Algoma Steel Distributes Over $150 Million in Employee Profit Sharing Program
24 June 2022 - 07:30AM
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 fiscal 2022 returned
$150.7 million in total profit share payouts for eligible
employees. With the second installment scheduled for release on
June 24th, fiscal 2022’s profit share represents the highest
payments per employee in the Company’s history. All figures are in
Canadian dollars unless otherwise stated.
“Today’s announcement comes on the back of the
Company’s impressive fourth-quarter results. This past year, Algoma
saw record safety performance, revenues, and cash flows with much
of that success attributable to our employees’ hard work and
dedication. Together we are demonstrating that bold transformation,
the continued pursuit of excellence and success go hand in hand at
Algoma,” said Michael Garcia, Algoma’s Chief Executive Officer.
“This cash infusion is in addition to approximately $400 million in
annual payroll and pension benefits, and when combined with local
investments in goods and services accruing $63 million to date
derived from the construction of our electric arc furnace facility
and our plate mill modernization, delivers meaningful positive
returns for our community.”
In appreciation for the record year, Algoma
Steel will host employees and their families on Saturday, June 25th
for a Family Day celebration, featuring Steelworks tours,
children’s activities, live entertainment, and a BBQ lunch.
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. With a current raw steel
production capacity of an estimated 2.8 million tons per year,
Algoma’s size and diverse capabilities enable it to deliver
responsive, customer-driven product solutions straight from the
ladle to direct applications in the automotive, construction,
energy, defense, and manufacturing sectors. Algoma is a key
supplier of steel products to customers in Canada and Midwest USA
and is the only producer of plate steel products in Canada. The
Company’s mill is one of the lowest cost producers of hot rolled
sheet steel (HRC) in North America owing in part to its
state-of-the-art Direct Strip Production Complex (“DSPC”), which is
the newest thin slab caster in North America with direct coupling
to a basic oxygen furnace (BOF) melt shop.
Algoma has achieved several meaningful
improvements over the last several years that are expected to
result in enhanced long-term profitability for the business. Algoma
has upgraded its DSPC facility and recently installed its No. 2
Ladle Metallurgy Furnace. Additionally, the Company has cost
cutting initiatives underway and is in the process of modernizing
its plate mill facilities.
Today Algoma is on a transformation journey.
With a team of about 2700 employees, Algoma is investing in its
people and processes, optimizing and modernizing to secure a
sustainable future. Our customer focus, growing capability and
courage to meet the industry’s challenges head-on, position us
firmly as your partner in steel.
For more information, please contact:
Brenda StentaManager Communications & BrandingAlgoma Steel
Group Inc.Phone: 705.206.1022E-mail:
brenda.stenta@algoma.com
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