Algoma makes move to save cash

Article Abstract:

Algoma Steel Inc. has undertaken a cost-cutting strategy that includes a sale of its scrap metals processing unit. Algoma, which also will delay a planned blast furnace refurbishing, lost $19.3 million in the quarter ended Sept. 30, 2000.

Financial management, Finance

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Algoma Steel's plan to sell scrap-processing business falls through

Article Abstract:

Algoma Steel Inc., which is the third-largest steel manufacturer in Canada, has announced that the proposed sale of its scrap-processing operations has collapsed. Algoma, which has suffered from financial problems, tried to sell the unit to Essex Trading Co. for between $15 million and $25 million.

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With Algoma Steel gone, is Stelco next?

Article Abstract:

Speculation in Canadian steel industry over possible sale of Stelco Inc. too after the sale of Algoma Steel Inc. to Essar Global Ltd. is discussed.

Acquisitions & mergers, Company acquisition/merger, India, Stelco Inc., Essar Group

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