Steel Mills
Essar Steel Algoma Enters Phase II of Sales Process
Written by Sandy Williams
April 5, 2016
Essar Steel Algoma announced that it has entered Phase Two of the Sale and Investment Solicitation Process. The company reports receiving “several bids” in the first phase of the sale.
During the second phase of the process, qualified bidders will be invited to a management presentation and participate in on-site tours and inspection of the facilities. Bidders may meet with representatives of the USW and retirees under supervision of the court Monitor. All discussions are confidential.
Binding offers by Phase Two bidders are due by 5:00 pm on the yet to-be-determined bid deadline that is anticipated to be sometime in mid-May. The SISP timeline stipulates that a sale or investment plan be concluded by August 31, 2016.
There have been rumors that some bidders are considering a purchase of both Essar Steel Algoma and US Steel Canada. A consolidation of the two would create a steel entity capable of more than 5 million tons of annual production and the fifth largest steel producer in North America.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
SSAB halts talks with Feds on Miss. green steel plant
The Department of Energy's Industrial Demonstrations Program page states that it is no longer moving forward with SSAB.
Cleveland-Cliffs CEO seeks ‘American solution’ for U.S. Steel
He said a new entity would operate under the U.S. Steel name and would retain its Pittsburgh headquarters.
Cliffs, Nucor could buy U.S. Steel: Report
Cleveland-Cliffs could be teaming up with Nucor to make a play for U.S. Steel, according to an article at CNBC.
Biden extends deadline for unwinding Nippon/USS deal to June
The Biden administration has pushed back until June the date for which Nippon Steel must unwind its $14.9-billion dollar deal for Pittsburgh-based U.S. Steel, the companies said on Saturday.
Nucor to build third utility tower plant in Utah
The steelmaker is completing construction of two such production facilities in Alabama and Indiana.