Algoma Steel completes $1.7B SPAC merger, gains $306M for EAF transformation

Algoma Steel Group Inc. completed a $1.7 billion business combination with Legato Merger Corp., a SPAC. The transaction provides Algoma with $306 million of cash for strategic investments, including its proposed transformation to electric arc furnace steelmaking.

“The transaction is one of the most successful SPAC transactions of 2021 with almost no shares of the SPAC being redeemed, and provides Algoma with $306 million of cash for strategic investments, including Algoma’s proposed transformation to electric arc furnace steelmaking.”paulweiss.com

• 2 sources
• paulweiss.comAlgoma Steel Completes $1.7 Billion Business Combination with SPAC | Paul, WeissOct 19, 2021
• algoma.comAlgoma Steel Announces Final Investment Decision for Electric Arc Steelmaking - Algoma SteelChelsea GaudetteNov 11, 2021

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