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Latest Essar Steel Algoma Stories

2014-10-20 12:24:31

SAULT STE. MARIE, ON, Oct. 20, 2014 /PRNewswire/ - Essar Steel Algoma Inc. ("Algoma" or the "Company") is commencing an offering of US$350 million aggregate principal amount of senior secured notes due 2019 (the "Senior Notes") and US$275 million aggregate principal amount of junior secured notes due 2021 (together with the Senior Notes, the "Notes"). The Notes will be guaranteed by each of the existing and future subsidiaries of Algoma on a secured basis and by each of the Company's...

2014-10-18 00:20:34

SAULT STE. MARIE, Ontario, Oct. 17, 2014 /PRNewswire/ -- Essar Steel Algoma Inc. ("Essar Steel Algoma") announced today that it has commenced a cash tender offer (the "Tender Offer") to purchase any and all of its outstanding $400.0 million aggregate principal amount of 9.375% Senior Secured Notes due 2015 (the "Notes"). As part of the Tender Offer, Essar Steel Algoma is soliciting consents (the "Consent Solicitation") from the holders of the Notes for certain proposed amendments...

2014-10-13 20:21:20

SAULT STE. MARIE, ON, Oct. 13, 2014 /PRNewswire/ - Essar Steel Algoma Inc. reported today CDN $85.2 million in EBITDA for the three month period ended September 30, 2014. This improvement in earnings is attributable, in part to a 28% increase in shipments with 680,092 tons shipped during the quarter as compared to 530,038 tons in the previous quarter, coupled with higher selling prices. EBITDA is a non-GAAP measure of profitability, used by management as an indicator of the...

2014-10-10 20:20:34

SAULT STE. MARIE, ON, Oct. 10, 2014 /PRNewswire/ - Essar Steel Algoma Inc. ("Algoma") announced today that it intends to launch a comprehensive refinancing of its current capital structure next week, beginning with investor meetings, including a bank meeting with investors on October 15, 2014. As part of the refinancing, Algoma's ultimate parent, Essar Global Fund Limited and its affiliates are providing more than US$400 million of support to Algoma through the infusion of new...

2014-09-26 16:21:54

SAULT STE. MARIE, ON, Sept. 26, 2014 /PRNewswire/ - Essar Steel Algoma Inc. (Algoma) is announcing guidance for the second quarter FY2015 ending September 30, 2014. The announcement comes on the heals of the Ontario Superior Court of Justice's September 15, 2014 approval of Algoma's Plan of Arrangement, which paves the way for a comprehensive recapitalization and refinancing of the Company's capital structure. Building on Q1 FY2015 results of 530,000 tons shipped and CDN 12.4M...

2014-09-16 12:23:16

Paves Way for Substantial Equity Infusion and Refinancing of Entire Capital Structure SAULT STE. MARIE, ON, Sept. 16, 2014 /CNW/ - The Ontario Superior Court of Justice has approved Essar Steel Algoma Inc.'s Plan of Arrangement (the "Plan"), granting a final order deeming the Plan to be fair and reasonable pursuant to the Canada Business Corporations Act. The Final Order follows a unanimous display of support for the Plan by the approximate 92% of 9.875% senior unsecured...

2014-07-24 12:23:48

SAULT STE. MARIE, ON, July 24, 2014 /PRNewswire/ - Essar Steel Algoma Inc. ("Algoma") announced today that it has finalized the terms of its support agreement and corresponding equity commitment with the investment fund that is the ultimate owner of Algoma, Essar Global Fund Limited ("EGFL"), and holders (the "Ad Hoc Noteholder Committee") of more than 70% in principal amount of its 9.875% senior unsecured notes (the "Notes"). This agreement provides Algoma with a near-term capital...

2014-07-16 12:22:46

SAULT STE. MARIE, ON, July 16, 2014 /PRNewswire/ - Essar Steel Algoma Inc. ("Algoma") announced today that it has reached an agreement in principle with the investment fund that is the ultimate owner of Algoma, Essar Global Fund Limited ("EGFL"), and holders of more than 70% in principal amount of its 9.875% senior unsecured notes (the "Ad Hoc Noteholder Committee"). This agreement provides for a near-term cash infusion from EGFL and a substantial deleveraging of Algoma's balance...

2014-06-26 00:20:29

Company and USW Local 2724 ratify collective agreement SAULT STE MARIE, ON, June 25, 2014 /PRNewswire/ - ESSAR Steel Algoma Inc. announced today the Company and USW Local 2724, the union representing the Company's technical, professional and front line management employees, have ratified a collective agreement. Members of Local 2724 voted today in favour of the new agreement which comes into effect August 1, 2014 for a twenty month term. This early agreement recognizes the...

2014-06-20 20:20:28

Tentative agreement unanimously recommended by USW 2724 bargaining committee SAULT STE. MARIE, ON, June 20, 2014 /PRNewswire/ - Essar Steel Algoma Inc. and USW, Local 2724 representing the Company's salaried employees announced today that a tentative agreement has been reached. This tentative agreement has been unanimously recommended by the USW Local 2724 bargaining committee. Special Membership meetings will be held on Tuesday, June 24, 2014 Marconi Hall Ballroom "C" at 8am, 12...


Word of the Day
negawatt
  • A unit of saved energy.
Coined by Amory Lovins, chairman of the Rocky Mountain Institute as a contraction of negative watt on the model of similar compounds like megawatt.