Algoma plunges into red, plans cost cutting

Article Abstract:

Algoma Steel Inc., a manufacturer of steel products headquartered in Sault Ste. Marie, Ontario, has expressed plans to displace an undisclosed number of employees. The move was spurred by the company's unimpressive financial performance in the third quarter of its fiscal 1998, with losses of C$12.9 million from a profit of C$14.6 million during the same period in 1997. The firm, however, managed to increase sales to C$324.3 million, as opposed to C$319.8 million in sales in the third quarter of 1997. The company attributes the loss to the low demand for steel as well as to the proliferation of cheaper steel imports in North American market.

Comment:

Is set to displace an undisclosed number of employees in light of weak financial performance in third quarter of 1998

Labor force information, Iron and Steel Mills, Ontario, Steel Mill Products, Steel products

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Magna issue raises $350-million

Article Abstract:

Magna International Inc. has generated approximately C$350 million from an issue of 3.5 million subordinate voting shares. Industry experts believe that the approximate C$350 million raised, which increased the firm's cash reserves to nearly C$1 billion, will be used by Magna International to enhance its limited market in South America. Magna International declared that the money will be utilized to finance future acquisitions and capital spending, as well as to develop new processes and technologies.

Comment:

Generates approximately C$350 mil from an issue of 3.5 mill subordinate voting shares

Canada, Diversified Companies, Magna International Inc.

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Algoma shares soar on growing sale rumours

Article Abstract:

The stock prices of Algoma Steel Inc. have touched record high of $40 on the Toronto Stock Exchange. The growing rumours about the possible takeover bid is the major reason for stock price growth.

Blast furnaces and steel mills, Securities, Steel industry, Company securities

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