Sault Ste. Marie

Essar Steel Algoma’s largest union said it was not involved in the sale process that allowed a New York hedge fund to emerge as the best bet to take over the Sault Ste. Marie steel plant.

Essar Steel Algoma announced June 17 that it has entered into an asset purchase agreement for the sale of the Sault Ste. Marie steel works to a consortium of bidders headed up by KPS Capital Partners, a New York-based private equity firm.

With its court-ordered protection from creditors due to expire tomorrow, Essar Steel Algoma has obtained an extension through September 16, SooToday reported.

Essar Steel Algoma was fined $100,000 after pleading guilty in a Provincial Offences Court stemming from a 2014 industrial accident at the Sault Ste. Marie steel works where three workers were injured in a steam explosion at the No. 7 blast furnace.

SIS Manufacturing Corp. is expanding its steel machining operation, which will create 10 new jobs at the Sault Ste. Marie shop. The province announced a contribution of $1 million toward the expansion on May 24.

The Sault Ste. Marie Economic Development Corp. (EDC) has opened a new incubator to assist entrepreneurs with business development services.

Essar Steel Algoma has settled its contract dispute with Cliffs Natural Resources for the supply of iron ore pellets to its Sault Ste. Marie steel plant.

The Sault Ste. Marie Airport is embarking on a major expansion of its hangar space to allow its primary tenant, aircraft maintenance provider JD Aero , to expand its services. The $5.

A new residents’ association hopes to have input into future decision-making around the Algoma Central Rail passenger line that runs between Sault Ste. Marie and Hearst.

Sault Ste. Marie is forming a Community Adjustment Committee to come up with a plan for the future of the city and its residents.