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Is Essar Steel Going Public? Will You Buy Into It?
Craig Huckerby for local2 sault ste. marie
May 30th, 2012 at 12:48pm | Last Updated at 1:13pm
Essar Steel Algoma based in Sault Ste. Marie and the company's Minnesota plant could be going public, that according to an article in The Times of India.
Essar's North American steel holdings including the Sault Ste. Marie steel maker and Minnesota Industries which combined have a debt load of about $4 Billion.
The company says it is considering an IPO to "pare down debt"
"It is speculative to comment on any listing plan of Essar Steel's North American assets . Like any prudent organization , we keep evaluating various options and take decision at the right time," said an Essar spokesperson in The Times India.
The Essar group acquired Algoma Steel in 2007 worth $2Billion. Essar India is estimated to be worth near $17 Billion.