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
Nucor lowers 2024 output estimate for Brandenburg plate mill
Nucor has lowered the 2024 production estimate for its Brandenburg, Ky., plate mill due to soft market conditions.
SSAB adjusts output in weak Q3, readies for Q4 rebound
SSAB said lower plate prices in the US were the primary reason for reduced results in the second quarter. With a dismal Q3 outlook, the Swedish steelmaker is adjusting production across its facilities. That includes moving up its annual US mill outage in anticipation of a better Q4. SSAB Americas Revenues in the Americas segment […]
Topalian puts focus on “unfair” trade, eyes USMCA partners
Nucor’s top executive expressed concerns over unfair trade practices, highlighting increased steel imports from Mexico and Canada.
Cliffs sees close of Stelco buy, bottom to steel tags, and Mexico out of USMCA
Cleveland-Cliffs expects its acquisition of Canada’s Stelco to close later this year, which will help the the Cleveland-based steelmaker as a bottom to steel tags nears.
Nucor posts lower Q2 earnings, predicts tough Q3 too
Nucor recording lower second quarter earnings on falling steel prices. And the Charlotte, N.C.-based predicted that profits would be lower still in the third quarter, primarily because of weaker results from its steel mills divisions.