Identity area
Type of entity
Authorized form of name
Parallel form(s) of name
Standardized form(s) of name according to other rules
Other form(s) of name
Identifiers for corporate bodies
Description area
Dates of existence
History
The Algoma Steel Corporation Limited in Sault Ste. Marie was formed on April 1, 1912, when the Lake Superior Corporation transferred the assets and liabilities of the Algoma Steel Company Ltd., Lake Superior Power Company, Algoma Commercial Company and the Algoma Iron Works Ltd. as well as the stocks of the Fiborn Limestone Company and the Cannelton Coal Company to the Lake Superior Iron and Steel Company. At the same time the Lake Superior Iron and Steel Company secured Supplementary Letters Parent to change its name to the Algoma Steel Corporation Limited. Originally all the companies had been part of an industrial complex built in Sault Ste. Marie by Francis H. Clergue known as the Consolidated Lake Superior Company. This company was replaced by the Lake Superior Corporation in 1904 following the bankruptcy of the Consolidated Lake Superior Company in 1903. In order to stabilize the Algoma Steel Corpration a Scheme of Arrangement was reached with bondholders in 1931 which created a new holding company, the Algoma Consolidated Corporation which separated the Algoma Steel Corporation from the Agoma Central and Hudson Bay Railway Company.These steps proved insufficent and on June 20, 1932 the Algoma Steel Corporation was placed in receivorship. It was at this time that Sir James Dunn moved to consolidate his control of the Algoma Steel Corporation. In 1934 Sir James Dunn reorganized the Algoma Steel Corporation incorporating in Ontario the Algoma Steel Corporation (1934), referred to as the New Company, on December 12, 1934. The transfer of the Old Algoma Steel Corporation's assets was completed in 1935. Under the control of Sir James Dunn, Algoma Steel Corporation underwent rapid expansion, the Helen Mine in Michipicoten was reopened and the townsite of Wawa was developed. Sir James Dunn also incorporated as subsidiaries of the Algoma Steel Corporation the Algoma Ore Properties Ltd., Algoma Tramways Ltd., Algoma Airways Ltd., Algoma Steel Products Ltd. and the Algoma Construction and Engineering Ltd. With the death of Sir James Dunn in 1956, a large portion of his shares were disbursed. In 1974, Canadian Pacific Investments gained control of the Algoma Steel Corporation which it sold to Dofasco Steel of Hamilton in 1988. In 1991 Dofasco divested itself of Algoma Steel and Algoma Steel sought bankruptcy protection until it could be restructured. On June 2, 1992 the new company, Algoma Steel Inc. was formed with employees holding 60% of the common shares and having representation on the Board of Directors.