Algoma has acquisition plans other than Stelco

Algoma has acquisition plans other than Stelco

Canadian steel producer Algoma Steel Inc has recently announced that it will seek other acquisitions, if it fails to acquire Stelco Inc. As reported by SteelOrbis at the end of December, Algoma Steel expressed its interest in Stelco Inc tender. There are seven potential bidders for Stelco Inc. Russian steel producer Severstal and US steel producer U.S Steel are among the potential bidders. The company officials stated that they will look for other acquisitions on the condition that they fail to take over Stelco Inc. On the other hand, if they succeed in acquiring Stelco, the company will become leader of Canadian steel industry. Algoma currently produces 2.8 million tons of raw steel per annum. With the takeover of Stelco, the production capacity of Algoma will increase significantly. The potential bidders should submit their bids for Stelco on January 31, 2005 by the latest.