https://www.theglobeandmail.com/
Canadian billionaire Barry Zekelman isn’t ruling out a takeover of Algoma Steel Group Inc. as he weighs several options after his privately held steel products company recently took an equity stake in the venerable Canadian steel maker.
Chicago-based Zekelman Industries in late July revealed in a 13D filing with the U.S. Securities and Exchange Commission that it amassed a 5-per-cent stake in Sault Ste. Marie, Ont.-based Algoma. Such filings are required for activist as opposed to passive investors. In the filing, Zekelman Industries said it may engage with management and the board, or other shareholders about “potential business combinations, dispositions or other transactions.”
Mr. Zekelman, who was born in Windsor, Ont., took over the company at age 19 after the sudden death of his father in 1986. Zekelman Industries is the largest buyer of flat rolled steel in North America and a major player in modular home construction, with annual sales in excess of US$5-billion. It is the parent of Atlas Tube, Wheatland Tube, Western Tube, Sharon Tube, Picoma, Z Modular and Hayes Modular. The company has grown in part by making acquisitions.
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