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Essar Algoma Steel pays back almost $60 million to lenders

Essar Algoma Steel pays back almost $60 million to lenders

Money to date has gone to out-of-town lenders, and local creditors have not been paid back.
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Essar Steel Algoma gets third loan extension

Essar Steel Algoma gets third loan extension

A blackout has been ordered on public pronouncements or discussion of mediation talks starting March 22 in Toronto.
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Essar Algoma boasts highest steel production in almost 30 months

Essar Algoma boasts highest steel production in almost 30 months

A Toronto judge will be asked today to reopen Essar Algoma's sales and investment solicitation process. But a financial advisor to Deutsche Bank warns that would likely trigger default of the financing that's been keeping the Sault mill running for 15 months.
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Essar Global slams talk of liquidating Sault steel mill

Essar Global slams talk of liquidating Sault steel mill

'It makes little sense to raise the spectre of liquidation given market conditions and the company's recent financial performance, and such tactics are both feeble and transparent.' — Essar Global
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Strike or lockout will trigger default in Essar Algoma's financing

Strike or lockout will trigger default in Essar Algoma's financing

Court records reveal that ongoing financing is dependent on Essar Steel Algoma cutting $22.2 million from its operating expenses by March 15.
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Sault named new home of Microsoft customer service centre

Sault named new home of Microsoft customer service centre

IT centre to initially employ 30, with potential for 250 within five years.
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Essar Steel Algoma goes on the block

Essar Steel Algoma goes on the block

Essar Steel Algoma will start searching next month for a buyer or major new investor in its Sault Ste. Marie steelmaking operation.
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