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Investment firm head joins Algoma Steel's board – Sault Star

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The president and chief executive officer of a New York-based investment firm is a new Algoma Steel board member.

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Eric Rosenfeld founded Crescendo Partners in 1998.

He is a master of business administration graduate from Harvard University. Rosenfeld also serves on the boards of Primo Water Corp., CPI Aerostructures, Aecon Group and Pangaea Logistics Solutions, a release says.

He has served on boards since 1998. His first directorship was with Spar Aerospace, the company that developed the Canadarm used in space flights. Rosenfeld also served on the board of beverage maker Cott Corp.

He headed the arbitrage department of Oppenheimer & Co., an investment and brokerage bank, for 14 years before establishing Crescendo Partners.

Mary Anne Bueschkens, Gale Rubenstein, James Gouin, David Sgro, Brian Pratt and Rosenfeld join chair Andrew Harshaw, Andrew Schultz and Michael McQuade, a release says.

Our new board members bring critical expertise and diversity to the team,” said McQuade.

The other new members have backgrounds in the automotive, legal and construction sectors.

Bueschkens is a lawyer who has held various roles, including president and CEO of ABC Technologies, an automotive parts supplier.

Rubenstein is a partner in the Toronto-based law firm Goodmans LLP. She is counsel in the firm’s corporate restructuring group.

Gouin is a former head of Tower International, a global manufacturer of automotive products. He also worked 28 years at Ford Motor Company. He held two vice-president roles with the automaker.

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Sgro is a senior managing director at Crescendo Partners. The firm’s services include consulting, mergers, acquisitions and capital raising support and private equity investment.

Pratt is a former chair and director of Primoris Services Corp., a parent company of construction and engineering firms. He was also president and chief executive officer and board chair of the Dallas-based Primoris, and its predecessor entity, ARB Inc., from 1983 to 2015. Pratt is a former chair of Legato Merger Corp.

All the board members are independent, except McQuade. He is ASI’s CEO.

The Sault Ste. Marie steelmaker started trading on the Toronto Stock Exchange on Thursday.

– with files from Postmedia Network

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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