Misplaced Pages

#671328

33-534: In May 2021, it was announced that Algoma "was to become a public company again" as it had agreed a merger with New York–based acquisition firm Legato Merger Corp, which is a NASDAQ -listed special-purpose acquisition company . The deal would give Algoma just over $ 1.1 billion US worth of new shares in Legato. Construction of the steelworks started in February, 1901. On February 18, 1902, the first Bessemer converter

66-494: A special dividend of $ 6.00 per share payable on August 31, 2005, to shareholders of record on August 17, 2005, and a normal course issuer bid for up to 3.3 million shares. On February 8, 2006, Algoma Steel announced a $ 55 million profit for their fourth quarter ending December 31, 2005. As a result of this and redemption of their 11% notes on January 9, 2006 the company declared themselves debt free and had an operating surplus of over $ 400 million in cash. This cash surplus attracted

99-493: A capacity of 4 million tons per year. Primary steel making facilities include two blast furnaces , three coke batteries , two 260 short ton basic oxygen furnaces , with two ladle metallurgy stations for refining and alloying. Algoma has a direct strip production complex manufactured by Danieli of Italy, which casts strip directly and then rolls it to finished strip in the range of 0.047 inches to 0.625 inches in thickness, and widths to 64 inches. Algoma also operates

132-649: A hot strip mill, a plate mill, and a cold strip mill. Algoma also manufactures welded structural beams. Algoma currently is the second largest steel producer in Canada. It is the largest employer in Sault Ste. Marie and currently has 2800 employees at the main plant. Algoma now produces hot and cold rolled steel (i.e. sheet and plate). Algoma's products are used in the automotive, construction, energy, manufacturing, pipe and tube, and steel distribution industries. On June 15, 2009, Essar Steel Algoma successfully started up

165-521: A limited partnership company called Algoma Energy LP to own and operate the co-generation facility. The facility's contract capacity was said to be 63MW. On 15 April 2007, Essar Global made an offer to acquire Algoma Steel Inc. for 1.85 billion CAD in cash. It was announced on 20 June that Essar had completed its purchase of all outstanding shares. On June 23, 2008, following its purchase by Essar Group, Algoma Steel Inc. announced that its name had been changed to Essar Steel Algoma Inc. This came along with

198-524: A logo change to the Essar Steel company logo. On May 26, 2017, Essar Steel Algoma was rebranded once again, simply called Algoma. The announcement was made in Sault Ste. Marie, Ontario. For legal purposes, the factory will remain "Essar Steel Algoma Inc." until the company emerges from insolvency protection. In May 2021 Algoma had a yearly production capacity of 2.8 million tonnes of steel, for which it employed around 2,700 people. Algoma currently has

231-432: A new, 85 MW cogeneration facility, to produce electricity and steam from the by-products of the coke making and iron making processes. It features two 375,000 lb/hr boilers and a 105MW turbine combined with other related components such as a generator, a blast furnace gas holder, condensate and feed-water systems, a water treatment plant, a cooling tower, a transformer, and a distributed control system. Essar has set

264-472: A precedent as the first integrated steel manufacturer in Canada to construct a co-generation facility fueled with by-product gas from the operation. NASDAQ The Nasdaq Stock Market ( / ˈ n æ z d æ k / ; National Association of Securities Dealers Automated Quotations) is an American stock exchange based in New York City . It is the most active stock trading venue in

297-454: Is a by-product of blast furnaces that is generated when the iron ore is reduced with coke to metallic iron . It has a very low heating value , about 3.5 MJ/m (93  BTU /cu.ft), because it consists of about 51 vol% nitrogen and 22 vol% carbon dioxide , which are not flammable. The rest amounts to around 22 vol% carbon monoxide , which has a fairly low heating value already and 5 vol% hydrogen . Per ton of steel produced via

330-649: Is made up of both American and foreign firms, with China and Israel being the largest foreign sources. "Nasdaq" was initially an acronym for the National Association of Securities Dealers Automated Quotations. It was founded in 1971 by the National Association of Securities Dealers (NASD), now known as the Financial Industry Regulatory Authority . On February 8, 1971, the Nasdaq stock market began operations as

363-487: Is sometimes flared without generating heat or electricity . Blast furnace gas is generated at higher pressure and at about 100–150 °C (212–302 °F) in a modern blast furnace. This pressure is utilized to operate a generator (a top-gas-pressure recovery turbine (TRT)), which can generate electrical energy up to 35 kWh/t of pig iron without burning any fuel. Dry type TRTs can generate more power than wet type TRTs. The auto ignition point of blast furnace gas

