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PyroGenesis to Supply Coke Oven Gas Technology to Tata Steel

Strategic Research Institute
Published on :
19 Oct, 2021, 5:51 am

PyroGenesis Canada Inc announced that its subsidiary Pyro Green Gas, formerly known as Air Science Technologies Inc, has received a milestone payment of approximately CAD 2.5 million under an existing CAD 9.3 million contract with Tata Steel. The balance under this contract, of approximately CAD 3 million, is expected to be fully received within the next nine months. Under this contract, Pyro Green-Gas has the mandate to supply a coke oven gas purification and hydrogen production processes that, if successful, will purify coke oven gas and extract hydrogen of extremely high purity (99.999%) and value, with significant environmental benefits.

In addition, Pyro Green-Gas has signed an additional contract for CAD 267,000 with Tata Steel. Under this Contract, Pyro Green-Gas will provide supplementary engineering improvements to the dry coke oven gas desulfurization and hydrogen production process already under contract. Pyro Green-Gas will supply filters that will further purify the remaining gas, removing condensed hydrocarbons, naphthalene and dust from the coke oven gas infrastructure. This will allow the purified gas to be used as a fuel for galvanizing and annealing furnaces in steel processing.

Pyro Green-Gas offers technologies, equipment, and expertise in the area of biogas upgrading, as well as air pollution controls. Pyro Green-Gas designs and builds

(i) Gas upgrading systems to convert biogas to renewable natural gas RNG

(ii) Pyrolysis-gas purification

(iii) Biogas & landfill-gas flares and thermal oxidizers

(iv) Purification of coke-oven gas into high purity hydrogen
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Modern Steels Resumes Operation at Steel Melting Shop

Strategic Research Institute
Published on :
19 Oct, 2021, 5:53 am

Modern Steels Ltd has informed the exchange regarding restoration of normal operations at Steel Melting at the facility of the Company located at GT Road in Mandi Gobindgarh in Punjab. Earlier, on September 24, 2021 the company informed about the disruption in operations at Steel Melting Shop in Punjab due to damage of overhead shed.

Further, it informed that the restoration work of said overhead shed has been completed and operations have been resumed at the Steel Melting Shop facility

Modern Steels Ltd caters to the requirements of special & alloy steel, stainless steel, hot rolled bright bars for engineering, automotive, bearing and allied industries.
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Steel Dynamics Reports Strong Results for Q3 of 2021

Strategic Research Institute
Published on :
19 Oct, 2021, 5:56 am

US steel maker Steel Dynamics Inc has reported record third quarter 2021 net sales of USD 5.1 billion and net income of USD 991 million. Steel Dynamics In, Chairman & Chief Executive Office Mr Mark D. Millett said "During the third quarter, steel demand remained strong as product pricing continued its positive trajectory across our entire steel platform. Higher realized steel selling values drove significant metal spread expansion and were again most prominent within our flat roll steel operations, as continued demand strength and low customer inventories persisted throughout the supply chain and supported prices. Domestic steel consumption was strong from the automotive, construction, and industrial sectors, while the energy sector continued to show signs of recovery. Our segment operating results continue to be outstanding.”

Third Quarter 2021 Highlights:

Record steel fabrication shipments of 211,000 tons

Record steel and steel fabrication operating income of USD 1.4 billion and USD 89 million, respectively

Year-to-Date September 30, 2021

For the nine months ended September 30, 2021, net income was USD 2.1 billion, with net sales of USD 13.1 billion, as compared to net income of USD 363 million, with net sales of USD 7.0 billion for the same period in 2020

Outlook - "Current market conditions are in place to support solid domestic steel demand for the fourth quarter and into 2022. Order entry activity continues to be robust across our businesses. We continue to see strong steel demand coupled with moderating, but still historically low customer inventories throughout the supply chain. These dynamics support continued elevated steel selling values. Domestic steel demand remains solid in our automotive, construction, and industrial end markets. We believe this momentum will continue and that our fourth quarter consolidated earnings could represent another record performance. Based on strong domestic steel fundamentals and customer confidence, we continue to be positive regarding North American steel market dynamics. This constructive environment coupled with our strategic growth initiatives provide firm drivers for our further growth in the coming years.”
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GMS Market Commentary on Ship Breaking in Week 41

Strategic Research Institute
Published on :
19 Oct, 2021, 5:58 am

World's leading cash buyer of ships for recycling GMS said that “The last quarter jump in local steel plate pries and at varying degrees seems to have swept across all major recycling markets (including China) this week. The jump in levels varied from as little as USD 5/Ton from the Chinese market, all the way to USD 30/Ton on the Turkish end, with the sub-continent markets bridging the gap. Despite the dry sector continuing to perform surprisingly well and keeping the markets starved of bulker and container units, as holidays descend upon India and China, it is time to take stock of what has been another busy quarter of mostly tanker scrapping, as this particular sector looks to get back on its feet next year, following a heavy year of recycling. Local port positions across all sub-continent markets confirm this, given the number of wet units being delivered to Recyclers on a weekly basis.”

