Prospective Algoma Steel buyer identified

This morning's edition of the Globe and Mail identifies German steelmaker Salzgitter as the company with whom Algoma Steel has entered talks regarding a possible acquisition. The newspaper is reporting that Salzgitter is expected to offer $1.

This morning's edition of the Globe and Mail identifies German steelmaker Salzgitter as the company with whom Algoma Steel has entered talks regarding a possible acquisition. The newspaper is reporting that Salzgitter is expected to offer $1.6 billion for the Sault company.

"Last week, Algoma's board of directors received a tentative takeover offer from a German company, sources said. Informal discussions began on the weekend and the two sides were able to sketch out the framework of a possible deal by Monday night," the Globe says.

If the Germans don't reach an agreement with ASI, the Globe is reporting that there may also be interest from either Russia or India.

To read the Globe and Mail's coverage, please click here.