Pipe and Tube

Zekelman Industries buys 5% of Algoma Steel shares

Written by Ethan Bernard

August 23, 2024

Zekelman Industries has bought roughly 5% of the available shares of Canada’s Algoma Steel.

The Chicago-based pipe and tube maker bought a 5.02% stake in the Canadian flat-rolled steelmaker for approximately $42.1 million excluding brokerage commissions, according to a US Securities and Exchange Commission Form 13D filing.

Zekelman purchased 5,229,988 common shares, the filing from July 31 said.

Recall that Barry Zekelman, executive chairman and CEO, told SMU in a Community Chat leading up to Steel Summit 2023: “If I go to my grave without owning a steel mill, I won’t be happy. It’s been a lifelong dream of mine.”

Requests for comment from Zekelman Industries and Algoma was not returned by time of publication on Friday afternoon.

Ethan Bernard

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

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