Algoma Steel in Talks to go Public
Algoma SteelAlgoma Steel

Algoma Steel in Talks to go Public

Bloomberg, citing to people with knowledge of the matter, reported that Canada’s Algoma Steel Inc is in talks to go public through a merger with

Bloomberg, citing to people with knowledge of the matter, reported that Canada’s Algoma Steel Inc is in talks to go public through a merger with Legato Merger Corp, a blank check-firm. Sources said “A deal is set to value the combined entity at more than USD 1 billion. Terms could change and, as with all transactions that aren’t yet finalized, its possible talks could collapse.”

Legato, led by a management team including Mr David Sgro, Mr Eric Rosenfeld and Mr Brian Pratt, raised about USD 236 million in a January initial public offering. The special purpose acquisition company has said it will focus on finding a target business in the industrial, renewables, infrastructure, engineering or construction industries.

Algoma, based in Sault Ste Marie, Ontario and led by Chief Executive Officer Mr Michael McQuade, is a producer of hot and cold-rolled steel products. The company has said its estimated production capacity is about 2.8 million tons per year.

No stories found.
SteelGuru Business News
www.steelguru.com