OCTG
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
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