Algoma Steel Inc. announced that it has entered into the process for reviewing a potential acquisition of Stelco.
Denis Turcotte, Algoma's president and CEO, indicated that Algoma's review of Stelco is consistent with the company's program to look at all opportunities to enhance shareholder value.
"There are a number of significant issues that need to be addressed with Stelco stakeholders for an acquisition to be successful. Algoma will only proceed with a transaction if these issues can be satisfactorily resolved and our shareholder value enhanced," says Turcotte.
Algoma Steel Inc. is an integrated steel producer based in Sault Ste. Marie, Ontario.
Stelco, which has been operating under bankruptcy protection since the beginning of this year, has seen a significant amount of interest from a number of steel companies, including Russia's OA Severstal and U.S. Steel, based in Pittsburgh.
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