Buyer wants to merge Stelco and Algoma into Canadian steel company
http://www.thespec.com/news-story/67...steel-company/
A bid to merge the former Stelco and Algoma into a new Canadian steel company took a major step forward Friday.
KPS Capital Partners, one of the leading bidders to buy U.S. Steel Canada, submitted a clear asset purchase agreement for Algoma in court in Sault Ste. Marie.
In an affidavit, Algoma's chief restructuring adviser said the KPS bid was the only offer submitted in the second stage of the bidding process.
The offer is conditional of negotiating a new collective agreement with the United Steel Workers and the "support" of the Ontario government.