Steel Mills
Algoma Steel: "Ready to Tackle the Market"
Written by Sandy Williams
November 30, 2018
Canada’s Algoma Steel Inc. has finally fully emerged from Companies’ Creditors Arrangement Act (CCAA) protection after three long years. The company announced on Friday that it had successfully acquired all the remaining assets of Essar Steel Algoma and is ready to tackle the market as a financially stable entity.
“When we take a look around at the domestic and international steel markets, what we see is a lot of room for growth for Algoma Steel,” says Kalyan Ghosh, Chief Executive Officer of Algoma Steel. “We have a long and proud history in Canada, manufacturing 100 percent of our products right here in Sault Ste. Marie. Today, Algoma Steel is an independent and strong niche player, manufacturing a comprehensive mix of hot and cold rolled steel sheet and plate products not just for the Canadian markets, but also beyond.”
Algoma plans to invest CDN $300 million to expand capacity and grade capability to improve its efficiency and global competitiveness.
“This investment will position Algoma Steel to meet the growing demand for advanced grades of steel and to support growth in related industries like shipbuilding, auto manufacturing, energy, mining and defense,” said Algoma in a press release.
“Today, we’re hiring. We are coming out of this restructuring positioned for growth, thanks in great part to the determination and professionalism demonstrated by our employees in the face of uncertainty,” added Ghosh. “We are eternally thankful for the patience of our suppliers and the confidence expressed by our customers through this process. We have also enjoyed incredible support from the federal, provincial and municipal governments as Algoma Steel worked hard to get back to being a cornerstone manufacturer not only in Sault Ste. Marie, but also in Ontario and Canada.”
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Algoma to shut down line in Ontario ahead of EAF start
The 106” Mill was part of Algoma's plate and strip combination facility.
Nippon trial vs. US government to begin early next month: Report
Nippon Steel’s litigation against the US government is set to begin in early February, according to a report by Japan’s Kyodo News Agency. Nippon will file its opening brief on Feb. 3. And both parties will conclude their claims by March 17 in the US Court of Appeals for the District of Columbia Circuit, Kyodo […]
Nucor carbon targets certified by GSCC
Nucor’s “ambitious” carbon targets by the end of the decade and beyond have been certified by the Global Steel Climate Council (GSCC). The Charlotte, N.C.-based steelmaker used a base year of 2023 for its science-based emissions targets (SBET). It set an SBET of 0.975 metric tons (mt) of CO2 emissions per mt of hot-rolled steel […]
SSAB halts talks with Feds on Miss. green steel plant
The Department of Energy's Industrial Demonstrations Program page states that it is no longer moving forward with SSAB.
Cleveland-Cliffs CEO seeks ‘American solution’ for U.S. Steel
He said a new entity would operate under the U.S. Steel name and would retain its Pittsburgh headquarters.