GMS said “Overall, it is expected to be another frantic finale to the year, as prices remain firm at historical levels at or above USD 600/LDT and tanker charter rates (for the most part) remain in the doldrums, providing an alternate lifeline to the ship recycling sector.”

GMS added “We have seen very few bulkers and containers for a majority of this year – with even older 90s built units passing surveys to continue trading, such has been the strength of current freight rates.”

GMS also aid “Whilst steel remains firm and the currency in India, Pakistan and Turkey have been facing their shares of wobbles over the last couple of weeks, we do not anticipate ship recycling prices to decline significantly any time soon.”

GMS Pricing

India/Bangladesh/Pakistan – Week 41, Unchanged

Dry Bulk – USD 560-590 per LDT

Tankers - USD 570-600 per LDT

Containers - USD 580-610 per LDT
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Marienhuette Graz Implement Al Solution in EAF Steel Production

Strategic Research Institute
Published on :
19 Oct, 2021, 6:02 am

Austrian rebar manufacturer Stahl und Walzwerk Marienhuette Graz has successfully commissioned Smart Steel Technologies’s SST Temperature Al software. The software solution is now integrated online in the production process. Thus, temperature control from EAF to continuous casting is more precise. Process stability is optimized across all stations. Thus, Marienhuette minimizes temperature buffers and consequently lowers the tapping temperature in the EAF. The result is permanent energy and C02 savings as well as increased process stability.

The commissioning of the software took three months only due to an intense collaboration with Smart Steel Technologies. The Software reliably guides the operators through their processes.

Stahl und Walzwerk Marienhütte GmbH CTO Mr Herbert Fohringer said “In the current challenging economical situation, we consciously did invest in the optimization of our temperature control using Artificial Intelligence technology. After a successful Go-Live Marienhuette is now increasing process stability even further, thus significantly reducing energy consumption and C02 emissions. The development and commissioning of the software was carried out in good cooperation, quickly and with low personnel costs.”
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Severstal Reports Improvement in Q3 & 9M Performance

Strategic Research Institute
Published on :
19 Oct, 2021, 6:04 am

Russian steel maker Severstal announced 9% QoQ surge in revenue and net profit in July-September quarter to USD 3,206 million & USD 1,237 million respectively as steel production & sales improved by 4% QoQ to 2.878 million tonnes & 1% QOQ to 2.694 million tonnes. Severstal CEO Mr Alexander Shevelev said “In Q3 of 2021, we saw the first signs of stabilization in the steel market. Iron ore prices fell nearly USD 100 per tonne from record levels due to lower demand in China due to limited steel production. As we expected, spot steel prices also declined from their highs in Q2 of 2021. Semiconductor shortages lead to disruptions in car production in Europe. As a result, there was a decrease in demand for steel and a shorter delivery time for metal products, which restores the balance of supply and demand in the steel market. The introduction of export duties in Russia led to a drop in domestic prices for hot-rolled steel to a level below export parity after deducting the duty. However, sales growth coupled with higher average realized prices, due to the time difference between spot and actual prices, allowed the Company to achieve record financial results.”

January- September 2021 Performance

Pig iron production increased by 12% YoY to 8 million tonnes due to the commissioning of DP-3 in December 2020. Steel output increased to 8.62 million tonnes up 1% YoY, amid the launch electric arc furnace No 1 in April 2021, as well as a result of the completion of the modernization of the converter shop and foundry machines.

Steel sales declined slightly to 8 million tonnes down 1% YoY. Sales of semi-finished products quadrupled YoY to 1.07 million tonnes following an increase in pig iron and steel production during repairs at a hot-rolled mill. Sales of hot-rolled steel (including thick plate) decreased by 20% YoY, mainly due to a large-scale modernization of one of the batch furnaces.

