Steel Mills
Algoma Lenders Make Deal on Taxes with City
Written by Sandy Williams
August 16, 2017
Lenders pursuing the purchase of Canadian steel mill Algoma have reached an agreement with the City of Sault Ste. Marie regarding payment of Algoma’s back taxes.
We have settled the tax issue,” Mayor Christian Provenzano told The Sault Star. “We are satisfied that we recovered enough moneys in our negotiations to ensure that we were very fair to the taxpayers of the City of Sault Ste. Marie and that they’re protected. We won’t have to pass on any tax increases or service cuts as a result of this issue.”
Algoma owes approximately $20 million to the city resulting from a suspension of payments during the company’s restructuring under the Companies Creditors’ Arrangement Act. In May, Justice Frank Newbould ordered Algoma to resume payments in the amount of $350,000 per month for city taxes. Under the agreement reached with the DIP lenders, that amount will increase to $500,000 in August providing the acquisition by the lenders is concluded successfully.
Mining land for sale
Algoma has also posted for sale 10 potential mining sites it owns in Northern Ontario. The sites have not been explored for over 40 years, according to the Algoma listing. The sites were originally acquired for potential iron ore mining and may contain jasper, magnetite, pyrite, siderite and gold.
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.