SECTION 10

#1732790859672

396-543: The London Stock Exchange to form the first intercontinental linkage of capital markets . In 1996, the SEC issued a report alleging that Nasdaq market makers fixed prices by avoiding "odd-eighths" quotes (at the time, stock prices were quoted in increments of an eighth of a dollar) to artificially widen spreads. The report was followed by a new set of rules for how Nasdaq handled orders. In 1998, it became

429-603: The NASDAQ Financial-100 Index, which tracks the largest 100 companies in terms of market capitalization . On March 10, 2000, the NASDAQ Composite stock market index peaked at 5,132.52, but fell to 3,227 by April 17, and, in the following 30 months, fell 78% from its peak. In a series of sales in 2000 and 2001, FINRA sold its stake in the Nasdaq. On July 2, 2002, Nasdaq Inc. became a public company via an initial public offering . In 2006,

462-723: The Second World War , and an extended period of steel demand up until the mid-1950s, allowed Algoma to expand and become a more balanced steel producer. From 1988 to 1991 Algoma was owned by Dofasco , making the combined company the largest steel producer in Canada. However, a strike at Algoma and other Dofasco subsidiaries in 1990 caused Dofasco to abandon ownership. The high value of the Canadian dollar coupled with competition from mini mills , lower-cost and currency-strong Asian countries and dumping by Japanese companies has hurt Canadian primary steel producers. In 2002,

495-666: The EMiniCME. Below are the contract specifications for the Nasdaq 100 and derivatives. Nasdaq quotes are available at three levels: The Nasdaq Stock Market sessions, with times in the Eastern Time Zone are: 7:00 a.m. to 9:30 a.m.: extended-hours trading session (premarket) 9:30 a.m. to 4:00 p.m.: normal trading session 4:00 p.m. to 8:00 p.m.: extended-hours trading session (postmarket) The Nasdaq Stock Market averages about 253 trading days per year. The Nasdaq Stock Market has three different market tiers: After

528-546: The NYSE, Nasdaq is the second largest stock exchange in the United States with a market capitalization of $ 19 trillion, which is about $ 5.5 trillion less than the NYSE as of 2021. Nasdaq is a much younger organization than the NYSE, having been founded in just 1971. In addition to age and market capitalization, there are other key differences between the two exchanges: Blast furnace gas Blast furnace gas (BFG)

561-624: The U.S. by volume, and ranked second on the list of stock exchanges by market capitalization of shares traded, behind the New York Stock Exchange . The exchange platform is owned by Nasdaq, Inc. , which also owns the Nasdaq Nordic stock market network and several U.S.-based stock and options exchanges . Although it trades stock of healthcare, financial, media, entertainment, retail, hospitality, and food businesses, it focuses more on technology stocks . The exchange

594-503: The attention of some shareholders who wanted to see the cash distributed as dividends, echoing Algoma's historic problems almost exactly a century earlier. In October 2006, Algoma Steel was awarded a power purchase agreement by the Ontario Power Authority to build, own and operate a co-generation power plant utilizing by-product fuels such as blast furnace gas (BFG) and coke oven gas (COG); Algoma Steel has founded

627-441: The blast furnace route, 2.5 to 3.5 tons of blast furnace gas is produced. It is commonly used as a fuel within the steel works, but it can be used in boilers and power plants equipped to burn it. It may be combined with natural gas or coke oven gas before combustion or a flame support with richer gas or oil is provided to sustain combustion. Particulate matter is removed so that it can be burned more cleanly. Blast furnace gas

660-641: The company emerged from bankruptcy protection for the second time in a decade, having previously gone into bankruptcy in 1990. Denis Turcotte, the President and CEO, was largely credited with Algoma's resurgence, making it one of the most efficient steelmakers in North America. Algoma Steel announced on August 3, 2005, that the company was no longer for sale after a $ 64.7 million second quarter profit. The company stated that they are going to focus on value-enhancing, non-sale alternatives. Algoma also announced

693-646: The continued price increases when selling market data . In December 2020, NASDAQ announced that it would strip its indexes of four Chinese companies in response to Executive Order 13959 . In September 2024, the European Commission said it had carried out an unannounced inspection at the offices of Nasdaq over potential anti-competitive practices. Nasdaq 100 futures are traded on the CME (Chicago Mercantile Exchange) while its derivatives, E-Mini Nasdaq 100 and Micro E-Mini Nasdaq 100 futures are traded on

