Algoma pays $43M in advance for pensions

Dec 29, 2005 | 01:00 PM | Scott Robertson

Algoma Steel Inc., Sault Ste. Marie, Ontario, said Thursday it made an advance contribution to its pension plans of C$50 million ($43 million) in December in order to reduce 2005 income taxes and generate higher returns on the pension fund assets.

The payment represents a C$6-million ($5-million) adjustment to 2005 funding and a prepayment of C$44 million ($38 million) toward 2006 funding. As a result of the prepayment, Algoma does not expect to resume regular monthly pension contributions until October 2006.....

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