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Latest Essar Steel Stories

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...

2014-06-27 16:21:33

HIBBING, MN, June 27, 2014 /PRNewswire/ - Essar Steel Minnesota LLC ("ESML") announced today that it has obtained the requisite consents from the holders of its $450,000,000 aggregate principal amount outstanding of 11.500% Senior Secured Notes due 2020 (the "Notes") pursuant to its previously announced consent solicitation. Accordingly, the Supplemental Indenture and the Amendment to the Escrow Agreement (each as defined in the Notice of Consent Solicitation dated June 23, 2014 (as...

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...

2014-06-24 20:20:38

HIBBING, MN, June 24, 2014 /PRNewswire/ - Essar Steel Minnesota LLC ("ESML") announced today that it is amending the terms of its previously announced solicitation of consents (the "Solicitation") from holders of its $450,000,000 aggregate principal amount outstanding of 11.500% Senior Secured Notes due 2020 (the "Notes") upon the terms and subject to the conditions set forth in Supplement No. 1 to the Notice of Consent Solicitation dated June 24, 2014 (the "Supplement"). In...

2014-06-23 08:23:18

HIBBING, MN, June 23, 2014 /PRNewswire/ - Essar Steel Minnesota LLC ("ESML") announced today that it commenced a solicitation of consents (the "Solicitation") from holders of its $450,000,000 aggregate principal amount outstanding of 11.500% Senior Secured Notes due 2020 (the "Notes") upon the terms and subject to the conditions set forth in the Notice of Consent Solicitation dated June 23, 2014 (the "Notice"). The Solicitation will expire at 5:00 p.m., New York City time, on June...

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...

2014-06-16 20:20:39

SAULT STE. MARIE, ON, June 16, 2014 /PRNewswire/ - As part of Essar Steel Algoma Inc.'s ("Algoma") refinancing and recapitalization efforts, Algoma has entered into confidential discussions with investors representing approximately seventy per cent of the 9.875% US$385mn senior unsecured notes. Algoma also has executed non-disclosure agreements and is engaged in discussions with advisors representing an ad hoc group of holders of 9.375% US$400mn senior secured notes. The purpose of...

2014-06-02 12:24:15

HIBBING, MN, June 2, 2014 /PRNewswire/ - Essar Steel Minnesota LLC ("ESML") categorically denies that Essar Global Fund Limited ("EGFL"), ESML's ultimate shareholder, is considering selling the business, contrary to recent media reports. ESML's President and CEO, Madhu Vuppuluri, commented: "We are very pleased to have closed $450 million of bond financing for ESML in the last few weeks. At this significant milestone we look forward to completing ESML's world class 7 million tonnes...

2014-05-14 20:21:47

HIBBING, MN, May 14, 2014 /PRNewswire/ - Essar Steel Minnesota LLC ("ESML") today announced that it has successfully closed a $450 million 6 year senior secured notes offering. The proceeds of the notes will be deposited into an escrow account, and upon the completion of certain conditions and documentation the proceeds of the notes will be released to ESML. ESML is engaged in the development of a 7 million tonnes per annum ("mtpa") fully-integrated iron ore pellet production...


Word of the Day
mallemaroking
  • Nautical, the visiting and carousing of sailors in the Greenland ships.
This word is apparently from a confusion of two similar Dutch words: 'mallemerok,' a foolish woman, and 'mallemok,' a name for some persons among the crew of a whaling vessel.