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Essar Global completes Canada's Algoma buy
Our Bureau
Mumbai
June 21
Essar Global on Thursday announced that it has completed the acquisition of Algoma Steel Inc through its wholly owned subsidiary Essar Steel Holdings Ltd.
Essar has acquired the company at a valuation of Canadian $1.85 billion. Following this, Algoma Steel becomes a part of Essar Global and Mr Denis Turcotte will continue as Chief Executive Officer of Algoma Steel Inc.
Mr Shashi Ruia, Chairman of Essar Global, said, "We are delighted to welcome Algoma to the Essar family. Algoma is the keystone of our expansion into the North American markets. In addition there are plenty of synergies available between our two operations."
Algoma is expected to add a new dimension to Essar Steel's marketing operations in North America. Algoma will also now have access to Essar's range of value-added products in the automobile, white goods, construction and engineering industries.
A company statement said the enlarged business will concentrate on further reducing costs of production, widening the product range and developing new applications.
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