Steel Mills
Essar Steel Algoma Gets Capital Infusion
Written by Sandy Williams
September 16, 2014
Essar Steel Algoma has received permission from the Ontario Superior Court of Justice for a recapitalization and refinancing plan that was approved by shareholders in a September 10, 2014 meeting.
The Plan of Arrangement allows for a capital infusion of up to $100 million from the Essar Global Fund Ltd to complete scheduled capital improvements and to build raw material inventory for the winter season.
Kalyan Ghosh, Chief Executive Officer of Essar Steel Algoma commented on the Plan’s approval, “This Plan provides for a comprehensive capital infusion, a substantial deleveraging of our balance sheet and the refinancing of all of Algoma’s senior secured debt. In recent months, we have been able to capitalize on the favourable market environment, building on sustainable operational improvements that positioned the Company well for the future. In July and August alone we generated EBITDA of CDN$22 million and CDN$30 million, respectively. Our order book is full and we are currently taking orders for November.”
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Algoma to shut down line in Ontario ahead of EAF start
The 106” Mill was part of Algoma's plate and strip combination facility.
Nippon trial vs. US government to begin early next month: Report
Nippon Steel’s litigation against the US government is set to begin in early February, according to a report by Japan’s Kyodo News Agency. Nippon will file its opening brief on Feb. 3. And both parties will conclude their claims by March 17 in the US Court of Appeals for the District of Columbia Circuit, Kyodo […]
Nucor carbon targets certified by GSCC
Nucor’s “ambitious” carbon targets by the end of the decade and beyond have been certified by the Global Steel Climate Council (GSCC). The Charlotte, N.C.-based steelmaker used a base year of 2023 for its science-based emissions targets (SBET). It set an SBET of 0.975 metric tons (mt) of CO2 emissions per mt of hot-rolled steel […]
SSAB halts talks with Feds on Miss. green steel plant
The Department of Energy's Industrial Demonstrations Program page states that it is no longer moving forward with SSAB.
Cleveland-Cliffs CEO seeks ‘American solution’ for U.S. Steel
He said a new entity would operate under the U.S. Steel name and would retain its Pittsburgh headquarters.