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Zekelman Industries buys 5% of Algoma Steel shares

Written by Ethan Bernard

August 23, 2024

Zekelman Industries has bought roughly 5% of the available shares of Canada’s Algoma Steel.

The Chicago-based pipe and tube maker bought a 5.02% stake in the Canadian flat-rolled steelmaker for approximately $42.1 million excluding brokerage commissions, according to a US Securities and Exchange Commission Form 13D filing.

Zekelman purchased 5,229,988 common shares, the filing from July 31 said.

Recall that Barry Zekelman, executive chairman and CEO, told SMU in a Community Chat leading up to Steel Summit 2023: “If I go to my grave without owning a steel mill, I won’t be happy. It’s been a lifelong dream of mine.”

Requests for comment from Zekelman Industries and Algoma was not returned by time of publication on Friday afternoon.

Ethan Bernard

Ethan Bernard is a reporter and editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

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