Algoma shareholder requests special meeting

Algoma shareholder requests special meeting

Paulson & Co. Inc., the largest shareholder of Ontario-based Algoma Steel Inc., today announced it has submitted a legal request to Algoma for a special shareholders meeting. As previously reported by SteelOrbis, Paulson has been unhappy with Algoma's financial decisions and has publicly expressed a desire to replace Algoma's board of directors. At the meeting, Paulson wants shareholders to vote on the removal and replacement of Algoma's board of directors as well as corporate reorganization, which would include the distribution of $400 million in cash to current shareholders. Algoma has not yet issued a statement about the request. Algoma Steel Inc. manufactures hot and cold rolled sheet and plate for the automotive, construction, energy, manufacturing, pipe and tube, and steel distribution industries.