Sales of high value added (GVA) products increased by 4% YoY, driven by higher sales of cold-rolled steel up 19% YoY to 0.79 million tonnes and galvanized steel up 74% to 0.23 million tonnes.
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Global Stainless Steel Output in H1 of 2021 Surges up 25% YoY

Strategic Research Institute
Published on :
19 Oct, 2021, 6:06 am

International Stainless Steel Forum announced that world stainless crude steel output remained stable in April-June quarter of 2021 at 14.5 million tonnes while output increased by 24.9% YoY to 29.0 million tonnes in H1 of 2021.

Q2 of 2021

China - 8.045 million tonnes

Others - 2.052 million tonnes

Europe -1.919 million tonnes

Asia (excluding China and South Korea) - 1.845 million tonnes

US - 0.654 million tonnes

H1 of 2021

China - 16.243 million tonnes, up 20.8% YoY

Others - 3.953 million tonnes, up 53.7% YoY

Europe - 3.827 million tonnes, up 20.3% YoY

Asia (excluding China and South Korea) - 3.725 million tonnes, up 25.6% YoY

US - 1.277 million tonnes, up 18.7% YoY
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Protesters to Intensify Stir against RINL VSP Privatization

Strategic Research Institute
Published on :
19 Oct, 2021, 6:09 am

Various trade unions and other organizations opposing central government’s move to privatize Rashtriya Ispat Nigam Limited have decided to intensify the agitation. Visakha Ukku Parirakshana Porata Committee, which has been spearheading the agitation against privatisation of the RINL, has decided to hold a 24 hour hunger strike with 250 persons on October 19 to mark the 250th day of their agitation. The committee also decided to hold cultural programs to mobilise support against privatisation.

The All party Trade Unions, People’s Organisations for Protection of Visakhapatnam Steel Plant and PSUs Joint Action Committee also resolved to intensify the agitation against privatisation of the VSP. The participants deplored the adamant attitude of the Centre in going ahead with its decision on strategic sale of the VSP though agitations were being held all over the state for the past 10 months against the decision.

The JAC also resolved to organise a campaign to collect one crore signatures and appealed to all sections of the people to participate in the campaign and express their resentment against the decision of the government. The participants sought that all municipal corporations, municipalities, Zilla Parishads and Mandal Parishads adopt resolutions against the sale of the VSP and sought the cooperation of all political parties and people’s organisations in this regard.

Visakha Ukku Parirakshana Porata Committee convener Mr J Ayodhya Ram said that ignoring the agitation, the government has finalised Ernst and Young LLP as transaction advisor and Chandhiok and Mahajan as legal advisor for facilitating the privatisation of the plant. He said they will not allow anyone, including steel ministry officials, ministers and advisors to enter the steel plant.
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Sandvik Targets Sandvik Materials Technology Listing in Q2 or Q3

Strategic Research Institute
Published on :
19 Oct, 2021, 6:11 am

The Sandvik Board of Directors has confirmed its previous decision to proceed with the preparation to distribute Sandvik Materials Technology to Sandvik’s shareholders and list the company’s shares on the Nasdaq Stockholm Exchange. The Board’s current target is to complete the listing on the Nasdaq Stockholm Exchange during the second or third quarter 2022, subject to approval by Sandvik’s shareholders. The intended distribution of shares is expected to meet the Lex Asea requirements.

Sandvik Chairman Mr Johan Molin said “The internal separation of SMT is proceeding as planned and the previously communicated reasons for a distribution and listing remain relevant. We believe that both Sandvik and Sandvik Materials Technology can develop more favorably on their own.”

Sandvik Materials Technology is a world-leading manufacturer of advanced stainless steels and special alloys for the most demanding industries.

Sandvik AB is a Swedish multinational engineering company specializing in metal cutting, digital and additive manufacturing, mining and construction, stainless and special steel alloys, and industrial heating.
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SEIFSA Gives Final Recommendations as Numsa Strike Enters Week 3

Strategic Research Institute
Published on :
19 Oct, 2021, 6:14 am

As Numsa’s wage strike in South Africa’s steel and engineering sector entered its third week, Steel and Engineering Industries Federation of South Africa’s Council, given that Solidarity and UASA have accepted the final offer, has unanimously endorsed a recommendation that affiliated member companies begin implementing the final offer. SEIFSA said “Whilst we request individual member companies to be guided by this recommendation, we nevertheless implore member companies to be guided by circumstances and the prevailing industrial relations climate on each and every shop floor.”

