Algoma Steel Inc. has completed the purchase of the assets of Essar Steel, emerging from the creditor protection it has been under for three years.
Under new ownership and the direction of a professional board of directors, Algoma Steel says it has a significantly improved balance sheet, which offers financial stability, secure pensions and employment for over 2900 workers in Sault Ste. Marie, ON.
Algoma Steel has relaunched its plans to modernize its facilities in Sault Ste. Marie. The new owners say they are committed to investing $300 million to expand capacity and grade capability. CEO Kalyan Ghosh says the company is also hiring new employees.
“This investment will position Algoma Steel to meet the growing demand for advanced grades of steel and to support growth in related industries like shipbuilding, auto manufacturing, energy, mining and defense,” the company says.
The company acknowledged the role United Steelworkers Locals 2251 and 2724 played in achieving the turnaround.