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Last updated on April 24, 2014 at 21:24 EDT

Latest Sault Ste. Marie, Ontario Stories

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...

2013-06-19 20:20:25

SAULT STE. MARIE, ON, June 19, 2013 /PRNewswire/ - Essar Steel Algoma Inc. reported today EBITDA earnings of $8.1 million for the three month period ending March 31, 2013.  EBITDA, excluding exceptional items, for fiscal year 2013 was $57.3 million as compared to $321 million for fiscal 2012.  The decline from fiscal year 2012 is attributed to lower shipments, depressed selling prices and higher than market iron ore costs.  EBITDA is a meaningful indicator of the...

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...

2013-05-07 20:21:23

SAULT STE. MARIE, ON, May 7, 2013 /PRNewswire/ - Essar Steel Algoma Inc. confirmed today that the Company's lenders have approved an amendment to its September 2012 Credit Agreement allowing for credit support from its parent companies to reinforce the Company's liquidity position. The amendment also allows the Company to raise additional secured debt of $25 million to reinforce the Company's liquidity situation. The amendment became effective May 6, 2013. Under the amendment...

2013-04-17 12:22:09

SAULT STE. MARIE, ON, April 17, 2013 /PRNewswire/ - Essar Steel Algoma Inc. announced today that its parent companies will, in the aggregate, provide $50 million of credit support to reinforce the Company's liquidity position. The Company is seeking an amendment from the lenders under its September 2012 Credit Agreement to allow for access to the funds as required. Essar Steel Algoma Inc. is based in Sault Ste. Marie, Ontario.  Revenues are derived primarily from the...

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...

2013-01-11 16:21:07

SAULT STE. MARIE, ON, Jan. 11, 2013 /PRNewswire/ - Essar Steel Algoma Inc. announced today the Ontario Government has granted the Company temporary pension relief in the form of a twelve month deferral of special pension payments effective December 2012 through to November 2013.  The Company will continue to pay ongoing pension service costs for its defined benefit pension plans. Historically low interest rates have led many of Ontario's defined-benefit pension plans, both...

2012-11-13 16:27:12

SAULT STE. MARIE, ON, Nov. 13, 2012 /PRNewswire/ - Essar Steel Algoma Inc. reported an EBITDA loss of $15.1 million and a net loss of $88.4 million for the three month period ending September 30, 2012.  EBITDA is a meaningful indicator of the Company's profitability. The loss for the three month period reflects the impact of lower selling prices for the Company's products, lower volumes and higher costs compared to the three month period ending September 30, 2011. ...

2012-10-29 15:23:04

SAULT STE. MARIE, ON, Oct. 29, 2012 /PRNewswire/ - Essar Steel Algoma Inc. announced today that Mr. James Hrusovsky, Chief Executive Officer has tendered his notice of resignation to be effective November 1, 2012.  He will also resign as a Director of the Company. Mr. Kalyan Ghosh, Chief Commercial Officer, has been appointed Chief Executive Officer of the Company on an interim basis. Mr. Prashant Ruia, Essar Group Director and Chairman of the Essar Steel Algoma Board of...

2012-09-20 10:22:25

SAULT STE. MARIE, ON, Sept. 20, 2012 /PRNewswire/ - Essar Steel Algoma Inc. announced today that it has closed the previously announced senior secured asset-based term loan in an aggregate principal amount of US$350 million. Deutsche Bank Securities Inc. acted as sole lead arranger for the term loan facility. The term loan has a maturity of two years and is secured against all of the assets of the Company, subject to the security interests over certain assets held for the benefit of...