A major hurdle for Essar Steel Algoma to emerge from creditor protection could be cleared.
United Steelworkers Local Union 2251, the largest union at the Sault Ste. Marie steelmaker, has reached a tentative agreement with the group of secured creditors involved in the restructuring effort.
In a May 10 news release from the 2251 negotiating committee said a comprehensive memorandum of agreement must be developed and signed off by all parties.
The union said information meetings will be announced in the coming days.
A ratification vote will be held subsequent to the information meetings.
The sheet and plate producer entered Companies’ Creditors Arrangement Act (CCAA) protection in November 2015.
