Steel Mills
Essar Steel Algoma Seeks New Restructuring Extension
Written by Sandy Williams
January 10, 2017
Essar Steel Algoma is continuing its restructuring process into the New Year despite hopes it would emerge from CCAA protection by the end of 2016. The year ended with the Term Loan Bidders trying to negotiate a deal to purchase Algoma and secure approval from the United Steelworkers. Algoma’s DIP financing will expire as of January 31, 2017 and an extension will be sought.
The letter below from chief commercial officer Robert Dionisi provides an update to the current situation at Essar Steel Algoma.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Nucor reports IT systems breach
Nucor said it temporarily and proactively halted some production operations at various locations.
Cliffs talks DOE funding, blast furnace relining schedule
The future of two projects supported in part by funding through the Department of Energy remains uncertain.
Cleveland-Cliffs open to asset sales
Meanwhile, its Canadian operations have been hurt by the broader tariffs proposed by the United States.
As Q1 loss balloons, Cliffs pledges to cut costs, streamline operations
Cleveland-Cliffs Inc. gushed red ink in the first quarter, and pledged to stem the bleeding by idling inefficient, “loss-making operations” and increasing focus on its core automotive business.
Cliffs plans to idle three mills, cut 950 jobs on ‘insufficient demand and pricing’
Cleveland-Cliffs plans to indefinitely idle its steel mill in Riverdale, Ill., as well as mills in Conshohocken, Pa., and Steelton, Pa. The Cleveland-based steelmaker said all three facilities would be idled on or around June 30. Approximately 950 jobs will be impacted, the company said.