SAULT STE. MARIE, Ontario – Essar Global announced Thursday that it has completed its acquisition of Algoma Steel Inc. for $1.85 billion.
“We are delighted to welcome Algoma to the Essar family. Algoma is the keystone of our expansion into the North American markets. We look forward to working with Algoma's impressive team to take forward our vision of world class, low cost steel assets, with a global footprint. In addition, there are plenty of synergies available between our two operations,” said Shashi Ruia, Chairman, Essar Global.
“As part of the Essar group, we will be able to exploit new growth opportunities and implement the best technological and engineering practices from across both organizations. This is a win-win situation for all Algoma stakeholders,” added Denis Turcotte, CEO of Algoma.
Ontario-based Algoma Steel is an integrated steel producer.
Essar Global is an international conglomerate focusing on the steel, energy, power, communications, shipping and logistics, and construction business areas.