Kalyan Ghosh, CEO of Algoma, will make an announcement Friday "regarding the next chapter" for the Sault steelmaker.
The sale of Sault Ste. Marie's steel mill - which remains under creditor protection - is expected to close on Friday. People close to the negotiations expect that the Nov. 30 deadline will be met.
Local media have been invited to the mill for an announcement tentatively scheduled for 4 p.m.
Last year, the steel mill rebranded itself as simply 'Algoma' although for legal purposes it continues to be Essar Steel Algoma Inc. until it emerges from insolvency protection under the Companies' Creditors Arrangement Act. The company set to acquire Essar Steel Algoma Inc. has formally incorporated under the steelmaker's former name, Algoma Steel Inc.
The new company is associated with Essar’s term lenders and consenting senior secured noteholders.
More local news
Browse local flyers
Weather forecast
Find local deals
View local webcams
Verified Commenter, please