July 30, 2016 12:30 PM ET

Metals and Mining

Company Overview of Essar Steel Algoma Inc.

Company Overview

Essar Steel Algoma Inc. manufactures and sells steel sheet and plate products in Canada, the United States, and internationally. It provides rolled and heat treated steel plate products, including grades, rolled, heat treated plates, and floor and armour plates for construction, mining, manufacturing, energy, shipbuilding, and military applications; and hot and cold rolled sheet steels in carbon and HSLA grades for use in manufacturing applications of automotive industry, as well as by-products. The company was founded in 1901 and is headquartered in Sault Ste. Marie, Canada. Essar Steel Algoma Inc. is a subsidiary of Essar Global Limited.

105 West Street

Sault Ste. Marie, ON P6A 7B4

Canada

Founded in 1901

2,939 Employees

Phone:

705-945-2351

Fax:

705-945-2203

Key Executives for Essar Steel Algoma Inc.

Chief Executive Officer and Director
Vice President of Finance
Chief Operating Officer
General Counsel and Corporate Secretary
Director of Investor Relations
Compensation as of Fiscal Year 2016.

Essar Steel Algoma Inc. Key Developments

KPS Withdraws Bids For Essar And U.S. Steel

KPS Capital Partners, LP is pulling out of the joint bid it made for Essar Steel Algoma Inc. and U.S. Steel Canada Inc. KPS reportedly withdrew the bids because it was unable to reach agreements with the Ontario government, a source familiar with the matter said.

Essar Steel Looking At Stand-Alone Restructuring Plan Instead Of Sale

Essar Steel Algoma Inc. which has put itself up for sale as it operates under creditor protection, now says it is considering trying to restructure without an outside investor. While the steelmaker is nearing the end of a sales and investment solicitation process that has been narrowed down to two bidders, the company is "evaluating other potential restructuring alternatives, including a potential replacement [debtor-in-possesion financing] and a stand-alone restructuring plan," according to a filing with the Ontario Superior Court. "All restructuring options remain under consideration," Essar Algoma spokeswoman Brenda Stenta said on June 14, 2016. Rajat Marwah, Chief Financial Officer of Essar Steel Algoma did not elaborate or explain in the filing what has changed to make the company consider alternatives as the sales process it established moves toward a conclusion.

Essar Global May Bid For Essar Steel Algoma

Essar Global Fund Limited may be among the bidders for Essar Steel Algoma Inc., according to court documents. Brian Denega, the court-appointed monitor in the company's ongoing restructuring, wrote in documents filed in the Ontario Superior Court of Justice on May 11, 2016. Essar Algoma applied for protection under Canada's Companies Creditors Arrangement Act and Chapter 15 of the US bankruptcy code last November and is seeking a buyer for its operations. Brian Denega did not name any other potential bidders. Ontario Superior Court Justice Frank Newbould issued a judgment earlier this week that in effect disqualified an unidentified bidder from participating in the sales process set up by Essar Algoma as part of the restructuring. That bidder is Essar Group, the sources said. Sources said Essar Group has also made a bid to purchase U.S. Steel Canada Inc., which, like Essar Algoma, is operating under the protection of the Companies’ Creditors Arrangement Act amid a steel industry downturn that will change the ownership of two of Canada’s three largest integrated steel makers.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
June 17, 2016
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