Essar Steel Algoma will be asking the Superior Court of Justice to give them more time to secure a restructuring plan for the company.

Court documents indicate that grievance claims procedures have been settled or arbitrated and the term lenders are still working with the steelmaker on an asset purchase agreement.

The documents also say that Essar Steel Algoma has been informed that Ontario Steel Inc., a company controlled by Essar Global Fund Ltd., the current ultimate parent of Algoma, intends on submitting a bid to purchase the business and assets but no such bid has been received. SaultStar.com