Legato itself only went public in an initial public offering earlier this year, raising $236 million to fund acquisitions. The company is what's known as a special purpose acquisition company, or SPAC, which are essentially publicly traded pools of money created solely to purchase other companies. The company currently has a production capacity of about 2.8 million tonnes of steel a year, which makes it the second largest steel company in Canada. Steel prices have soared to their highest level in decades this year. Similar to other commodities, production and prices slowed to a crawl throughout 2020 as the world economy slowed down to deal with COVID-19.

Source: CBC News May 25, 2021 01:00 UTC