evraz NA). The Greenwich, Conn.-based private equity firm said it expects the deal for the Chicago-based steelmaker to close in the second quarter of 2025 subject to various closing condition.
Granite City Works must remain open and other terms of the Nippon-USS deal
SEC documents also name Trump specifically as having veto power certain decisions are part of the “Golden Share” provision.