A company with inseparable ties to Sault Ste. Marie and a rich, century old steelmaking tradition is returning to its roots. After a decade known as Essar Steel Algoma, the historic steel manufacturer has launched its new brand: Algoma.
After nearly a decade as Essar Steel Algoma, the company returns to its roots with a fresh take on the Algoma brand.
Essar Steel Algoma Inc. (“Essar Steel Algoma” or the “Company”) obtained an Order on March 30, 2017 from the Ontario Superior Court of Justice (Commercial List) extending the stay of proceedings under the Companies’ Creditors Arrangement Act (“CCAA”) to April 30, 2017. The lenders under the Company’s existing debtor-in-possession financing facility (the “DIP”) have also consented to an extension of the scheduled maturity of the DIP to April 30, 2017.
In June, Algoma was acquired by Essar Steel Holdings Ltd., a division of the multi-national conglomerate, Essar Global.
With a net income of $343.8 million, Algoma's share price rose 416% making Algoma's stock one of the leading performers on the TSX. Algoma had established a solid foundation, and in 2005 the Company turned its attention to building a future in the global marketplace.
The market dropped again at the close of decade and in 2002 Algoma emerged from its second restructuring and embarked on a course of action that would lead to Algoma's most profitable year on record in 2004.
October 28, 1995 marked a proud moment in Algoma's history as construction commenced on Algoma's Direct Strip Production Complex (DSPC). Today the complex is Algoma's cornerstone asset, positioning Algoma as one of the leaders in the North American hot rolled sheet market.
Algoma underwent restructuring as a result of the severe economic storm that affected the North American steel industry in the 80's and 90’s. The new Algoma was born with the signing of a Joint Restructuring Process Agreement in April of 1992.
Algoma’s No. 7 blast furnace goes into operation. The 315 foot high furnace was designed to produce 5,000 tons of iron per day, replacing No. 3 and No. 4 blast furnaces.
On July 20th, Algoma’s No. 6 blast furnace was put on blast to replace No. 1 furnace. Expansion continued throughout the steelworks including the construction of Algoma’s first Cold Mill in 1954.