Steel Mills
Algoma Names McQuade as New CEO
Written by Sandy Williams
March 12, 2019
Algoma Steel announced today the appointment of Michael McQuade as Chief Executive Officer. McQuade will succeed Kaylan Ghosh who served as CEO prior to and during the restructuring 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,” stated Andy Harshaw, chairman of Algoma. “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.”
Prior to joining Algoma as director in 2018, McQuade held a variety of roles during a 35-year tenure at Stelco, culminating in appointment as chief financial officer in 2010 and president in 2014.
Ghosh is resigning his position at Algoma to pursue other opportunities. Ghosh remarked, “I am proud of all that we have accomplished in Algoma’s turnaround and excited about its future, but I believe the time is right for me to move on to the next phase of my professional life. I have full confidence in the leadership team and their ability to execute the company’s business plan and create lasting value.”
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Ternium pushes forward with growth projects despite slump in earnings and Mexican market
Ternium S.A. Fourth quarter ended Dec.31 2024 2023 Change Net sales $3,876 $4,931 -21.4% Net income (loss) $333 $554 -39.9% Per diluted share $1.43 $2.11 -32.2% Full year ended Dec.31 Net sales $17,649 $17,610 0.2% Net income (loss) $174 $986 -82.4% Per diluted share $(0.27) $3.44 -108% (in millions of dollars except per share) While […]
Kestenbaum, Ancora state their case in proxy fight for U.S. Steel
Ancora Holdings is moving forward with its proxy fight to oust U.S. Steel’s leadership and install a new board of directors and Alan Kestenbaum as CEO.
BlueScope shelves midstream facility but still upbeat on US
BlueScope Steel is pulling back on its expansion plans in the US for now but remains optimistic about the North American market.
Japanese PM cites ‘unjust political interference’ in Nippon/USS deal: Report
Japan’s Prime Minister Shigeru Ishiba said on Monday that former President Joe Biden’s decision to block Nippon Steel’s buy of U.S. Steel was “unjust political interference,” according to a report in Reuters. This comes after another Reuters report on Friday saying that President Trump would not object to Nippon taking a minority stake in the […]
Trump says Nippon will ‘invest heavily’ in USS rather than buy it
Nippon Steel has agreed to “invest heavily in U.S. Steel as opposed to own it,” President Donald Trump said on Friday during a press conference with Japanese Prime Minister Shigeru Ishiba. U.S. Steel is “a very important company” and was once “the greatest company in the world”. Of potential foreign ownership of the Pittsburgh-based steelmaker, Trump said, “the concept, psychologically, not good."