McKinsey turnaround expert hired by Essar

Jul 18, 2014 | 05:18 PM | Michael Cowden

Tags  Essar Steel Algoma, Kalyan Ghosh, Pramod Shukla, McKinsey, Greg Fern, bankruptcy, Chapter 15, restructuring steel

CHICAGO — Essar Steel Algoma Inc. retained McKinsey & Co. in June as it looked to restructure roughly a month before filing for Chapter 15 bankruptcy court protection, according to a company letter obtained by AMM.

A support team from the consulting firm will work for the "next two years" on site with the Sault Ste. Marie, Ontario-based flat-rolled steelmaker as it scrutinizes its "strategic direction, operational configuration and organizational challenges," Essar Steel Algoma chief executive officer Kalyan Ghosh said in....

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