Steel Mills
Supermill Merger for Canada?
Written by Sandy Williams
March 1, 2016
An Essar Steel Algoma and US Steel Canada combo may be in the works. Bloomberg reports that bidders for US Steel Canada are looking at combining the operations at Algoma with those at Hamilton and Lake Erie Works. The resulting steel company could become a major competitor in the North American steel market.
Potential bidders, according to Bloomberg, are Bedrock Industries, a New York firm focused on mining; Algoma’s parent company Essar, funded by Essar Capital Ltd.; and ERP Compliant Fuels.
Both Essar Steel Algoma and US Steel Canada are under Canadian creditor protection while the sales and solicitation process proceeds. US Steel Canada was separated from its parent company, US Steel Corp., in October and just yesterday learned that $2.2 billion of claims by US Steel have been confirmed as debt by the Ontario Superior Court. US Steel has said it will not bid on the Canadian assets but the ruling may give it more influence on any potential sale.
Bloomberg says a consortium of banks led by Deutsche Bank AG is considering a bid for Essar Steel Algoma and may also be interested in the US Steel Canada assets. Algoma began its sales procedure on February 11, 2016.
US Steel Canada said in an email earlier today to SMU that it is focusing on operating its business and reviewing bids received during Phase I of the Sale and Investment Process (SISP).
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
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.”
Nucor eyes long-term gains amid strong demand and trade enforcement
Resilient demand across its steel product lines, combined with the continued ramp-up of key expansion projects, drove Nucor’s improved financial results and record-setting performance in the second quarter. That’s according to company executives speaking on an earnings conference call on Tuesday.