Steel Mills

Essar Algoma Gets Another 30 Days to Finalize Sale
Written by Sandy Williams
February 6, 2017
Essar Steel Algoma announced on Tuesday that it has received an extension to its Debtor-in-Possession financing facility (DIP).
The Ontario Superior Court of Justice approve the amendment and extension on January 31, extending the DIP to March 31 with the option of a further thirty day extension. Stay of proceedings has also been extended to March 31.
Essar Steel Algoma CEO Kaylan Ghosh expects Algoma income during the extension period to cover operating expenses during the period but said the extension was necessary to complete the sale of the company.
Said Ghosh in a news release, “Although the Company fully expects to generate sufficient funds for operating expenses during the extension period, we have not yet been successful in completing a transaction, and thus the extension was necessary. We continue to operate business as usual while we look to engage in meaningful discussions with the union in pursuit of an agreement that works for all parties.”

Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills

Nippon could up investment in USS facilities to $7B: Report
It's the latest twist as the proxy battle heats up for Pittsburgh-based U.S. Steel.

Hybar expansion still on the table as Arkansas mill startup nears
As Hybar nears the completion of its $700-million rebar mill in Arkansas, the company said it is still “actively considering” building other steel facilities in the southern US.

Global steel production edges lower in February
February’s global raw steel output is tied with last December's for the fourth-lowest monthly production rate recorded over the past two years.

Fate of U.S. Steel hangs in the balance
The future of U.S. Steel remains unclear, but the proxy fight for control of the company is heating up. Shareholders will cast their votes on the company's future at the annual meeting in May.

Cliffs to idle Dearborn blast furnace, restart Cleveland furnace by July
Cleveland-Cliffs has decided to idle the steelmaking operations at its Dearborn Works in Michigan due to weak automotive demand.