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Algoma Steel granted further protection from creditors (10/01)

As expected, Algoma Steel Inc. was granted a fourth straight extension of court protection from its creditors in late September. But the Sault Ste. Marie steelmaker is not expected to have a final restructuring plan in place until year's end.
Northern Ontario Business Staff

As expected, Algoma Steel Inc. was granted a fourth straight extension of court protection from its creditors in late September. But the Sault Ste. Marie steelmaker is not expected to have a final restructuring plan in place until year's end. Negotiations involving the federal and provincial governments are still ongoing with the United Steelworkers of America representing 4,000 steelworkers and 8,000 pensioners. Algoma has operated under the Companies' Creditors Arrangement Act protection since April 23. The protection order freezes the company's $500-million long-term debt obligations and prevents creditors from forcing it into bankruptcy.