Press release
Algoma Steel Applauds Approval of New 230kV Transmission Line in Sault Ste. Marie, Supporting Regional Growth and Green Steel Transition
SAULT STE. MARIE, Ontario, Aug. 28, 2024 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma” or “the Company”), a leading Canadian
About this update from Algoma Steel Group Inc.
[{"type":"text","content":"SAULT STE. MARIE, Ontario, Aug. 28, 2024 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma” or “the Company”), a leading Canadian producer of hot and cold rolled steel sheet and plate products, today congratulates PUC (Transmission) LP (“PUC Transmission”) and Hydro One Sault Ste. Marie LP (“Hydro One”) on each obtaining authorization pursuant to the Ontario Energy Board Act to construct a new 230kV transmission line and related transformation components in Sault Ste. Marie. The combined local transmission project improves the city’s access to Hydro One’s planned regional grid infrastructure upgrade as previously prioritized by the Province of Ontario. “This milestone marks a significant advancement in enhancing Sault Ste. Marie’s power infrastructure, which is vital for supporting sustainable economic growth and our transformation to electric arc steelmaking—a key part of our commitment to environmental sustainability,” said Michael Garcia, President and Chief Executive Officer of Algoma Steel. The Ontario Energy Board (OEB) confirmed that the transmission project comprises network facilities and affirmed that no capital contribution from Algoma Steel is required. Additionally, the OEB determined that the transmission rate impacts anticipated from the projects are reasonable. This achievement was driven by the combined efforts of PUC Transmission and Hydro One in their applications, as well as Batchewana First Nation and other supporting interveners, and underscores the strong commitment by the Province of Ontario to enable investment in critical infrastructure that underpins the economic growth of our city and region. Mr. Garcia commented, “the collaboration between these organizations highlights dedication to ensuring that Sault Ste. Marie has reliable power needed to support both industrial advancement and community prosperity”. “Algoma Steel is proud to contribute to the sustainable development of Sault Ste. Marie and to support the future of green steel production in Ontario. We remain committed to delivering innovative and responsible steel solutions that benefit both the community and the environment.” Cautionary Statement Regarding Forward-Looking Statements This news release contains “forward-looking information” under applicable Canadian securities legislation and “forward-looking statemen...