Essar looks to acquire a sister for Algoma Steel

Algoma Steel Inc. owner Essar Group is in negotiations to buy U.S. steelmaker Sparrows Point, reports the Economic Times of India. Arcelor Mittal has been courting potential buyers for the U.S.

Algoma Steel Inc. owner Essar Group is in negotiations to buy U.S. steelmaker Sparrows Point, reports the Economic Times of India.

Arcelor Mittal has been courting potential buyers for the U.S. steel firm since a deal to sell it to a group led by Esmark Inc. for $1.35 billion fell through in December 2007, the newspaper reports.

Essar Group bought Algoma Steel Inc. for $1.6 billion in April 2007.

Algoma Steel Inc. announced this month that it's applying for a Ministry of the Environment certificate of approval to re-commission blast furnace #6 and fulfil its plan to boost production at the Sault steel mill.

To read the full story from the Economic Times, click here.