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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.
File photo
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.
How to Flourish, The Rock for President? and a 7-Eleven Grudge Match: The Week in Narrated Articles
Five articles from around The Times, narrated just for you.
Credit.Cristina Spanò
May 7, 2021
This weekend, listen to a collection of narrated articles from around The New York Times, read aloud by the reporters who wrote the story.
The Other Side of Languishing Is Flourishing. Here’s How to Get There.
With vaccination rates on the rise, hope is in the air. But after a year of trauma, isolation and grief, how long will it take before life finally feels good?
Post-pandemic, some answers to that question may be in your own hands.