Essar Steel Algoma in a buying mood?

Essar Steel Algoma says it has no comment on whether it may be interested in buying U.S. Steel Canada's operations in Hamilton.

Word that the local steelmaker may be interested in such an acquisition comes from Bob Bratina, former Hamilton mayor, in remarks made to a Hamilton radio station.

Brenda Stenta, Essar Steel Algoma manager of communications, said the company has no comment, in an email to SooToday Wednesday.

Bratina is quoted as saying Essar would be a good fit for the Hamilton steel sector.

Essar Steel Algoma recently reported a better fiscal year.

After recapitalization and refinancing, fiscal 2015 saw a return to profitability for the steelmaker, with income for the twelve month period ending March 31, 2015 of $76.3 million as compared to a loss of $240.4 million for the same period ending March 31, 2014.

The steelmaker also recently received $60 million in federal and provincial funding toward $240 million in upgrades.

U.S. Steel's facility in Hamilton is currently operating under Companies’ Creditors Arrangement Act (CCAA) protection.

It was granted CCAA protection in September, in part because of a pension solvency deficiency of $839 million.

U.S. Steel Canada purchased most of the assets of Stelco Inc. in 2007.