Ontario
Premier Ford Commemorates Project Milestone
Algoma’s EAF
project is the largest industrial-scale carbon reduction project in Canada,
supported by the Ontario government through its commitment to critical energy
infrastructure, and by the Government of Canada.
Algoma Steel
partnered with Hamilton, ON-based Walters Group Inc. in fabricating and
erecting the main EAF building and ancillary structures, which include leading
technology to reduce sound and emissions. Walters is using Algoma’s steel plate
products in the fabrication of the heavy structural components, and working
with local industrial contractor, SIS Manufacturing Inc., for the fabrication
of these key elements. Onsite assembly of the building structure is targeted
for completion within the year.
Algoma Chief
Executive Officer, Michael D. Garcia commented on the significant milestone,
“Given the significance of Algoma’s transition to Ontario’s carbon reduction
goals, we were excited to celebrate this important milestone with Premier Ford
today. We are making incredible progress on the EAF project, which remains on
time and on budget, and most importantly, the team is working safely. The level
of excitement in the community and among our workforce is remarkable as we look
to a greener future with an expected 70% reduction in greenhouse gas emissions.
When paired with Ontario’s low-carbon power grid, we expect this transition
will position Algoma as one of the leading producers of green steel in North
America.”
Completion of the
CDN $703 million (budget) EAF project is on track for mid-2024.
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
transition to electric arc steelmaking, progress and expected timing for
completing the EAF transformation, its future as a leading producer of green
steel, and Algoma’s modernization of its plate mill facilities, transformation
journey, ability to deliver greater value, ability to offer North America a
secure steel supply and a sustainable future, and investment in its people, and
processes. These forward-looking statements generally are identified by the
words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “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 consider the 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 Securities
and Exchange Commission (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.