Algoma Steel Notified by USW Local 2724 Agreement Ratified
26 Juli 2022 - 10:30PM
Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma’ or “the
Company”) reports it has been notified by United Steelworkers
(“USW”) Local 2724, the union representing its technical,
professional and front-line supervisory employees, that their
members have successfully ratified their collective agreement,
providing an enhanced economic package for their members and
importantly setting out the process to transition the workforce to
electric arc steelmaking.
Discussions are ongoing between the Company and
the hourly employees represented by USW Local 2251, and the
Company continues to work toward reaching an agreement before
the contract expires on July 31, 2022.
Algoma President and Chief Executive Officer,
Michael Garcia commented on the development, “I extend sincere
thanks to the negotiating committees for their concerted efforts to
work through the issues in a timely manner, Together we have made
great strides in Algoma’s transformation, and we are on track to
position the Company for a secure, sustainable future as a leading
producer of green steel. We will continue to work as a team, remain
committed to the plan, and maintain forward momentum.”
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
anticipated new labour agreements with Algoma’s salaried and hourly
employees, and Algoma’s transition to electric arc steelmaking, its
future as a leading producer of green steel, and Algoma’s expected
enhanced long-term profitability, cost-cutting initiatives,
modernization of its plate mill facilities, transformation journey,
investment in its people, processes, optimization and
modernization, and growing capability and courage to meet the
industry’s challenges. 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.
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. With a current raw steel
production capacity of an estimated 2.8 million tons per year,
Algoma’s size and diverse capabilities enable it to deliver
responsive, customer-driven product solutions straight from the
ladle to direct applications in the automotive, construction,
energy, defense, and manufacturing sectors. Algoma is a key
supplier of steel products to customers in Canada and Midwest USA
and is the only producer of plate steel products in Canada. The
Company’s mill is one of the lowest cost producers of hot rolled
sheet steel (HRC) in North America owing in part to its
state-of-the-art Direct Strip Production Complex (“DSPC”), which is
the newest thin slab caster in North America with direct coupling
to a basic oxygen furnace (BOF) melt shop.
Algoma has achieved several meaningful
improvements over the last several years that are expected to
result in enhanced long-term profitability for the business. Algoma
has upgraded its DSPC facility and recently installed its No. 2
Ladle Metallurgy Furnace. Additionally, the Company has
cost-cutting initiatives underway and is in the process of
modernizing its plate mill facilities.
Today Algoma is on a transformation journey.
Algoma is investing in its people and processes, optimizing and
modernizing to secure a sustainable future. Our customer focus,
growing capability and courage to meet the industry’s challenges
head-on, position us firmly as your partner in steel.
For more information
contact:
Brenda StentaManager Communications & BrandingAlgoma Steel
Group Inc.Phone:
705.206.1022E-mail: brenda.stenta@algoma.com
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