Soo Today reported that Union bosses representing the majority of the workforce at Algoma Steel Inc aren’t saying much on record about the $1.7 billion merger agreement the company has entered into with special-purpose acquisition company Legato Merger Corp. United Steelworkers Local 2251 President Mr Mike Da Prat told SooToday that he was informed of the merger by Algoma Steel Inc Chief Executive Officer Mr Mike McQuade the night before announcement. He told “The information given to me by the CEO was that our debt rating would be improved, a number of other issues would improve, certain amounts of debt would be made better. So based on all that, what I can say, I am cautiously optimistic.” Sault Ste Marie Mayor Christian Provenzano is hopeful the merger will benefit both the steelmaker and the community going forward. He said “What we want to see is a steel provider that has a long-term and sustainable future, and we have no reason to believe this isn’t a positive development. So we’ll see how it unfolds, and we’ll remain hopeful that it’s a sign of good things to come for Algoma. From his perspective, it’s in the best interest of both the company and the community to ensure that the company is reinvesting in its technologies. With climate change and the effects of the pollutants that result from the blast furnace process, I think it’s a responsible thing to consider the implementation of an EAF, and I think there could be some real upside to the community - the health of the community and the long-term sustainability of the company.”
Soo Today reported that Union bosses representing the majority of the workforce at Algoma Steel Inc aren’t saying much on record about the $1.7 billion merger agreement the company has entered into with special-purpose acquisition company Legato Merger Corp. United Steelworkers Local 2251 President Mr Mike Da Prat told SooToday that he was informed of the merger by Algoma Steel Inc Chief Executive Officer Mr Mike McQuade the night before announcement. He told “The information given to me by the CEO was that our debt rating would be improved, a number of other issues would improve, certain amounts of debt would be made better. So based on all that, what I can say, I am cautiously optimistic.” Sault Ste Marie Mayor Christian Provenzano is hopeful the merger will benefit both the steelmaker and the community going forward. He said “What we want to see is a steel provider that has a long-term and sustainable future, and we have no reason to believe this isn’t a positive development. So we’ll see how it unfolds, and we’ll remain hopeful that it’s a sign of good things to come for Algoma. From his perspective, it’s in the best interest of both the company and the community to ensure that the company is reinvesting in its technologies. With climate change and the effects of the pollutants that result from the blast furnace process, I think it’s a responsible thing to consider the implementation of an EAF, and I think there could be some real upside to the community - the health of the community and the long-term sustainability of the company.”
