Steel Mills
Algoma Steel: "Ready to Tackle the Market"
Written by Sandy Williams
November 30, 2018
Canada’s Algoma Steel Inc. has finally fully emerged from Companies’ Creditors Arrangement Act (CCAA) protection after three long years. The company announced on Friday that it had successfully acquired all the remaining assets of Essar Steel Algoma and is ready to tackle the market as a financially stable entity.
“When we take a look around at the domestic and international steel markets, what we see is a lot of room for growth for Algoma Steel,” says Kalyan Ghosh, Chief Executive Officer of Algoma Steel. “We have a long and proud history in Canada, manufacturing 100 percent of our products right here in Sault Ste. Marie. Today, Algoma Steel is an independent and strong niche player, manufacturing a comprehensive mix of hot and cold rolled steel sheet and plate products not just for the Canadian markets, but also beyond.”
Algoma plans to invest CDN $300 million to expand capacity and grade capability to improve its efficiency and global competitiveness.
“This investment will position Algoma Steel to meet the growing demand for advanced grades of steel and to support growth in related industries like shipbuilding, auto manufacturing, energy, mining and defense,” said Algoma in a press release.
“Today, we’re hiring. We are coming out of this restructuring positioned for growth, thanks in great part to the determination and professionalism demonstrated by our employees in the face of uncertainty,” added Ghosh. “We are eternally thankful for the patience of our suppliers and the confidence expressed by our customers through this process. We have also enjoyed incredible support from the federal, provincial and municipal governments as Algoma Steel worked hard to get back to being a cornerstone manufacturer not only in Sault Ste. Marie, but also in Ontario and Canada.”
Sandy Williams
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