Algoma Merger Completed, Mill Going Public
By Metal Center News Staff
on Oct 20, 2021
The merger of Canada’s Algoma Steel Inc. and acquisitions company Legato Merger Corp. has been completed. The deal has resulted in Algoma becoming a public company.
The transaction, including the concurrent private investments provided net proceeds of approximately $306 million to Algoma, which are expected to be used for strategic investments, including Algoma’s proposed transformation to electric arc furnace steelmaking.
Algoma’s common shares began trading Oct. 20 on the Nasdaq Stock Market and the Toronto Stock Exchange under the symbol ASTL.
“We are thrilled to complete our business combination with Legato and return Algoma to the public market. Algoma is building a new era in steel. We are investing in our people and processes, and optimizing our operations to embrace a more sustainable future,” said Michael McQuade, CEO of Algoma.
“In two short years, we upgraded our cornerstone asset, the Direct Strip Production Complex, we constructed our second ladle metallurgy facility, and we embarked on an extensive upgrade to our plate mill – Canada’s only discrete plate and heat-treating facility. The momentum is building as we look to a proposed transition to electric arc steelmaking, a fundamental change that has the potential to increase our production capacity while shrinking our environmental footprint with a reduction of more than 70 percent in carbon emissions,” he said.