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Essar Global shareholders, others ink deal to negotiate purchase of Essar Steel Algoma

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Essar Global shareholders, others ink deal to negotiate purchase of Essar Steel Algoma

A group including Essar Global Ltd. shareholders inked a letter of intentwith United Steelworkers Union's local unit to negotiate a transaction toacquire Essar Steel Algomafor about US$900 million, Reuters reported July 12.

Essar SteelAlgoma, which had been under creditor protection since November 2015,accepted in June thejoint bid led by New York-based KPSCapital Partners LP, a deal which Essar Global did not support.

As part of the agreement, Ontario Steel Investment Ltd., thegroup that includes shareholders of Essar Global, will take on Essar SteelAlgoma's pension and benefit liabilities. It will also pay the outstandingtaxes owed to the Ontario city where Essar Steel Algoma is based, Sault Ste.Marie, within six months of a change in ownership.