Algoma Steel, an independent steel producer, went public via a SPAC merger with Legato Merger in a $1.7bn deal. The PIPE included significant investments from strategic steel industry participants, as well as investments from Legato's Chairman, TD Wealth Management, Vantage Asset Management, JC Clark, Hite and Goodwood Fund. "The proposed transaction will provide Algoma with investment capital and an enhanced capital structure to support further transformative investments that are expected to drive improved financial performance and sustainable returns through the steel pricing cycle," Michael McQuade, Algoma CEO.