Sault Ste. Marie's Essar Steel Algoma reviews bids for strapped operation

Essar Steel Algomain Sault Ste. Marieis beginning a chapter that will ultimately determine whether the company is re-structured or sold.

The company, whichemploys 2,700 people,has been under protection from creditors sinceNov2015, in part due to slumping steel prices.

• Essar Steel Algoma seeks creditor protection
• Recession hits steel in Sault, mining supply in Sudbury

Spokesperson Brenda Stenta saidseveral bids for the operation have been received, although she wouldn'tsay how many.

Stenta saidthe next few weeks will be spent reviewing the offers.

"At the close of phase two [in this process], the objective would be to have a successful bidder who will then enter into final negotiations with various stakeholder groups."

Those stakeholders include the unions representing the workers.

As for how long it will take to pick an offer, Stenta said, "we're working through this process in an expedited and constructive manner so [are] certainly cognizant of all those stakeholder concerns."

Stentasaid thehope is tohavethe entire process wrapped up by Sept.1.

The final deal will have to be courtapproved.