Algoma Steel Completes $1.7 Billion Business Combination with SPAC

Paul, Weiss advised Algoma Steel Group Inc., a leading Canadian producer of hot and cold rolled steel sheet and plate products based in Sault Ste. Marie, Ontario, in its $1.7 billion business combination transaction with Legato Merger Corp., a publicly traded special purpose acquisition company (SPAC). The transaction is one of the most successful SPAC transactions of 2021 with almost no shares of the SPAC being redeemed, and provides Algoma with $306 million of cash for strategic investments, including Algoma's proposed transformation to electric arc furnace steelmaking. Algoma's common shares and warrants began trading on Nasdaq and the Toronto Stock Exchange on October 20.

The Paul, Weiss team included corporate partners Adam Givertz, Austin Witt, Christopher Cummings and Robert Zochowski, counsel David Curtiss, Christian Kurtz and Jason Tyler; tax partners Brian Grieve and Brian Krause, and counsel Alyssa Wolpin; litigation partner Andrew Gordon; restructuring partner Paul Basta; executive compensation counsel Cynthia Akard; and environmental counsel William O'Brien.