Algoma Steel Group Announces Director Retirement
December 21 2023 - 5:30PM
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 announced that Andrew Schultz is
retiring from the board of directors effective December 31, 2023.
Mr. Schultz originally joined the board of
Algoma Steel Holdings Inc., a predecessor to the Company, in
connection with its acquisition of the assets of Essar Algoma Steel
Inc. in 2018, and continued as a director of Algoma in October 2021
as it became a public company following the merger with Legato
Merger Corporation. He served as Chair of both the Human Resources
& Compensation Committee and the Risk Committee, and as a
valuable member of the Audit Committee and Operations & Capital
Projects Committee.
“On behalf of the Board of Directors I would
like to thank Andy for his significant contributions to Algoma,”
said Andy Harshaw, Chairman of Algoma’s Board of Directors. “Andy
guided Algoma through numerous strategic milestones, helped
establish robust governance practices and championed our investment
in electric arc steelmaking. During his tenure on the board, Andy
played a pivotal role in establishing Algoma as an emerging North
America leader in green steel with a strong and sustainable future.
We are grateful for his service and wish Andy the very best.”
"In my tenure as a director with Algoma, I've
witnessed its remarkable journey, from navigating the complex
restructuring that led to the acquisition of Algoma's assets, to
re-emerging as a public company. The strategic move into electric
arc steelmaking marks a transformative era for the Company, and I
am confident the Company and its team are prepared for a brilliant
future. It has been an honor to contribute to this vision, and I
leave with a sense of fulfillment and pride in the accomplishments
we've achieved together," said Andrew Schultz.
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, Algoma’s future as
a leading producer of green steel, Algoma’s modernization of its
plate mill facilities, transformation journey, ability to deliver
greater and long-term 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,” “design,” “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
also consider the other risks and uncertainties set forth in the
section entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Information” in Algoma’s Annual Information Form,
filed by Algoma with applicable Canadian securities regulatory
authorities (available under the company’s SEDAR+ profile at
www.sedarplus.ca) and with the U.S. Securities and Exchange
Commission (the "SEC"), as part of Algoma’s Annual Report on Form
40-F (available at www.sec.gov), as well as in Algoma’s current
reports with the Canadian securities regulatory authorities 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:
Michael Moraca
Treasurer & Investor Relations Officer
Algoma Steel Group Inc.
Phone: 705.945.3300
E-mail: IR@algoma.com
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