Essar Steel Algoma Inc. (“Algoma”) announced today that the Ontario Superior Court of Justice has approved a Term Sheet between Algoma and Cliffs Mining Company (“Cliffs”) for the supply of iron ore pellets from January 1, 2017 through December 31, 2020, with a proviso for a one year extension.
The Term Sheet, when combined with the existing Pellet Sale and Purchase Agreement
provides surety of supply for 70% of Algoma’s pellet requirements.
Essar Steel Algoma Chief Executive Officer Kalyan Ghosh commented on today’s ruling,
“This Term Sheet comes as a result of a competitive process that secures the economic
provision of this critical raw material for Algoma. It represents an important milestone in
moving Algoma towards a successful restructuring and emergence from CCAA
proceedings.”
As long as Essar global has nothing to do with buying the mill.
If they do, they will get NO ORE from them.
http://www.saultstar.com/2016/12/22/essar-global-cant-buy-steel-mill-cliffs
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