Algoma Steel Repurchases $400 Million in Shares Via Self-Tender Offer

Paul, Weiss advised Algoma Steel Group Inc. in its self-tender offer to repurchase $400 million of its common shares at a price of $9.75 per share. The offer proceeded by way of a modified Dutch auction within a range of $8.75 to $10.25 per share, and was oversubscribed. BMO Nesbitt Burns Inc. and BMO Capital Markets Corp. acted as dealer managers in connection with the offer in Canada and the United States, respectively, and as financial advisors to Algoma.

Based in Sault Ste. Marie, Ontario, Algoma is a fully integrated producer of hot and cold rolled steel products including sheet and plate. Algoma is a key supplier of steel products to customers in Canada and the Midwest United States, and is the only producer of plate steel products in Canada.

The Paul, Weiss team included corporate partners Christopher Cummings and Adam Givertz and counsel Christian Kurtz; and tax partner Brian Grieve and counsel Sohail Itani.