Posted on 22/11/05
Union attempts to block Algoma payout
SAULT STE. MARIE, ONT. -- The United Steelworkers union is asking an Ontario court to block an investor plan to force Algoma Steel Corp. to distribute $400-million from cash reserves to shareholders.The union, which represents current and retired employees at Sault Ste. Marie, Ont.-based Algoma, filed motions in Ontario Superior Court yesterday seeking to block the cash distribution plan put forward by New York-based hedge fund Paulson & Co., which controls 19 per cent of Algoma's stock.
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