Algoma Steel Releases ESG Position Statement
April 06 2023 - 11:30AM
Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma” or the
“Company”), a leading Canadian producer of hot and cold rolled
steel sheet and plate products, today released its Environmental,
Social, and Governance (“ESG”) Position Statement (the “ESG
Position Statement”). Algoma has been undertaking efforts to
enhance its approach to ESG and the Company is pleased to be able
to share more detail on this work through the publication of its
ESG Position Statement.
Algoma aims to be a climate change leader and
contributor toward a sustainable and environmentally responsible
future for Canadian steel production. The ESG Position Statement
describes the foundational role that Algoma’s ESG strategy plays in
the Company’s transformation journey and overall corporate
strategy, and how ESG practices are embedded into Algoma’s business
model. The Statement outlines the Company’s ESG commitments and ESG
framework, which include its guiding ESG principles.
As part of Algoma’s commitment to continue to
augment its transparency and accountability on ESG, the Company
plans to publish its inaugural ESG report (the “ESG Report”) in
2023, which will be designed to align with market-leading,
investor-preferred ESG disclosure frameworks, such as the
Sustainability Accounting Standards Board and the recommendations
of the Task Force on Climate-related Financial Disclosures. The ESG
Report will set out the Company’s ESG strategy, and its approach to
mitigating ESG risks and capturing ESG opportunities, and provide
an update on the Company’s ESG performance.
The full ESG Position Statement can be found on
the Company’s website at www.algoma.com.
Michael D. Garcia, Algoma’s CEO stated “I am
very excited to share Algoma’s ESG Position Statement. Given the
significance ESG plays in the global steel industry, Algoma is
committed to ensuring that ESG factors are incorporated into our
core strategic objectives to ensure that we are generating value
for our investors, employees, local communities, and suppliers and
prioritizing long-term sustainability.”
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”). These forward-looking statements
generally are identified by the words “believe,” “project,”
“expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,”
“opportunity,” “plan,” “design,” “pipeline,” “may,” “should,”
“will,” “would,” “will be,” “will continue,” “will likely result,”
and similar expressions, and include statements regarding our ESG
plans and performance. 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 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:
brenda.stenta@algoma.com
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