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Essar Steel Algoma to Make True-Up Payment for Iron Ore
Jan. 6, 2011 - Essar Steel Algoma is making a US $129 Million true-up payment to its iron ore supplier. The amount represents the difference between amounts invoiced in 2010 and the amounts due under the recent arbitration award with respect to a pricing dispute.
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Essar Steel Algoma to Vacate Arbitration Decision with Cliffs
Dec. 20, 2010 - An Arbitration Panel has decided in favor of Cliffs Mining Co. regarding 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 that the Arbitration Panel exceeded its jurisdiction.
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Algoma’s Plastino Announces Retirement
Nov. 11, 2010 - Essar Steel Algoma Chief Executive Officer Armando Plastino has announced his intention to retire effective November 30, 2010. Plastino has over 38 years of service to the company.
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Essar Steel Algoma Appoints New CFO
Oct. 19, 2010 - Essar Steel Algoma Inc. announced that Amit Agarwal, Chief Financial Officer, has been assigned new duties at Essar's Corporate Office in India. Rakesh Kapur has been appointed CFO for Essar Steel Algoma, accountable for all financial functions, effective immediately.
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Essar Steel Algoma, USW Ratify Collective Agreement
Aug. 2, 2010 - Essar Steel Algoma Inc. and USW L2724—the union representing the company's technical, professional, and front line management employees—have ratified a collective agreement. The new agreement came into effect August 1, 2010, for a four-year term.
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Essar Steel Algoma Reports Results for Fiscal Year 2010
Jun. 17, 2010 - Essar Steel Algoma reported a net loss of $68.4 million on sales of $464.8 million for the fourth quarter, and a net loss of $398.9 million on sales of $1,409.4 million for the fiscal year ended March 31, 2010.
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Essar Steel Algoma Takes Action against Cliffs
Jun. 1, 2010 - Essar Steel Algoma has commenced arbitration proceedings against Cleveland-Cliffs Iron Co. and some of its affiliates to resolve a pricing dispute and to ensure its supply of iron ore pellets pending a resolution.
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Praxair Canada to Supply Essar Steel Algoma
May 20, 2010 - Praxair Canada and Essar Steel Algoma sign a long-term supply agreement for the design and construction of a cryogenic air separation plant that will supply 900 tons per day of gaseous oxygen to Algoma’s Sault Ste. Marie steelmaking plant.
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KMH Provides Rail Scale Control System for Essar Steel Algoma
Apr. 7, 2010 - For this project, KMH replaced a “black-box” style scale controller on a bidirectional, double-weighing, coupled-in-motion rail scale using a Rice Lake 920i weighing instrument, a ControlLogix PLC-based control system, and FactoryTalk View operator interface.
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Essar Steel Algoma Announces Scholarship Program
Mar. 2, 2010 - Essar Steel Algoma has launched a corporate scholarship program that offers two distinct scholarships: The Scholarship of Distinction, which targets university-bound students, and the Scholarship of Merit, which is aimed at students who elect to attend college.
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Lenders Amend Essar Algoma Term Loan Credit Facility
Sep. 11, 2009 - Lenders holding a majority of Essar Steel Algoma’s $315.7 million senior secured term loan credit facility approve a permanent amendment that will enable continued compliance and providing increased operating flexibility in the future.
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Expanded Algoma Facility Key to Essar Steel’s Strategy for North America
Oct. 7, 2008 - Essar Steel Algoma will expand capacity by an additional 25%, to a total of 4 million tonnes by March 31, 2009, with the help of capital projects including a new co-generation facility, additional emissions reduction technology, and a state-of-the-art port in the western perimeter of its plant.
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Algoma Steel Improves Performance in First Quarter
May 16, 2008 - Algoma Steel announces significant performance improvements for the first quarter of 2008, including a 6.2% increase in shipments and a 4.6% increase in sales vs. last year’s first quarter.
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Algoma Steel Announces New Chief Financial Officer
Apr. 30, 2008 - Algoma Steel announces the departure of Dan Ardila, Vice President Finance and Chief Financial Officer, who has conveyed his intention to resign in the pursuit of other career interests.
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Algoma Steel Extends Blast Furnace Shutdown
Aug. 2, 2007 - Algoma Steel says it expects remediation work to its No. 7 Blast Furnace to take longer than originally planned, with start-up now expected to take place in mid-August.
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USW Local Authorizes Salaried Algoma Staffers to Strike
Jul. 9, 2007 - Members of the United Steelworkers' (USW) Local 2724, representing 586 salaried staff at Algoma Steel, have given a strong mandate to their negotiating team by voting in favor of strike action if their executive concludes that it is necessary to reach a contract settlement.
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Algoma Steel Moves up Shareholder Meeting
May 10, 2007 - Algoma Steel has advanced the date of its Annual and Special Meeting of Shareholders to June 11, 2007, based on expectations that preconditions to closing of the Arrangement could be completed by then.
