Algoma Steel Inc. is making some changes at the top. The Company appointed a new Chief Executive Officer to see the steel maker through its evolution.
Algoma Steel Inc. made the appointment Tuesday of Michael McQuade as Chief Executive Officer of the Company.
McQuade, who is currently a director of Algoma, has more than 35 years of steel industry experience in a number of senior leadership positions. He succeeds Kalyan Ghosh, who served as Chief Executive Officer prior to and during the successful restructuring of Algoma’s business in 2018 and has resigned from the Company to pursue other opportunities.
“On behalf of the board of directors, I am pleased to announce the appointment of Michael McQuade as Chief Executive Officer of Algoma” stated Andy Harshaw, Chairman of Algoma. “Mike has the skills and experience to lead Algoma in the next stage of its evolution as a leading Canadian steel company and globally competitive producer. Mike and the other members of Algoma’s leadership team will build on the Company’s financial and operational strengths and oversee the Company’s CDN $300 million facility modernization program.”
This program will expand the Company’s capacity and grade capability and position Algoma to meet the growing demand for advanced grades of steel. As our new Chief Executive Officer, Mike McQuade will work closely with our employees and business partners to build on Algoma’s strengths, generate value, and maintain Algoma as the industrial cornerstone of Sault Ste. Marie.”
This news follows reports that the United States may lift tariffs on Canadian Steel and Aluminum products, a move made by President Trump in the Summer of 2018. The increased tariffs added 25 percent to U.S. companies buying Canadian Steel and aluminum products and have been a major concern to Canadian steel companies including Algoma Steel Inc.