Latest Sault Ste. Marie, Ontario Stories

SAULT STE. MARIE, ON, Jan. 25 /PRNewswire/ - Essar Steel Algoma Inc. stated today that a cooling water leak, compounded by extreme weather conditions has resulted in an operating failure and unplanned outage of its # 7 Blast Furnace.  The leak occurred on January 21, 2011.  Initial efforts towards an expedited start up were not successful due to extreme weather conditions.  A slow and controlled restart of the furnace has commenced.  The Company expects the furnace will...

SAULT STE. MARIE, ON, Jan. 5 /PRNewswire/ - Essar Steel Algoma Inc. (ESAI) announced today that it is making a US $129 Million true-up payment to its iron ore supplier, which the supplier claims represents the difference between amounts invoiced in 2010 and amounts due under the recent arbitration award with respect to a pricing dispute. ESAI is paying the amount, on a without prejudice basis, to ensure continuity of iron ore supply during the critical winter months.  ESAI has...

SAULT STE. MARIE, ON, Dec. 18 /PRNewswire/ - Essar Steel Algoma Inc. announced today the decision of an Arbitration Panel in favour of Cliffs Mining Company, with respect to an iron ore pricing dispute between Essar Steel Algoma and Cleveland Cliffs.  Essar Steel Algoma intends to file a court application to vacate the award on the basis the Arbitration Panel exceeded its jurisdiction. Under the award, the Company's "true-up payment", representing the difference between amounts...

SAULT STE. MARIE, ON, Nov. 10 /PRNewswire/ - Essar Steel Algoma reported a net loss of $39.6 million for the quarter ended September 30, 2010, an improvement from the net loss of $120.8 million for the comparable quarter ended September 30, 2009.  The Company also reported EBITDA earnings, excluding exceptional items, of $51.5 million for the quarter compared to EBITDA earnings of $27.2 million for the comparable quarter in the prior year.  EBITDA is a meaningful indicator of...

SAULT STE. MARIE, ON, Nov. 10 /PRNewswire/ - Essar Steel Algoma Inc. announced today that after over 38 years of service to the Company, Chief Executive Officer, Armando Plastino has announced his intention to retire effective November 30, 2010. Malay Mukherjee, CEO of Essar Steel Holdings Ltd. said "On behalf of the Board, I take this opportunity to thank Armando for his years of dedicated and excellent service to the Company. He provided outstanding leadership throughout the...

SAULT STE. MARIE, ON, June 17 /PRNewswire/ - Today, Essar Steel Algoma was successful in its application for an injunction against its iron ore pellet supplier Cleveland Cliffs. Essar had moved for an injunction to cause Cliffs to continue to deliver pellets to Essar, pending the resolution of a pricing dispute between the parties, which is the subject of an arbitration proceeding. The injunction is in effect until September 30th 2010 or until the completion of the arbitration unless either...

SAULT STE. MARIE, ON, June 16 /PRNewswire/ - Essar Steel Algoma reported a net loss of $398.9 million for the fiscal year ended March 31, 2010. The loss was attributable to lower sales volumes and lower prices in steel markets. For the three month period ending March 31, 2010, Essar Steel Algoma reported a net loss of $68.4 million. Shipments for fiscal year 2010 were 2,223,966 tons, down 14% from the prior year. Shipments for the quarter were 697,639 tons. Sales for fiscal 2010 were...

SAULT STE. MARIE, ON, May 31 /PRNewswire/ - Essar Steel Algoma Inc. (the "Company") announced today that it has filed an application with the Ontario Superior Court of Justice in respect of a dispute with the Cleveland-Cliffs Iron Company and certain of its affiliates ("Cliffs"). The dispute relates to the pricing and supply of iron ore pellets, which has been interrupted as a result of the pricing dispute, under the Pellet Sale and Purchase Agreement between the Company and Cliffs dated...

SAULT STE. MARIE, ON, Dec. 14 /PRNewswire/ - Essar Steel Algoma Inc. (the "Company") announced today that its previously announced offering of US$400 million aggregate principal amount of senior secured notes due 2015 (the "Notes") has closed. The Company has applied the net proceeds from the sale of the Notes to repay all amounts outstanding under its existing senior secured term loan facility and to repay a portion of the amount outstanding under its existing senior secured revolving...

SAULT STE. MARIE, ON, Nov. 30 /PRNewswire/ - Essar Steel Algoma Inc. (ESAI) announced today a restatement of Note 30, "Significant Differences Between Canadian and United States Generally Accepted Accounting Principles ("GAAP")" contained in its audited consolidated financial statements for the 12 month period ended March 31, 2009. Due to typographical errors in the note, Canadian GAAP net income was transcribed as a net loss and the U.S. GAAP reconciliation was completed on that basis. As...