Steel Mills
Essar Steel Algoma Seeks New Restructuring Extension
Written by Sandy Williams
January 10, 2017
Essar Steel Algoma is continuing its restructuring process into the New Year despite hopes it would emerge from CCAA protection by the end of 2016. The year ended with the Term Loan Bidders trying to negotiate a deal to purchase Algoma and secure approval from the United Steelworkers. Algoma’s DIP financing will expire as of January 31, 2017 and an extension will be sought.
The letter below from chief commercial officer Robert Dionisi provides an update to the current situation at Essar Steel Algoma.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Nucor names Batterbee, Bledsoe to HR roles
Nucor Corp. has promoted Thomas J. Batterbee to the position EVP of human resources and talent and appointed Elizabeth Bledsoe to the newly created position of president of human resources and talent.
Millett sees tariffs, CORE case benefiting SDI
Steel Dynamics' top exec thinks Trump’s tariff policies, as well as the results from the recent CORE case, will prove advantageous to the Fort Wayne, Ind.-based steelmaker and aluminum company.
USW digs in on opposition to USS-Nippon deal
“We remain deeply concerned about the national and economic security implications of the subject transaction,” the union stated in the letter dated April 21.
SDI’s Q1 earnings slump on-year, but up sequentially
SDI earnings slip in first quarter year over year, but are up sequentially.
POSCO inks MoU with Hyundai on Louisiana EAF mill
POSCO has signed a Memorandum of Understanding (MoU) with Hyundai Motor Group that includes an equity investment in Hyundai’s previously announced EAF mill set to be built in Louisiana.