Press release
Algoma Steel Notified by USW Local 2724 Agreement Ratified
SAULT STE. MARIE, Ontario, July 26, 2022 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma’ or “the Company”) reports it has been
About this update from Algoma Steel Group Inc.
[{"type":"text","content":"SAULT STE. MARIE, Ontario, July 26, 2022 (GLOBE NEWSWIRE) -- 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. Forwar...