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Latest Algoma—Manitoulin—Kapuskasing Stories

2013-12-12 16:21:24

SAULT STE. MARIE, ON, Dec. 12, 2013 /PRNewswire/ - Essar Steel Algoma Inc. confirmed today that the Company's lenders have approved an amendment to the borrowing base available under its Asset-Based Lending Term Loan allowing for a $24 million USD improvement in cash availability. The amendment became effective December 11, 2013. Kalyan Ghosh, Chief Executive Officer, commented on the amendment, "Management continues to take steps towards ensuring the essential seasonal raw...

2013-12-06 20:21:38

SAULT STE. MARIE, ON, Dec. 6, 2013 /PRNewswire/ - Further to the May 6(th), 2013 amendment to its credit agreement, Essar Steel Algoma Inc. closed today on a $25 million USD secured loan with an institutional investor. This agreement reinforces the Company's liquidity position heading into the customary seasonal raw material inventory build. Essar Steel Algoma Chief Executive Officer Kalyan Ghosh commented on the development, "We continue to make strides in securing the...

2013-11-13 16:22:21

SAULT STE. MARIE, ON, Nov. 13, 2013 /PRNewswire/ - Essar Steel Algoma Inc. reported today break-even EBITDA of $0.3 million for the three month period ended September 30, 2013, compared to an EBITDA loss of $5.5 million for the same period a year ago. The break-even result reflects the impacts of cost improvements despite lower realized sales prices, down $47 per ton from the same quarter a year ago. EBITDA is a non-GAAP measure of profitability. Sales for the quarter were $464...

2013-11-05 16:21:51

SAULT STE MARIE, ON, Nov. 5, 2013 /PRNewswire/ - ESSAR Steel Algoma Inc. is pleased to announce the appointment of J. Robert (Bob) Sandoval as General Counsel and Corporate Secretary. Bob brings to the role extensive global experience in the provision of strategic advice and governance counsel to senior leadership teams, most recently as Vice President and General Counsel with Caterpillar Tunneling Canada, a subsidiary of Caterpillar Inc. A graduate of the University of Michigan...

2013-09-24 12:20:41

ALC-T SAULT STE. MARIE, ON, Sept. 24, 2013 /CNW/ - Algoma Central Corporation announced today that it will name one of its new environmentally-advanced Equinox Class vessels after the City of Sault Ste. Marie. Greg Wight, President and CEO of Algoma Central Corporation, revealed the news as part of a keynote speech delivered at a luncheon hosted by the Sault Ste. Marie Chamber of Commerce on the future of Great Lakes-Seaway shipping. Wight said: "We want to pay tribute to...

2013-08-13 16:23:23

SAULT STE. MARIE, ON, Aug. 13, 2013 /PRNewswire/ - Essar Steel Algoma Inc. reported today an EBITDA loss of $8.4 million for the three month period ending June 30, 2013, compared to EBITDA of $64.2 million for the same period a year ago, when steel prices were significantly higher.  EBITDA is a non-GAAP measure of profitability. For the three month period ending June 30, 2013, the Company reported a net loss of $28.7 million.  Sales for the quarter were $464 million with...

2013-07-23 16:21:40

SAULT STE MARIE, ON, July 23, 2013 /PRNewswire/ - ESSAR Steel Algoma Inc. is pleased to announce the appointment of Flora Wood to lead Investor Relations effective immediately.  Flora has over fifteen years of experience leading investor relations, most recently with Inmet Mining Corporation and previously for Harris Steel Group Inc. until its acquisition by Nucor Corporation in 2007.  While at Harris Steel, she won the Canadian award for Best Investor Relations Officer of a...

2013-07-06 00:20:10

USW Local 2251 ratifies collective agreement SAULT STE MARIE, ON, July 5, 2013 /PRNewswire/ - ESSAR Steel Algoma Inc. is pleased to announce that USW Local 2251, the union representing the Company's production and trades employees, has voted in support of the tentative agreement reached on June 27, 2013. This early ratification gives the business the stability it requires to survive this market cycle and provides employees, customers and suppliers with the security they need...

2013-06-13 16:22:29

SAULT STE. MARIE, ON, June 13, 2013 /PRNewswire/ - Essar Steel Algoma Inc. announced today that it has reached an agreement with its iron ore pellet supplier, Cliffs Natural Resources Inc.  The Agreement sets out the terms and conditions of a negotiated amendment and extension of the current Pellet Sale and Purchase Agreement which was scheduled to expire 2016.  Among other things, the Agreement addresses issues that have arisen related to market price dynamics and extends...

2013-02-13 16:23:29

SAULT STE. MARIE, ON, Feb. 13, 2013 /PRNewswire/ - Essar Steel Algoma Inc. "ESAI" reported an EBITDA of $9.7 million and a net loss of $25.1 million for the three month period ending December 31, 2012. EBITDA is a meaningful indicator of the Company's profitability. The results for the three month period reflect the impact of lower selling prices for the Company's products compared to the three month period ending December 2011, offset by higher volumes and lower costs.  As...