Algoma Steel Installs First Structural Columns for Electric Arc Steel Shop
February 16 2023 - 3:30PM
Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma”), a
leading Canadian producer of hot and cold rolled steel sheet and
plate products, announced today that the Company 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.
Cautionary Statement Regarding
Forward-Looking Statements
This news release contains “forward-looking
information” under applicable Canadian securities legislation and
“forward-looking statements” within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995 (collectively,
“forward-looking statements”), including statements regarding
Algoma’s transition to electric arc steelmaking, progress and
expected timing for completing the EAF transformation, its future
as a leading producer of green steel, and Algoma’s modernization of
its plate mill facilities, transformation journey, ability to
deliver greater value, ability to offer North America a secure
steel supply and a sustainable future, and investment in its
people, and processes. These forward-looking statements generally
are identified by the words “believe,” “project,” “expect,”
“anticipate,” “estimate,” “intend,” “strategy,” “future,”
“opportunity,” “plan,” “pipeline,” “may,” “should,” “will,”
“would,” “will be,” “will continue,” “will likely result,” and
similar expressions. Forward-looking statements are predictions,
projections, and other statements about future events that are
based on current expectations and assumptions. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this document. Readers should
consider the risks and uncertainties set forth in the section
entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in Algoma’s Annual Report on Form 20-F,
filed by Algoma with the Ontario Securities Commission (the “OSC”)
(available under the company’s SEDAR profile at www.sedar.com)
and with the Securities and Exchange Commission (the “SEC”)
(available at www.sec.gov), as well as in Algoma’s current
reports with the OSC and SEC. Forward-looking statements speak
only as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and Algoma assumes no
obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise.
About Algoma Steel Group
Inc.
Based in Sault Ste. Marie, Ontario, Canada,
Algoma is a fully integrated producer of hot and cold rolled steel
products including sheet and plate. Driven by a purpose
to build better lives and a greener future, Algoma is
positioned to deliver responsive, customer-driven product solutions
to applications in the automotive, construction, energy, defense,
and manufacturing sectors. Algoma is a key supplier of steel
products to customers in North America and is the only
producer of discrete plate products in Canada. Its
state-of-the-art Direct Strip Production Complex (“DSPC”) is
one of the lowest-cost producers of hot rolled sheet steel
(HRC) in North America.
Algoma is on a transformation journey,
modernizing its plate mill and adopting
electric arc technology that builds on the strong principles
of recycling and environmental stewardship to significantly
lower carbon emissions. Today Algoma is investing in its
people and processes, working safely, as a team to become
one of North America's leading producers of green steel.
As a founding industry in
their community, Algoma is drawing on the best
of its rich steelmaking tradition to deliver greater
value, offering North America the comfort of a secure steel
supply and a sustainable future as your partner in steel.
For more information, please
contact:
Brenda StentaManager Communications and
BrandingAlgoma Steel Inc.Phone: 705.945.2209Email:
communications@algoma.com
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