Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma”), a leading Canadian producer of hot and cold rolled steel sheet and plate products, installed the first structural steel columns this week at its electric arc steelmaking facility (‘EAF’) in Sault Ste. Marie, Ontario Canada and Ontario Premier Doug Ford visited the site to commemorate the project milestone.
Algoma’s EAF project is the largest industrial-scale carbon reduction project in Canada, supported by the Ontario government through its commitment to critical energy infrastructure, and by the Government of Canada.
Algoma Steel partnered with Hamilton, ON-based Walters Group Inc. in fabricating and erecting the main EAF building and ancillary structures, which include leading technology to reduce sound and emissions. Walters is using Algoma’s steel plate products in the fabrication of the heavy structural components, and working with local industrial contractor, SIS Manufacturing Inc., for the fabrication of these key elements. Onsite assembly of the building structure is targeted for completion within the year.
Algoma Chief Executive Officer, Michael D. Garcia commented on the significant milestone, “Given the significance of Algoma’s transition to Ontario’s carbon reduction goals, we were excited to celebrate this important milestone with Premier Ford today. We are making incredible progress on the EAF project, which remains on time and on budget, and most importantly, the team is working safely. The level of excitement in the community and among our workforce is remarkable as we look to a greener future with an expected 70% reduction in greenhouse gas emissions. When paired with Ontario’s low-carbon power grid, we expect this transition will position Algoma as one of the leading producers of green steel in North America.”
Completion of the CDN $703 million (budget) EAF project is on track for mid-2024.
For more information, please contact:
Brenda Stenta
Manager Communications and Branding
Algoma Steel Inc.
Phone: 705.945.2209
Email: communications@algoma.com
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