Algoma Steel CEO Michael McQuade reiterated the company’s position on the electric arc furnace during Sault Ste. Marie Chamber of Commerce’s annual general meeting Thursday.
“We believe that the electric arc furnace steel-making would make Algoma Steel a financially-sustainable producer and employer for generations to come,” McQuade told an audience at the Marconi Cultural Event Centre. “That’s not a small statement: it’s my belief that the conversion will help make Algoma Steel a financially stable producer and employer for generations to come.”
In early July, Prime Minister Justin Trudeau and Minister of Innovation, Science and Industry Francois Phillippe Champagne visited Algoma Steel to announce $420 million in federal funding to facilitate the company’s proposed transformation to an electric arc furnace operation (EAF).
Funding will be dispersed over four years and support thousands of direct and indirect jobs in Sault Ste. Marie and Ontario, ensuring green steel products are available for inclusion in automobiles, consumer products, and renewed infrastructure that utilize Algoma Steel.
“This multi-year project would mean at least 500 new construction jobs in the region, a modernized workplace (with) skills development and succession opportunities for today’s employees,” McQuade said. “For educators and parents, it would mean more apprenticeships, co-op placements, and higher-skill career opportunities. Our annual production output would increase from 2.8 to 3.7 million tons, creating a platform for growth. Services previously required by our primary operations would be replaced by new supply chain opportunities in transportation, scrap processing, power generation and automation.”