There are U-S based media reports that Essar Steel Algoma is considering a deal that would put it into insolvency proceedings for the fourth time and just a year after the local steelmaker emerged from court protection – as they continue to be battered by a global decline in commodity prices.   Reuters reported this week that  the company engaged legal and financial firms to assist with a debt restructuring.  The company’s $375 million first-lien term loan due August 2019 plunged 26.2 cents to 59.9 cents on the dollar Tuesday. The company already laid off 100 workers earlier this month with the indication more might be on the way. With that in mind Steelworkers Local 27-24 representing salaried workers held a vote yesterday on work-sharing as a way of averting layoffs.  The members were 77% opposed.

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