Ontario Steel provided the following comment with respect to the agreement with USW Local 2251:

"We know that any steel business runs on its people; they are the lifeblood of this industry. That's why we are working closely with the United Steelworkers Union to put plans in place that will protect jobs, pensions and benefits at Algoma. They need long term, strategic owners, which put workers in a position to do what they do best – manufacture the best steel in the world, right here in Ontario."

"To date, the restructuring processes at both Algoma and US Steel Canada (USSC) have lacked clarity and transparency and have not served the best interests of the people. The outcomes at USSC and Algoma will affect the lives of tens of thousands of Ontarians – current workers, retirees, their families and the community as a whole. They deserve a fair and competitive processes and outcomes that serve the best interests of all stakeholders, not a select few."

"We believe there is a better way. That's why we want to see the USSC and Algoma processes re-opened and all alternative bidders be given a fair chance to participate. That will serve the best interests of all involved, particularly the people that depend on this industry the most."

"Essar Global has a history of strong, constructive relations with union membership in Ontario, and we look forward to continuing that through Ontario Steel at Algoma."

About Ontario Steel Investment Limited

Ontario Steel Investment Limited is a consortium of steel industry specialists, including the shareholders of Essar Global. It was established as an investment vehicle for the Ontario steel industry.

SOURCE Ontario Steel Investment Limited

https://ceo.ca/@newswire/ontario-steel-investment-signs-letter-of-intent-with-united-steelworkers-local-2251