SEIFSA chief Mr Lucio Trentini said “As the strike and lock out continues into another week, we have consistently communicated that the longer the posturing and refusal to settle on the part of NUMSA continues, the more jobs will eventually be lost in an industry that should instead be doing everything possible to protect each and every valuable job in the sector.

SEIFSA has shared the details around the plan of action emanating from urgent discussions with the National Joint Operational and Intelligence Structure, which is the coordinating body of all security and law enforcement agencies throughout the country, including the SA Police Force, SANDF and Metro Police, that took place over the weekend.

The National Union of Metalworkers of SA, the country’s largest union with about 432,000 members, last week rejected a revised wage offer by the Steel and Engineering Industries Federation of SA of 6% from the previous 4.4%. Of the five trade unions that have bargained with SEIFSA, Solidarity and UASA have indicated their acceptance of the offer. SAEWA have confirmed their rejection of the final offer but are not out on strike. NUMSA and MEWUSA remain on strike.
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Vale & Jiangsu Shagang to Decarbonization Steelmaking

Strategic Research Institute
Published on :
19 Oct, 2021, 6:17 am

Brazilian iron ore giant Vale has signed a Memorandum of Understanding with Chinese steel maker Jiangsu Shagang Group Co Ltd in which both agreed to pursue opportunities to develop steelmaking solutions focused on reducing CO2 emissions. Vale and Jiangsu Shagang intend to develop economic feasibility studies for

1. Usage of products with lower carbon footprint in iron making process, as high-grade iron ore products

2. Cooperation on Tecnored plants.

This initiative contributes to achieving Vale’s commitment to reduce 15% of net Scope 3 emissions by 2035. Additionally, Vale seeks to reduce its absolute Scope 1 and 2 emissions by 33% by 2030 and achieve neutrality by 2050, in line with the Paris Agreement, leading the evolution process towards low carbon mining.

Tecnored is a 100% Vale subsidiary focused on developing a low carbon pig iron process through the use of energy sources, such as biomass and syn-gas that emit less CO2 than the coal and coke the tradition iron-making processes use. Using biomass, the path to economic carbon neutrality may be achieved in the medium term.

Jiangsu Shagang has five production sites, which are mainly located in Jiangsu, Liaoning and Henan Provinces. Jiangsu Shagang has a wide range of steel products, which are exported to more than 100 countries and regions around the world, and widely used in infrastructure, manufacturing, high-end equipment, consumption, etc.
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MMK Certified Under Renault Nissan Mitsubishi Alliance Standard

Strategic Research Institute
Published on :
20 Oct, 2021, 5:58 am

Russian steel maker Magnitogorsk Iron & Steel Works has successfully passed an audit of its Quality Management System for compliance with the ASES standard, a single system for assessing suppliers of the Renault-Nissan-Mitsubishi Alliance. During the audit, compliance with the ASES standard is determined by assessing suppliers’ QMS and production line process indicator, as well as the number of reclamations by evaluating current results. A final rank is assigned at the end of the audit. During the current assessment, over three days, all major indicators of PJSC MMK’s production system were reviewed from the application phase to working with suppliers. PJSC MMK received the final ‘B rank’ grade, which confirms the high level of its quality management system and qualifies the Company’s goods for use in future Alliance projects. Successfully passing the audit was made possible by the well-coordinated interaction of all of MMK’s divisions in developing and maintaining the quality management system and its processes.

The Alliance Supplier Evaluation Standard system is a tool for evaluating the quality system of a supplier company and its use in production to ensure compliance with the Renault-Nissan-Mitsubishi Alliance's standards. This grading system is available to all car manufacturers within the alliance. Avtovaz has also been using it since 2010.

The Renault-Nissan-Mitsubishi Alliance is the primary customer of PJSC MMK's automotive-grade rolled steel.
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Posco Develops Special Steel Pipes for Hydrogen Transportation

Strategic Research Institute
Published on :
20 Oct, 2021, 6:00 am

South Korean media reported that Posco has succeeded in producing special steel pipes for hydrogen transportation by using a new steel material that greatly improved the lifespan and safety of welded connections to withstand rupture or corrosion and will supply them for the first time to the city of Ansan in Gyeonggi Province of South Korea. The new products from Posco are made to overcome the safety problem, can withstand temperatures as low as minus 45 degrees Celsius and are wider in diameter

