Metals and Mining
Company Overview of Essar Steel Algoma Inc.
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
Founded in 1901
Key Executives for Essar Steel Algoma Inc.
Chief Executive Officer and Director
Vice President of Finance
General Counsel and Corporate Secretary
Director of Investor Relations
Compensation as of Fiscal Year 2014.
Essar Steel Algoma Inc. Key Developments
ESSAR Algoma Steel Presents at JPMorgan Global High Yield & Leveraged Finance Conference, Feb-25-2015 09:40 AM
Feb 16 15
ESSAR Algoma Steel Presents at JPMorgan Global High Yield & Leveraged Finance Conference, Feb-25-2015 09:40 AM. Venue: Loews Hotel, Miami Beach, Florida, United States.
Essar Steel Algoma Inc. Reports Earnings Results for the Third Quarter Ended and Nine Months December 31, 2014
Feb 16 15
Essar Steel Algoma Inc. reported earnings results for the third quarter ended and nine months December 31, 2014. The company signaled its return to profitability reporting a net income of CAD 26.8 million for the three month period ended December 31, 2014, as compared to a net loss of CAD 38.6 million for the same three month period ending December 31, 2013. The gain is attributable to higher shipments coupled with higher selling prices and lower costs. EBITDA for the quarter was CAD 70.6 million.
For the nine months, the company reported CAD 168.2 million for the nine month period ended December 31, 2014. EBITDA is a non-GAAP measure of profitability, used by management as an indicator of the operational health of the business.
Essar Steel Algoma Inc. Files Counter Claim against Cliffs
Feb 13 15
Essar Steel Algoma Inc. announced that it has filed counter-claims against its iron ore supplier for damages in excess of USD 164 million arising out the parties' relationship, including a claim for certain outstanding credit payments owed by Cliffs. ESAI's suit was filed in response to a January 12, 2015 lawsuit filed by Cliffs against the Company in the amount of approximately USD 90 million. The company provides assurance that the supply contract remains in effect. Essar Steel Algoma continues to take delivery from Cliffs and Cliffs continues to supply iron ore to ESAI while the parties litigate their dispute. The suit was filed in the District Court for the Northern District of Ohio.
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