Quantcast
Last updated on April 18, 2014 at 1:21 EDT

Latest Essar Centre Stories

2014-02-13 16:23:30

SAULT STE. MARIE, ON, Feb. 13, 2014 /PRNewswire/ - Essar Steel Algoma Inc. reported today an EBITDA loss of $8.0 million for the three month period ended December 31, 2013, compared to positive EBITDA of $19.3 million for the same period a year ago. The loss this quarter reflects a 9.9% decline in shipment volume compared to the same period last year, coupled with increased fuel and utilities costs. EBITDA is a non-GAAP measure of profitability, used by management as an...

2013-12-16 16:21:51

SAULT STE. MARIE, ON, Dec. 16, 2013 /PRNewswire/ - Essar Steel Algoma Inc. announced today the Ontario government has passed a regulation providing funding relief for the Company's defined benefit pension plans. The new regulation allows for fixed payments over the next three years and extends the amortization period, through to 2024. The regulation is deemed effective as of December 1, 2013. Historically low interest rates have led many of Ontario's defined-benefit pension...

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...

2013-08-13 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...

2013-06-28 00:20:37

Tentative agreement unanimously recommended by USW 2251 bargaining committee SAULT STE. MARIE, ON, June 28, 2013 /PRNewswire/ - ESSAR Steel Algoma Inc. announced today that a tentative agreement has been reached with USW Local 2251, the union representing the Company's hourly workers in Sault Ste Marie.  This tentative agreement has been unanimously recommended by the USW Local 2251 bargaining committee. This tentative agreement gives the business the stability it requires...