Algoma Steel

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Algoma Steel Inc. (formerly The Algoma Steel Corporation, Limited; Essar Steel Algoma) is an integrated primary steel producer located on the St. Marys River in Sault Ste. Marie, Ontario, Canada. Algoma Steel was founded in 1901 by Francis Clergue, an American entrepreneur who had settled in Sault Ste. Marie. The company is a traditional blast furnace based steel maker that is building an electric arc furnace to produce steel with a lower carbon footprint. Algoma Steel has been privately owned several times, listed on the Toronto Stock Exchange at least three times; and has been a subsidiary or affiliate of Canadian Pacific Limited (1980s), Dofasco (1988-1991) and Essar Group (2007-2017). Reflecting the challenging environment for Canadian steel makers, Algoma and its predecessor companies have been financially restructured at least four times. Algoma first was in receivership following the Great Depression in 1932; while in recent decades it emerged from bankruptcy protection in 1992 and 2004, and was in creditor protection again in 2015-2018. In May 2021, it was announced that Algoma "was to become a public company again" as it had agreed a merger with New York–based acquisition firm Legato Merger Corp, which is a NASDAQ-listed special-purpose acquisition company. Following the deal, Algoma listed its shares on the Toronto Stock Exchange for the third time.