Posted AT 4:04 AM EDT on 16/04/07
Algoma joins ranks of foreign-owned firms
First the operators of nickel mine and luxury hotels vanished from Canada's business landscape, now it is the steel industry's turn to go, and the quickening pace of head office disappearances is raising concerns that the country is approaching a point of no return.
With Algoma Steel Inc. agreeing yesterday to be bought by India's Essar Global Ltd. for $1.85-billion, Canada will soon be down to only two steel makers. And one of those, Ipsco Ltd., is also in talks to be sold.
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