Northern Ontario Business reported that more than five years after it first applied for protection from its creditors, the company once known as Essar Steel Algoma Inc remains under court ordered insolvency protection. Toronto Superior Court Justice Glenn Hainey agreed to allow another six months to finally wrap up Old Steelco's Companies' Creditors Arrangement Act file. Old Steelco will continue to be protected from its creditors until June 20, 2021.
When the Sault's steelmaking operations were sold two years ago, the legacy mine properties were excluded from the transaction. Most of the properties have been owned by Algoma since the early 1900s. In 2017, the court-appointed insolvency monitor advertised three of the old mines on mine property marketing websites.