JUMP STE. MARIE, Ont., July 30, 2022 (WORLD NEWS CABLE) — Algoma Steel Group Inc. ASTLASTL (“Algoma” or the “Company”) today announced that the Company and the Bargaining Committee of Local Union 2251 (“2251”) of the United Steelworkers, the union that represents Algoma’s hourly employees, have agreed to a fifteen (15) days beyond the July 31, 2022 expiration of the collective agreement in order to continue discussions.
Algoma President and CEO Michael Garcia commented. “This extension demonstrates the parties’ willingness to work toward an agreement that provides fair and equitable improvements to wages and benefits and supports our collective future under the arc flash transformation.”
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking information” under applicable Canadian securities legislation and “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”. These Forward-looking statements are generally identified by the words “believe”, “project”, “expect”, “anticipate”, “estimate”, “intend”, “strategy”, “future”, “opportunity”, “plan”, “channel”. ”, “could”, “should”, “will”, “will”, “will continue”, “will probably 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 “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). in sedar.com) and with the Securities and Exchange Commission (the “SEC”) (available at www.sec.gov), as well as in Algoma’s current filings with the OSC and the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to place undue reliance on any 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.
Headquartered in Sault Ste. Marie, Ontario, Canada, Algoma is a fully integrated producer of hot and cold rolled steel products, including sheets and plates. With a current crude steel production capacity of approximately 2.8 million tonnes per year, Algoma’s size and diverse capabilities enable it to offer responsive, customer-focused product solutions directly from the ladle to direct field applications. the automotive, construction, energy, defense and industrial sectors. manufacturing sectors. Algoma is a key supplier of steel products to customers in Canada and the US Midwest and is the only producer of plate steel products in Canada. The Company’s steel mill is one of the lowest cost hot-rolled steel (HRC) producers in North America due in part to its state-of-the-art technology.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) foundry store.
Algoma has made several significant improvements in recent years that are expected to result in increased long-term profitability for the business. Algoma has upgraded its DSPC facility and recently installed its #2 ladle metallurgical furnace. In addition, the Company has ongoing cost reduction initiatives and is in the process of modernizing its sheet metal production facilities.
Today, Algoma is on a journey of transformation. Algoma is investing in its people and processes, optimizing and modernizing them to ensure a sustainable future. Our focus on the customer, our growing capacity and courage to face the challenges of the industry, firmly position us as your partner in steel.
For more information contact:
Communications and Brand Manager
Algoma Steel Group Inc.
Email: [email protected]