| Company type | Public |
|---|---|
| TSX: ASTL Nasdaq: ASTL | |
| Industry | Steel |
| Founded | 1902 |
| Founder | Francis Clergue |
| Headquarters | Sault Ste. Marie, Ontario, Canada |
Number of employees | 3500 (2008) |
| Website | www.algoma.com |
Algoma Steel Inc. (formerly Algoma Steel; Essar Steel Algoma) is an integrated primary steel producer located on the St. Marys River in Sault Ste. Marie, Ontario, Canada. Its products are sold in Canada and the United States as well as overseas. Algoma Steel was founded in 1902 by Francis Clergue, an American entrepreneur who had settled in Sault Ste. Marie. The company emerged from bankruptcy protection in 2004. In April 2007, Algoma Steel was purchased by India's Essar Group for US$ 1.63 billion, continuing operations as a subsidiary known as Essar Steel Algoma Inc. It was purchased again in 2017, by a group of US investors.
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. The deal would give Algoma just over $1.1 billion US worth of new shares in Legato.[1]