Algoma Steel To Sell Tube Facilities
May 27, 2003
(Reuters) - Algoma Steel Inc. in Toronto plans to sell its tube manufacturing facilities for C$12.5 million ($9 million) to help reduce its debt and improve liquidity. In a release, the company said it had signed a letter of intent with Algoma Tubes Inc., a Canadian subsidiary of Tenaris SA (Buenos Aires), for the sale of the Sault Ste. Marie, Ontario-based facilities by the end of 2003. The facilities are currently being leased by Algoma Tubes. Algoma said it expects to realize a total of about C$15 million from the disposition of surplus assets in 2003.