Algoma to close mills, cut 800 jobs

Article Abstract:

Algoma Steel Inc has announced a loss of C$59.1 million on a revenue of C$1.27 billion for the FY98, from a profit of C$51.9 million on $1.26 in FY97. The company said that the loss was caused in part by declining sales and lower selling prices for key products as a result of dumping of steel imports into Canada. To improve its bottomline, Algoma announced that it lay off 800 workers, shut down two steel mills and discontinue its steel pipe and structural steel operations.

Sales, profits & dividends, Primary Iron & Steel, Iron and Steel Mills and Ferroalloy Manufacturing, Algoma Steel Inc.

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Deals push quiet EdperBrascan firm into spotlight

Article Abstract:

EdperBrascan Corp is being put into the spotlight with recent deals that involve its lending and finance subsidiary, Trilon Financial Corp. EdperBrascan owns 65% of Trilon, which is the main lender to Royal Oak Mines Inc, which recently file for bankruptcy protection. Trilon is also set to shell out C$40 million to buy out the public shareholders of Royal LePage Ltd, a real estate brokerage 55%-controlled by Trilon.

Commercial Banking, Strategy & planning, Business Financing, EdperBrascan Corp.

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