Algoma Steel Appoints EllisDon as Construction Manager for Electric Arc Furnace Project
14 March 2023 - 08:30AM
Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma” or the
“Corporation”), a leading Canadian producer of hot and cold rolled
steel sheet and plate products, today announced the appointment of
EllisDon as Construction Manager for completion of its
transformative Electric Arc Furnace (EAF) project. EllisDon brings
over 70 years of industrial and civil construction management
expertise and experience to the project bolstering Algoma’s
internal project team as Algoma’s EAF facility continues to
progress.
“We are very proud to join Algoma's team in one
of Canada's largest electrification projects targeting reduced
carbon emissions. We are excited to bring our broad experience, a
spirit of profound openness and a determination to help Algoma
achieve all of its objectives. This is a partnership with Algoma,
and a partnership with the environment, and we are very
excited to be a part of it,” said Geoff Smith, President and
Chief Executive Officer, EllisDon.
Michael Garcia, Algoma’s CEO said, “Our
transformative Electric Arc Furnace project continues to advance on
time and on budget, and as we enter the more complex phases of
construction, we are pleased to partner with EllisDon to manage our
project with optimal functionality and effectiveness. We continue
to expect a successful EAF start-up in mid-2024. Once the project
is completed, we expect Algoma will be one of the lowest-cost
green-steel production facilities in North America, expanding our
annual steelmaking capacity from 2.8 million tons to 3.7 million
tons with a significant reduction (estimated at approximately 70%)
in carbon emissions. We are proud to be a first-mover in the
complete electrification of an integrated steelmaker.”
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. Driven by a purpose to build
better lives and a greener future, Algoma is positioned to deliver
responsive, customer-driven product solutions to applications in
the automotive, construction, energy, defense, and manufacturing
sectors. Algoma is a key supplier of steel products to customers in
North America and is the only producer of discrete plate products
in Canada. Its state-of-the-art Direct Strip Production Complex
(“DSPC”) is one of the lowest-cost producers of hot rolled sheet
steel (HRC) in North America.
Algoma is on a transformation journey,
modernizing its plate mill and adopting electric arc technology
that builds on the strong principles of recycling and environmental
stewardship to significantly lower carbon emissions. Today Algoma
is investing in its people and processes, working safely, as a team
to become one of North America's leading producers of green
steel.
As a founding industry in their community,
Algoma is drawing on the best of its rich steelmaking tradition to
deliver greater value, offering North America the comfort of a
secure steel supply and a sustainable future as your partner in
steel.
About EllisDon
EllisDon is an employee-owned, $5 billion-a-year
global construction services company. With over 3,000 salaried and
hourly employees across fifteen national and international offices,
EllisDon has become a leader in every sector and nearly every facet
of the construction industry.
Cautionary Statement Regarding
Forward-Looking Statements
This news release contains “forward-looking
information” under applicable Canadian securities legislation and
“forward-looking statements” within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995 (collectively,
“forward-looking statements”), including statements regarding
Algoma’s strategic objectives, completion of Algoma’s EAF project,
and the anticipated impact of Algoma’s EAF project and its plate
mill modernization project and Algoma’s future financial
performance. These forward-looking statements generally are
identified by the words “believe,” “project,” “expect,”
“anticipate,” “estimate,” “intend,” “strategy,” “future,”
“opportunity,” “plan,” “design,” “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. Readers should
also consider the other risks and uncertainties set forth in the
section entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in Algoma’s Annual Report on Form 20-F,
filed by Algoma with the Ontario Securities Commission (the “OSC”)
(available under the company’s SEDAR profile at www.sedar.com) and
with the SEC (available at www.sec.gov), as well as in Algoma’s
current reports with the OSC and SEC. 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.
For more information, please contact:
Brenda StentaManager Communications and BrandingAlgoma Steel
Inc.Phone: 705.945.2209Email: brenda.stenta@algoma.com
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