Until now, South Korea has relied on imported, small-caliber seamless steel pipes with a width about 15 centimeters for hydrogen transportation. Bigger pipes, as wide as 20 centimeters, are needed to carry the big volume of hydrogen transfer needed in the hydrogen test bed cities such as Ansan. But imported products with welded parts were always used on a limited basis for safety issues

Ansan was designated as a hydrogen test bed by the Transport Ministry in 2019. The southern cities of Ulsan as well as Jeonju and Wanju in North Jeolla Province have also been chosen by the ministry for pilot projects to adopt hydrogen to power living facilities and public transportations there.
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Tokyo Steel Tahara Grants FAC for AMI EAF Optimization System

Strategic Research Institute
Published on :
20 Oct, 2021, 6:02 am

AMI Automation announced that after a project finalized in the Kyushu plant, Tokyo Steel confirmed the successful evaluation and final acceptance of the AMI EAF Optimization System in their 420 tonne 256 MVA DC Electric Arc Furnace at Tahara works producing hot coils, as part of continuous improvement in their still new installation. This particular SmartFurnace system project began in late 2020, and was effectively concluded and accepted on March 2021 after designing, manufacturing, installation, commissioning and an evaluation made over a continuous operation period.

The installation in the ultra high power Twin Cathode DC EAF with continuous scrap feeding included the DigitARC PX3 Electrode Regulator, the SmartARC Electrical Energy Optimization System, and the Continuous Scrap Feeding Module controlling the raw material conveyor.

The guaranteed goals that were proven at the end of the evaluation were the increase of the Power Input and the decrease of flicker levels, a double challenge derived from the furnace size and the network conditions in the Tahara geographic area. Additional benefits were also obtained in Power On Time due to an efficient use of electrical energy, with the dynamic control of the electrical profiles and raw material input of the SmartFurnace technology.

The unexpected challenge of the global COVID crisis forced both Tokyo Steel and AMI to adapt the project execution format, extensively relying on remote access and the constant support of the Tokyo Steel team on site. As such, the first ever remote Kick Off Meeting for an AMI project of this kind was carried out, as well the continuous adjustment, tuning and monitoring of the furnace supported remotely by the AMI project team from locations in Japan, North America and Europe, an ongoing cooperation that aims to continuously improve the operation.
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Tata Steel BSL Reports Surge Net Profit in July-September Quarter

Strategic Research Institute
Published on :
20 Oct, 2021, 6:04 am

Tata Steel BSL informed BSE that its consolidated net profit surged to INR 1,837.03 crore for July-September 2021 quarter as compared to INR 341.71 crore in July-September 2020 quarter as its total income rose to INR 8,329.68 crore, from INR 5,545.35 crore in the year-ago period. The company's expenses stood at INR 6,492.97 crore, against INR 5,203.33 crore in the year-ago quarter.

Tata Steel acquired Bhushan Steel Ltd through its wholly-owned subsidiary Bamnipal Steel Ltd on May 18, 2018,. Later, the company renamed it as Tata Steel BSL Ltd. Tata Steel BSL is India's fifth-largest secondary steel producing company with an existing steel production capacity of 5.2 million tonnes per annum.
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AHMSA Restarts HSM after Two Week Maintenance

Strategic Research Institute
Published on :
20 Oct, 2021, 6:06 am

Mexican steel maker Altos Hornos de Mexico has resumed HRC output at its hot rolling mill following a two-week maintenance halt. AHMSA said maintenance works aimed to revise and rehabilitate the company's equipment and systems for the company’s continuous operations, with a key focus at its universal rolling mill.

AHMSA said that demand for HRC products during the period which the equipment halted operations was supplied using existing inventories.
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Tenaris Restarts Baytown Texas Mill in US

Strategic Research Institute
Published on :
20 Oct, 2021, 6:08 am

Global seamless pipe maker Tenaris has reactivated its plant in Baytown in Texas in USA bringing additional threading and heat treatment capacity to its US network to support the company’s increased domestic production. Tenaris started to prepare the mill for the restart in March, hiring, training, installing new equipment and performing commissioning work as well as testing systems and processes. The plant will be heat treating and finishing production from Tenaris’s Bay City in Texas, seamless mill which is nearing full capacity.

With Tenaris’s direct supply model, Rig Direct, the company has greater visibility of customer drilling needs, aligning its pipe production and service delivery, when and as needed.

