SAULT STE. MARIE, Ontario, Oct. 19, 2021 (GLOBE NEWSWIRE) -- Today Algoma Steel Group Inc., parent company of Algoma Steel Inc. ("Algoma"), a leading Canadian producer of hot and cold rolled steel sheet and plate products, announced the completion of their merger with Legato Merger Corp. ("Legato"), a publicly-traded special purpose acquisition company, taking public a company that is working to build a new era in steel through its transformational journey. The transaction, including the concurrent private investments ("PIPE"), provided net proceeds of approximately USD 306 million to Algoma, which are expected to be used for strategic investments, including Algoma's proposed transformation to electric arc furnace steelmaking ("EAF").