Steel woes test Algoma's mettle

Article Abstract:

Algoma Steel Inc. has been adversely affected by declining prices for important products amid the entry of imported steel into the Canadian market. The firm, which recently debunked rumors that it is facing bankruptcy, has instituted various damage-control strategies, such as cost-reduction, shutting down its tube mill and asking the federal government to implement anti-dumping duties on foreign steel makers. It is hoping that its sophisticated C$400-million mill in Sault Ste. Marie in Ontario, Canada, will rejuvenate its business once it becomes fully functional by the first quarter of 1999. The direct strip production complex, expected to provide cost savings of C$56 million per year primarily because of automation, is expected to register an output of 1.6 million tons of steel per year.

Comment:

Has been adversely affected by declining prices for important products amid the entry of imported steel into the Canadian market

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The lost opportunity for a Canadian steel giant

Article Abstract:

The efforts of Algoma Steel Inc. to create a Canadian steel manufacturer that could survive the global trends of consolidation in the steel industry are described. The company's efforts to acquire Stelco Inc., Ivaco Inc. and Slater Steel Inc. are discussed.

Acquisitions & mergers, FABRICATED METAL PRODUCTS, Mergers, acquisitions and divestments, Company acquisition/merger, Metal products industry, Metalworking industry, Company business planning, Stelco Inc., Slater Steel Inc., Ivaco Inc.

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Noteholder votes deal a blow to Algoma restructuring plan

Article Abstract:

Algoma Steel Inc.'s noteholders have voted to defeat the insolvent firm's restructuring plan, increasing the chances that the company will be liquidated and 3,900 jobs cut.

Stockholder data

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