Algoma Steel Applauds Conservative Party alignment with Liberals in
Endorsing Company’s Proposed Transformation to Green Steel
Algoma Continues to Engage and Work on the Electric Arc Furnace Transition Plan with Stakeholders, including USW District 6 and Local 2724
Algoma Steel Inc. today applauded recent statements by Sonny Spina, the Conservative candidate for Sault Ste. Marie, affirming the Conservative Party’s endorsement of the $420 million of federal financial commitments to facilitate Algoma Steel’s proposed transition to electric arc furnace (EAF) steelmaking. The financial commitment, announced July 5, 2021 by the Liberal Government, is expected to support the Company’s transition to become Canada’s leading producer of green steel. The financial commitment is subject to the negotiation of definitive documentation, and a final investment decision with respect to the proposed EAF transition has not yet been made by Algoma.
Algoma Steel Chief Executive Officer, Michael McQuade commented, “It is not surprising that the Conservative Party would support a program that is designed to ensure the continuation of thousands of very good direct and indirect jobs in Sault Ste. Marie and the province of Ontario. It also stands to reason that the nation’s push to address climate change, regardless of political affiliation, includes facilitating investment in competitive green steel products direct from this community. As such, we applaud their endorsement.”
Added McQuade, “Algoma continues to do the necessary work to move this transition program forward. This includes active engagement with all stakeholders within the community and across our labour groups, including ongoing discussions with the United Steelworkers District 6 and Local 2724. There is tremendous opportunity embedded in the EAF transformation, with a focus on growth and long-term, multi-generational job creation, with support and retraining programs where applicable. We look forward to continuing our work and updating the community as we move forward.”
Cautionary Information About Forward-Looking Statements
This news release contains forward-looking statements within the meaning of applicable securities legislation. 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, including but not limited to: the risk that the anticipated benefits of the Government of Canada’s funding will fail to materialize as planned or at all; the ability of Algoma Steel to implement and realize its business plans, including Algoma’s ability to transform to EAF steelmaking; and Algoma Steel’s ability to reduce its carbon intensity. The foregoing list of factors is not exhaustive. 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.