July 12 (Reuters) - Ontario Steel Investment Ltd :
* Signs letter of intent with United Steelworkers Local 2251
* LOI to negotiate framework of an acquisition of Essar
Steel Algoma Inc by Ontario Steel
* Agreement assumes a total purchase price for Essar Steel
Algoma of approximately US$900 million
* To assume employer liabilities under Algoma's defined
benefit registered pension plans
* To also assume liabilities for Algoma's other
postemployment benefits
* Will also continue current OPEB coverage for both active
and retired employees
* Will also pay all outstanding taxes owed to city of Sault
Ste. Marie within six months of a change in ownership
* Will accept all environmental liabilities subject to
understanding with Ontario's Ministry Of Environment And Climate
Change
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