Algoma Steel Inc.: Company Announcement.SAULT STE., MARIE Marie (mərē`), 1875–1938, queen of Romania, consort of Ferdinand. The daughter of Alfred, duke of Edinburgh and of Saxe-Coburg-Gotha, she was the granddaughter of Czar Alexander II of Russia and of Queen Victoria of England. , ONTARIO--(BUSINESS WIRE)--Dec. 9, 1999-- Algoma Steel Inc. of Canada, (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ALGSF) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :ALG ALG antilymphocyte globulin. ALG antilymphocyte globulin. ALG Antilymphocyte globulin, see there .) and Siderca S.A. of Argentina, part of the global DST group, announced today that they have signed a preliminary agreement pursuant to which they have undertaken to further negotiate the terms under which Siderca, through a newly incorporated Canadian affiliate would lease and operate Algoma's seamless steel pipe manufacturing facilities in Sault Ste. Marie, Ontario For the city of Sault Ste. Marie in Michigan, or the Canadian federal and provincial electoral districts of the same name, see: Sault Ste. Marie. Sault Ste. Marie (nicknamed "the Sault" or "the Soo") is a city on the St. Marys River in Ontario, Canada. , Canada. Algoma Steel is Canada's third largest integrated steel producer. Revenues are derived primarily from the manufacture and sale of rolled steel products, including hot and cold rolled sheet and plate. Siderca, through its participation in Dalmine S.p.A. of Italy and Tubos de Acero de Mexico S.A. of Mexico is part of the DST Group, which is part of the larger Techint Group. Siderca's new Canadian affiliate would become a part of the DST Group, taking advantage of its extensive commercial network operating in Europe, North America, South America and Asia, where it is currently undertaking the completion of certain agreements with NKK Corporation. Algoma and Siderca expect to finalize the definitive agreements during the first quarter of the year 2000, subject to any clearances that may be required by applicable laws. The new company would commence operating the leased facilities during the year 2000. |
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