SAULT STE. MARIE Algoma Steel in Sault Ste. Marie is merging with an American acquisition firm that specializes in taking over industrial companies and taking them public. The $1.7-billion deal with New York-based Legato Merger Corp. will give Algoma access to millions of dollars in capital and will be publicly traded on the stock market. Algoma Steel CEO Mike McQuade said the merger will allow the company to make a substantial investment in a process called Electric Arc Steel Making, which is proven to be more efficient and better for the environment than a traditional blast furnace. The result is Algoma’s carbon footprint being reduced by three million tonnes.
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Union bosses representing the majority of the workforce at Algoma Steel Inc. aren’t saying much on record about the $1.7 billion merger agreement the company has entered into with special-purpose acquisition company Legato Merger Corp.
The merger agreement, which would see the Sault Ste. Marie steelmaker become a publicly traded company, was officially announced by Algoma Steel and Legato via conference call Tuesday.
USW Local 2251 president cautiously optimistic
United Steelworkers Local 2251 President Mike Da Prat tells SooToday that he was informed of the merger by Algoma Steel Inc. Chief Executive Officer Mike McQuade the night before Tuesday’s announcement.
Ontario health unit merger is still a bad idea for the north, mayors say cbc.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cbc.ca Daily Mail and Mail on Sunday newspapers.
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The Northern Ontario Large Urban Mayor’s group which includes Brian Bigger in Sudbury wants to see changes to FedNor’s autonomy and budget.
Sault Ste. Marie Mayor Christian Provenzano was tasked with writing a letter to Prime Minister Justin Trudeau and Minister Melanie Joly to outline the joint position of the Northern Ontario mayors and lobby for change.
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Provenzano, Greater Sudbury Mayor Brian Bigger, Timmins Mayor George Pirie, North Bay Mayor Al McDonald, and Thunder Bay Mayor Bill Mauro all signed the letter.
Northern mayors want more independence for FedNor thesudburystar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thesudburystar.com Daily Mail and Mail on Sunday newspapers.