Press release
Algoma Steel Issues Inaugural Annual ESG Report
SAULT STE. MARIE, Ontario, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma” or the “Company”), a leading
About this update from Algoma Steel Group Inc.
[{"type":"text","content":"SAULT STE. MARIE, Ontario, Sept. 12, 2023 (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 issued its first annual environmental, social and governance (“ESG”) report (the “Report”). In this Report, Algoma provides an overview of its ESG strategy, approach to mitigating ESG risks and capturing ESG opportunities, and provides an update on the Company’s ESG performance. The full Report can be found on the Company’s website at www.algoma.com. Michael Garcia, the Company’s Chief Executive Officer, commented, “The scale and magnitude of the transformation underway at Algoma necessitate that ESG factors play a foundational and critical role in our business strategy, processes and practices. Becoming a North American leader in green steel, means becoming a leader in ESG – and the work underway at Algoma today is designed to help us achieve both goals. In the process, we are determined to benefit our stakeholders, help lead a new era of lower carbon steel for the Canadian steel industry and to make a significant impact on the Canadian government’s commitment under the Paris Agreement.” “Informed by our stakeholders and aligned with global reporting best practices, our inaugural ESG report further expands our disclosure on the progress we have made – and the work we still need to do – in our transformation to green steel. We look forward to building on the benchmarks established in our first report and creating shared and sustainable value for all our stakeholders including investors, employees, and indigenous communities, while ensuring robust and effective governance and oversight.” Construction of Algoma’s electric arc furnace (“EAF”) steelmaking project began in 2021, and Algoma expects to begin commissioning by the end of 2024. The EAF project is expected to improve Algoma’s product mix, reduce fixed costs, provide significant carbon tax savings, increase production capacity to 3.7 million tons/year of liquid steel capacity, reduce carbon emissions by up to 70% and significantly shrink Algoma’s environmental footprint with improvements to air, water, waste and noise. Additionally, while building the facility, the project will create approximately 500 new construction jobs. Algoma’s ESG Report was...