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Algoma Steel Reports 1st Quarter Results
May 3, 2007 - Algoma Steel Inc. released its unaudited first quarter results—net income of $23.1 million on sales of $479.5 million—for the three months ended March 31, 2007.
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Essar Global to Acquire Algoma Steel
Apr. 16, 2007 - Essar Global Limited and Algoma Steel Inc. have signed a definitive arrangement agreement providing for Essar’s acquisition of all Algoma common shares for Cdn$56.00 per share, or an aggregate e
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Algoma Steel Enters into Third-Party Discussions
Feb. 15, 2007 - Feb. 15, 2007 — Algoma Steel announced that the company has been approached by a third party, and has entered into discussions regarding a possible acquisition of the company.
No fur
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Algoma Steel Reports Annual Results
Feb. 8, 2007 - Feb. 8, 2007 — Algoma Steel Inc. reported net income of $50.4 million on sales of $418.4 million for the fourth quarter, and net income of $221.8 million on sales of $1.94 billion for the ful
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Algoma Steel Announces 3rd Quarter Results
Nov. 2, 2006 - Nov. 2, 2006 — Algoma Steel Inc. reported net income of $59.5 million on revenue of $516.9 million for the three months ended September 30, 2006.
The $59.5 million net i
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Algoma Steel Makes Pension Prepayment
Dec. 30, 2005 - Algoma Steel Inc. announced that it made an advance contribution to its pension plans of $50 million in December in order to reduce 2005 income taxes and generate higher returns on the pension fund assets as compared to cash balances.
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Paulson Announces Substitute Nominee for Algoma Shareholder Meeting
Dec. 21, 2005 - Paulson & Co. Inc., which had previously requisitioned a special shareholder meeting to replace a majority of Algoma directors, has now announced a substitution on its slate of nominees for the board — John Hritz, the direct successor to James Wareham as president of AK Steel Corp., who will replace Mr. Wareham.
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Paulson Asserts Right of Shareholders to Consider Algoma Business
Nov. 22, 2005 - Paulson & Co. Inc., which holds (directly and indirectly) 19.0% of the outstanding shares of Algoma Steel, asserted the right of Algoma shareholders to requisition a special meeting, elect directors and consider company business as provided by Ontario law.
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Steelworkers Support Algoma's Rejection of Paulson Demands
Oct. 28, 2005 - United Steelworkers' Ontario/Atlantic Director Wayne Fraser said Thursday that the union supports Algoma Steel's rejection of the demand by major shareholder Paulson & Co. Inc. that Algoma undertake immediate capital reorganization.
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Algoma Rejects Paulson Demand
Oct. 26, 2005 - Algoma Steel Inc. announced that its Board of Directors has received and rejected a demand from Paulson & Co. Inc. that Algoma undertake a capital reorganization.
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CITT Rescinds Hot Rolled Steel Plate Orders
Jun. 28, 2005 - The Canadian International Trade Tribunal (CITT) has rescinded its June 27, 2000, finding on dumped hot rolled carbon steel plate from Brazil, Finland, India, Indonesia, Thailand and Ukraine and subsidized hot rolled carbon plate from India, Indonesia and Thailand.
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Algoma Steel to Change Auditors
Mar. 3, 2005 - Algoma Steel Inc. will propose the appointment of KPMG LLP as the company's Auditors for the year ending December 31, 2005.
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Algoma Steel Updates Plans for Blast Furnace Outage
Sep. 15, 2004 - Algoma Steel will delay its 35-day maintenance outage for No. 7 Blast Furnace, originally scheduled for mid-2005, until 2006 or later. The decision is based on preliminary results from an ongoing review of the blast furnace’s condition.
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Stelco to Demolish D Blast Furnace
Sep. 3, 2004 - Stelco Inc. will demolish its D Blast Furnace using explosives this Sunday, September 5, 2004. Built in the early 1950s, the approximately 250 foot high D Blast Furnace has been idle since 2000.
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Algoma Calls for Redemption of 1% Convertible Notes
Aug. 25, 2004 - Algoma Steel Inc. has called for the redemption on September 30, 2004 of all of its outstanding 1% convertible secured Notes due 2030 at a redemption price equal to the principal amount of the Notes plus accrued interest. Approximately $12.9 million (U.S.) of the Notes remain outstanding.
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Algoma Reports Continued Improvement in 2nd Quarter
Aug. 4, 2004 - Algoma Steel Inc. reported net income of $78.0 million on revenues of $439.8 million for the quarter, and net income of $100.1 million on revenues of $777.6 million for the six months ended June 30, 2004.
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Algoma Steel Outlines Terms of Tentative Agreements
Jul. 29, 2004 - As previously announced, Algoma Steel has reached tentative agreement on the terms of new labor agreements with the two USWA Locals. Ratification votes will be held over the next few days.
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