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Essar to get Canadian steel major Algoma for $1.7 bn

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    • Reuters Tags : Posted: Tuesday , Jun 12, 2007 at 0045 hrs

    Algoma CEO Denis Turcotte said that Essar will spend C$500 million in capital upgrades that Algoma had been considering for the past 18 months. “Essar felt very supportive of them and if anything just felt we should accelerate those plans,” said Turcotte. “So what was to us going to be a five-year, potentially seven-year, major capital programme, they want to accelerate and do within three to five years.”

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