Algoma announced today that it does not intend to submit a binding offer for Stelco. Algoma has been engaged in due diligence and in discussions with Stelco and its stakeholders since mid-December. Denis Turcotte, President and Chief Executive Officer, stated, “Algoma’s due diligence has confirmed that there are significant potential benefits in a combination of Algoma and Stelco, but given the risks and obligations associated with the acquisition, we have concluded that proceeding with the transaction would not be in the best interests of our shareholders.”
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Posted February 10th