HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
Message: Steel mill CEO to make announcement Friday afternoon about plant's future
Steel mill CEO to make announcement Friday afternoon about plant's future
The mill faces a Nov. 30 deadline to complete a sale with a company associated with its term lenders
about an hour ago by: SooToday Staff
New steel plant branding is revealed in this May 26, 2017 file photo. Kenneth Armstrong/SooToday
Kalyan Ghosh, CEO of Algoma, will make an announcement Friday "regarding the next chapter" for the Sault steelmaker.
The sale of Sault Ste. Marie's steel mill - which remains under creditor protection - is expected to close on Friday. People close to the negotiations expect that the Nov. 30 deadline will be met.
Local media have been invited to the mill for an announcement tentatively scheduled for 4 p.m.
Last year, the steel mill rebranded itself as simply 'Algoma' although for legal purposes it continues to be Essar Steel Algoma Inc. until it emerges from insolvency protection under the Companies' Creditors Arrangement Act. The company set to acquire Essar Steel Algoma Inc. has formally incorporated under the steelmaker's former name, Algoma Steel Inc.
The new company is associated with Essar’s term lenders and consenting senior secured noteholders.
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