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Restructuring vote.


The stakeholders of Algoma Steel Corp. are scheduled to vote on a final restructuring plan for the beleaguered steel producer on Sept. 16. Under the company's Creditors' Arrangement Act, the company - which carries a debt load of approximately $800 million - has until Oct. 31 to restructure. An employee ownership plan was being scrutinized by the government, unions and creditors at press time. The plan calls for 1,600 workers to be cut from the company's payroll, extending wage roll backs another five years and investing $500 million in pollution cleanup and new equipment. The plan also calls for continuing the company's sintering operation in Wawa.
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Title Annotation:Algoma Steel Corp.'s stockholders to vote on a final restructuring plan
Publication:Northern Ontario Business
Date:Sep 1, 1991
Previous Article:Doors open.
Next Article:New president.

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