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Algoma Steel to begin trading today on TSX and Nasdaq

Algoma CEO thrilled to complete business combination with Legato and return Algoma to the public mark
202107-16 Algoma Steel File BC (1)

Algoma Steel's common shares are scheduled to begin trading today, Wednesday Oct. 20, on the Nasdaq Stock Market and the Toronto Stock Exchange under the symbol ASTL.

"We are thrilled to complete our business combination with Legato and return Algoma to the public market. Algoma is building a new era in steel," said Michael McQuade, CEO of Algoma, in a statement.

"We are investing in our people and processes, and optimizing our operations to embrace a more sustainable future. In two short years, we upgraded our cornerstone asset, the Direct Strip Production Complex, we constructed our second ladle metallurgy facility, and we embarked on an extensive upgrade to our Plate Mill - Canada’s only discrete plate and heat-treating facility.

"The momentum is building as we look to a proposed transition to electric arc steelmaking, a fundamental change that has the potential to increase our production capacity while shrinking our environmental footprint with a reduction of more than 70 per cent in carbon emissions."

Algoma, a maker of sheet and plate steel products, closed its merger with Legato Merger Corp, this week, restoring the 120-year-old Sault Ste. Marie company to the public markets for the first time since 2007 before it was acquired by Essar Global and taken private.

Algoma emerged from credit protection as an independent company in late 2018. The closing of this transaction will pump US$306 million into the operation to make "strategic investments," include the transition from coal-burning steelmaking to electric arc production in the coming years.

- SooToday