Algoma Steel Issues 2024 ESG Annual Report
13 August 2024 - 7:30AM
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 the publication of its
second annual Environmental, Social, and Governance (“ESG”) report
(the “Report”).
Michael Garcia, Algoma’s Chief Executive Officer
said, “As detailed in our latest ESG report, we are driving change
across our business to ensure that our transformation to become a
North American leader in green steel is supported by robust
governance processes, strong stakeholder relationships and
investments in our people and communities.”
“We are now in the final phase of construction
of our Electric Arc Furnace steelmaking facilities and plan to
start commissioning by the end of the year. As we move closer to
this milestone, we are moving closer to a future of sustainable
steel making in which we expect to reduce emissions by up to 70%,
while enhancing the quality of our product, increasing production,
and realizing our purpose to build better lives through steel.”
Over the past twelve months, in parallel to
progress on the construction of our Electric Arc Furnace (EAF)
Steelmaking Facilities, Algoma has continued to advance the
development and implementation of its ESG strategy. Led by a
cross-functional working group, the Company conducted reviews of
governance and enterprise risk management processes to ensure that
ESG and climate change factors are embedded into business processes
and aligned with best practice.
In the Report, Algoma builds on the benchmarks
and reporting frameworks established in its inaugural ESG report,
in alignment with the Sustainability Accounting Standards Board
(SASB) and the recommendations of the Task Force on Climate-related
Financial Disclosures.
The Report is available on Algoma Steel’s
website at www.algoma.com.
About Algoma Steel
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.
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 Information” in Algoma’s Annual Information Form,
filed by Algoma with applicable Canadian securities regulatory
authorities (available under the company’s SEDAR+ profile at
www.sedarplus.com) and with the SEC, as part of Algoma’s Annual
Report on Form 40-F (available at www.sec.gov), as well as in
Algoma’s current reports with the Canadian securities regulatory
authorities 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:
Michael MoracaVice President – Corporate Development and
TreasurerAlgoma Steel Inc. Phone:
705.945.3300E-mail: IR@algoma.com
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