SECTION 20

#1732790859672

726-543: The eve of the United Nations Conference on Sustainable Development (Rio+20). In November 2016, chief operating officer Adena Friedman was promoted to chief executive officer , becoming the first woman to run a major exchange in the U.S. In 2016, Nasdaq earned $ 272 million in listings-related revenues. In October 2018, the SEC ruled that the New York Stock Exchange and Nasdaq did not justify

759-468: The first stock market in the United States to trade online, using the slogan "the stock market for the next hundred years". The Nasdaq Stock Market attracted many companies during the dot-com bubble . Its main index is the NASDAQ Composite , which has been published since its inception. The QQQ exchange-traded fund tracks the large-cap NASDAQ-100 index, which was introduced in 1985 alongside

792-538: The low quality of Canadian iron ore, as well as the absentee owners' greater interest in annual dividends than building a viable industrial complex, held back Algoma during the 1920s. At the height of the Great Depression , the company was insolvent and in receivership until Sir James Dunn gained control in 1935 and restored it to profitability. Dunn's policy of never paying a dividend to stockholders, coupled with extensive modernization and expansion during

825-470: The monthly Stock Guides (stock guides and procedures) issued by Standard & Poor's Corporation. Over the years, it became more of a stock market by adding trade and volume reporting and automated trading systems. In 1981, Nasdaq traded 37% of the U.S. securities markets' total of 21 billion shares. By 1991, Nasdaq's share had grown to 46%. In 1992, the Nasdaq Stock Market joined with

858-834: The status of the Nasdaq Stock Market was changed from a stock market to a licensed national securities exchange. In 2007, it merged with OMX, a leading exchange operator in the Nordic countries, expanded its global footprint, and changed its name to the NASDAQ OMX Group. To qualify for listing on the exchange, a company must be registered with the United States Securities and Exchange Commission (SEC), must have at least three market makers (financial firms that act as brokers or dealers for specific securities) and must meet minimum requirements for assets, capital, public shares, and shareholders. In February 2011, in

891-485: The wake of an announced merger of NYSE Euronext with Deutsche Börse , speculation developed that NASDAQ OMX and Intercontinental Exchange (ICE) could mount a counter-bid of their own for NYSE. NASDAQ OMX could be looking to acquire the American exchange's cash equities business, ICE the derivatives business. At the time, "NYSE Euronext's market value was $ 9.75 billion. Nasdaq was valued at $ 5.78 billion, while ICE

924-460: The world's first electronic stock market. At first, it was merely a "quotation system" and did not provide a way to perform electronic trades. The NASDAQ Stock Market eventually assumed the majority of major trades that had been executed by the over-the-counter (OTC) system of trading, but there are still many securities traded in this fashion. As late as 1987, the Nasdaq exchange was still commonly referred to as "OTC" in media reports and also in

957-555: Was founded as a European equivalent to the Nasdaq Stock Market. It was purchased by NASDAQ in 2001 and became NASDAQ Europe. In 2003, operations were shut down as a result of the burst of the dot-com bubble . In 2007, NASDAQ Europe was revived first as Equiduct and was acquired by Börse Berlin later that year. On June 18, 2012, Nasdaq OMX became a founding member of the United Nations Sustainable Stock Exchanges Initiative on

990-479: Was no longer on the company's board of directors. Initially the company specialized in manufacture of rails for Canadian railways, but this soon became a dead-end as railway construction passed its peak. During the First World War Algoma made steel for artillery shells but after the war continued to rely on rail production. The necessity of importing ore and coal from the United States due to

1023-521: Was put in operation using pig iron made from the Helen mine, owned by Algoma. The first rails were produced by the complex in May 1902. However, blast furnaces for pig iron manufacture were not completed at the site until 1904. Unlike most other steel producers, Algoma had no access to local coal , forcing it to import coal and coke from the United States. The Bessemer process was felt to produce steel that

Algoma Steel - Misplaced Pages Continue

1056-662: Was valued at $ 9.45 billion." Late in the month, Nasdaq was reported to be considering asking either ICE or the Chicago Mercantile Exchange to join in what would probably have to be, if it proceeded, an $ 11–12 billion counterbid. In December 2005, NASDAQ acquired Instinet for $ 1.9 billion, retaining the Inet ECN and subsequently selling the agency brokerage business to Silver Lake Partners and Instinet management. The European Association of Securities Dealers Automatic Quotation System (EASDAQ)

1089-489: Was well-suited to manufacture of rails, which was the Algoma complex's primary product for the first two decades of its existence. Shortly after founding Algoma, Clergue's various financial operations suffered reverses, having to shutter operations in 1903, causing the 1903 Consolidated Lake Superior riot . After restructuring, he lost control of the Sault Ste. Marie complex, being replaced as general manager in 1903 and by 1908

#671328