Finalized sale of Soo steel plant expected Friday
Published Thursday, November 29, 2018 5:51PM EST
Last Updated Thursday, November 29, 2018 6:06PM EST
It has been over three years since the steel plant in Sault Ste. Marie told everyone it couldn't pay its bills.
Algoma entered into creditor protection and local businesses soon realized they were probably going to be losing out on tens of millions of dollars.
CTV News has learned that the steel plant could finally be sold to new owners on Friday.
As of right now, things appear to be on track for the sale to be finalized this week.
Sources tell CTV News that no one has applied for an extension on the creditor protection and others say everything is progressing well.
As soon as the deal is finalized, the 2,400 unionized workers will have a new contract.
"Right now we have a partial implementation of our memorandum of agreement, mainly the financial portion. But there is a good portion waiting to come into effect upon exiting CCAA. We are looking forward to exiting on the 30th. I'm certainly hopeful." said Mike Da Prat, President of United Steelworkers Local 2251.
Once the sale is finalized, the new agreement will take place and the union says a new health and safety agreement will also come into effect. Something it's been fighting for the past eight years.
Algoma has called a news conference for Friday afternoon, where the Chief Executive Officer is expected to make an announcement about the next chapter for the company.