The restart of Baytown is the latest in a series of facility restarts and production increases across Tenaris operations in the south and northeast since March of this year, including production of steel at its first US melt shop in Koppel in Pennsylvania, following a year-long investment of more than USD 15 million; the reopening of its Ambridge Pennsylvania seamless pipe mill and the increase of industrial activity at its operations in Conroe in Texas; its McCarty facility in Houston in Texas and its mill in Hickman Arizona.
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Ind-Ra Sees China’s Energy Crisis Benefitting Indian Steel Mills

Strategic Research Institute
Published on :
20 Oct, 2021, 6:10 am

China’s worsening energy situation has impacted not only its commercial and industrial segments and forced factories to cut production but it is also threatening to impact the growth of the country's vast economy and place increased strain on global supply chains. India Rating has opined in its Steel Outlook that the China is likely to cut its steel output in H2 of FY21 after having recorded crude steel production of 560 million tonnes in H1 of FY21 up 10.5% YoY, to reduce industrial carbon emissions and improve air quality. The fall in China’s steel output and India’s imports of intermediate steel products would benefit Indian steel players by way of lower import risks and greater export opportunities.

It said “The changes in China’s energy policy related to the price band for power could cause a key structural shift within the sector, thereby supporting steel prices in the international as well as domestic markets. Furthermore, lower Chinese exports, the prevailing trade tensions between China and the western world, the Biden administration’s proposal for a USD2 trillion infrastructure bills and healthy steel demand from the EU would collectively prove beneficial for Indian steel players. However, while the overall steel prices will rise due to curbs on Chinese production and high input costs, the benefits to Indian players will be limited on account of high logistics costs and challenges such as container shortages.”
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Taiwanese CSC Reports 49% Surge in January-September Revenue

Strategic Research Institute
Published on :
20 Oct, 2021, 6:13 am

Taiwanese steelmaker China Steel Corporation announced that in September this year its carbon steel sales volume totalled 748,647 tonnes to take cumulative sales in the January-September 2021 to 7.25 million tonnes.

CSC’s operating revenues amounted to NTD 41.98 billion (USD 1.51 billion) in September 2021 as compared to NTD 41.71 billion recorded in August. Company's operating income totalled NTD 8.20 billion (USD 294.47 million), 12 compared to a NTD 8.49 billion income recorded in the previous month.

In the January-September period this year, CSC's operating revenues amounted to NTD 338.85 billion (USD 12.17 billion), increasing by 49.1 percent year on year. In the given period, the company's operating income totalled NTD 58.10 billion (USD 2.08 billion), compared to a NTD 3.57 billion loss recorded in the same period last year.

China Steel Corporation, located in Kaohsiung in Taiwan, was established in December 1971. Its annual output of crude steel is about 10 million tonnes. The main products are steel plates, bars, wire rods, hot-rolled and cold-rolled coils, electro galvanized coils, electrical steel coils, and hot-dip galvanized steel coils.
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Algoma Steel & Legato Merger Corp Close Business Combination

Strategic Research Institute
Published on :
20 Oct, 2021, 6:15 am

Leading Canadian producer of hot and cold rolled steel sheet and plate products Algoma Steel Group Inc announced the completion of their merger with Legato Merger Corp, a publicly-traded special purpose acquisition company, taking public a company that is working to build a new era in steel through its transformational journey. The transaction, including the concurrent private investments, provided net proceeds of approximately USD 306 million to Algoma, which are expected to be used for strategic investments, including Algoma’s proposed transformation to electric arc furnace steelmaking.

Algoma’s common shares are scheduled to begin trading on the Nasdaq Stock Market and the Toronto Stock Exchange under the symbol “ASTL” on October 20, 2021, and its warrants are scheduled to begin trading on the Nasdaq and the TSX on the same day under the symbols “ASTLW” and “ASTL.WT”, respectively. Legato’s shares of common stock, units and warrants will be delisted from the Nasdaq. Each Legato unit will become one Algoma common share and one warrant to purchase one Algoma common share, and shares of Legato common stock and warrants will be exchanged for an equal number of Algoma common shares and warrants, respectively.

Goodmans LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to Algoma and Jefferies LLC served as financial advisor to Algoma. Graubard Miller acted as legal counsel to Legato and EarlyBirdCapital Inc, BMO Capital Markets and Maison Placements Canada served as financial advisors to Legato.

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 in Ontario in Canada. Algoma Steel was founded in 1902 by Mr 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 USD 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.
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