Shakeup at Algoma Steel, chairman is gone

Algoma Steel Inc. has announced that Robert Milbourne has withdrawn as the company's chairman and also as a member of its board of directors.

In a brief news release, the company said that Milbourne's departure was by mutual agreement.

Milbourne was principal of Vancouver-based Milbourne & Co.

Newly elected as chairman is Benjamin Duster, managing director of the financial restructuring group of Leary, Masson & Associates of Atlanta, Georgia.

Charles Masson, a New York principal with Leary, Masson & Associates was appointed to fill the board vacancy created by Milbourne's departure.

In late January, the newly restructured company named 10 people to its board, but conspicuously absent from that group was president and chief executive officer Sandy Adam, a member of the old board of directors.

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