Algoma throws hat in ring, considers offer for Stelco
Dec 21, 2004 | 10:24 AM
| Scott Robertson
Algoma Steel Inc., Sault Ste. Marie, Ontario, has made it official It is interested in acquiring Stelco Inc., Canada's largest steel producer, which is restructuring under bankruptcy protection.
Algoma, which itself exited bankruptcy protection just two years ago, said Tuesday it has begun the process for making a bid for Stelco.Algoma's move came less than three weeks after Paulson & Co., a New York-based investment management company, acquired a 14-percent stake in the Sault Ste. Marie-based steelmaker (AMM, Dec. 3). Paulson said it made the investment because it believed Algoma's relatively small size and low valuation made it a potential target to be acquired.....
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