Chairman of Essar Global, Shashi Ruia, says This acquisition fits in with our global steel vision of having world-class, low-cost assets, with a global footprint. Algoma provides us with an excellent platform for the Canadian and North American markets.
The transaction will be effected through a court scheme of arrangement, which requires the support of two-thirds of AlgomaÆs shareholders. An Essar subsidiary will acquire all of the shares of Algoma for C$56.00 per share.
Algoma is an integrated steel producer based in Sault Ste. Marie in Ontario. Last year, it shipped 2.4 million tonnes of steel...
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