Canada’s Algoma Steel is in talks to go public through a merger with Legato Merger, Blomberg reports, citing sources with knowledge of the matter.
A deal is set to value the combined entity at more than $1 billion, one of the people said, asking not to be identified discussing private negotiations.
Representatives for Algoma Steel and Legato didn’t immediately respond to requests for comment.
Algoma, based in Sault Ste. Marie, Ontario, and led by CEO Michael McQuade, is a producer of hot- and cold-rolled steel products. The company has said its estimated production capacity is about 2.8 million tons per year. Read more.
