Press release
Algoma Steel Reaches Tentative Agreement with USW Local 2724
SAULT STE. MARIE, Ontario, July 20, 2022 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma” or the “Company”) announced today
About this update from Algoma Steel Group Inc.
[{"type":"text","content":"SAULT STE. MARIE, Ontario, July 20, 2022 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma” or the “Company”) announced today that the Company has reached a tentative agreement for a new labour contract with United Steelworkers (“USW”) Local 2724, the union representing its technical, professional and front-line supervisory employees. The current collective agreement expires July 31, 2022. Ratification votes are scheduled for July 21st through July 25th, 2022. The Company will not be releasing details of the tentative agreement until after the Union has held its information meetings. Discussions are ongoing between the Company and the hourly employees represented by USW Local 2251, and the Company looks forward to reaching an agreement before the contract expires on July 31, 2022, ensuring the continuation of the Company’s forward momentum. Algoma President and Chief Executive Officer Michael Garcia commented on the outcome, “We are pleased that we have reached a tentative agreement with our salaried union local that provides an economic package that is acceptable to both parties and sets out the process to transition the workforce to electric arc steelmaking. We look forward to continuing our work together as we navigate Algoma’s transformation, positioning the Company for a secure, sustainable future as a leading producer of green steel.” 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,” “fu...