Sale of Algoma Steel shares resumes (updated)

10:15 A.M. UPDATE

Sales of Algoma Steel shares have resumed trading on the Toronto Stock Exchange after an initial halt.

Shares in the newly merged corporation started trading at $15.25 and were trading at $14.60 at time of writing.

ORIGINAL STORY

Sales of common shares of Algoma Steel Group Inc. were temporarily halted this morning by the Investment Industry Regulatory Organization of Canada (IIROC), just as they were scheduled to begin trading on the Toronto Stock Exchange and Nasdaq Stock Market.

"IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company," the organization said in a news release.

"Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada."

Trading halts are temporary pauses in trading to allow markets to properly absorb new information.

They don't reflect on the reputation or management of a company or the quality of its securities.

Most trading halts are made at the request of the listed company involved and are lifted within a few hours.

A business combination transaction between Algoma and Legato Merger Corp. was approved by Legato shareholders last week.