Canadian steelmaker Algoma Steel to go public with $1B takeover deal with American firm

 
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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