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 prepared in accordance with leading ESG
disclosure standards, including the Sustainability Accounting
Standards Board (SASB) standards and the recommendations of the
Task Force on Climate-related Financial Disclosure (TCFD).
Cautionary Note Regarding Forward-Looking
Statements
This news release contains “forward-looking statements” within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995 and “forward-looking information” under applicable Canadian
securities legislation (collectively, “forward-looking
statements”), that are subject to risks and uncertainties. These
forward-looking statements include information about possible or
assumed future results of the Company’s business, financial
condition, results of operations, liquidity, plans and strategic
objectives, the expected timing of the EAF transformation and the
resulting increase in raw steel production capacity and reduction
in carbon emissions, projected cost savings associated with the
transformation to EAF steelmaking, short-term and long-term ESG
goals, strategic priorities and the Company’s goals, targets,
commitments and plans and the Company’s expectations regarding
those goals, Algoma’s engagement and relationship with Indigenous
groups, local communities and other stakeholders, statements
regarding the Company’s greenhouse gas emissions reduction goals,
risk management, including climate-related risks and opportunities,
and statements relating to environmental, greenhouse gas, carbon,
accounting and other laws or regulations. In some cases, readers
can identify forward-looking statements by the words “believe,”
“project,” “expect,” “anticipate,” “target,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “pipeline,” “design,”
“aim,” “determine,” “may,” “should,” “will,” “would,” “will be,”
“will continue,” “will likely result” or the negative of these
terms or other similar expressions.
Forward-looking statements are based on management’s beliefs,
assumptions and expectations of future performance, taking into
account the information currently available to management. There
are important factors that could cause the Company’s actual
results, levels of activity, performance or achievements to differ
materially from the results, levels of activity, performance or
achievements expressed or implied by the forward-looking
statements, including those factors described under “Cautionary
Note Regarding Forward-Looking Information” and “Risk Factors” in
the Company’s Annual Information Form, filed by Algoma with
applicable Canadian securities regulatory authorities (available
under the company’s SEDAR+ profile at www.sedarplus.ca) and with
the United States Securities and Exchange Commission (the “SEC”),
as part of Algoma’s Annual Report on Form 40-F (available at
www.sec.gov), as well as in Algoma’s current reports with the
Canadian securities regulatory authorities and the SEC.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on 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.
Based in Sault Ste. Marie, Ontario, Canada, Algoma is a fully
integrated producer of hot and cold rolled steel products including
sheet and plate. Driven by a purpose to build better lives and a
greener future, Algoma is positioned to deliver responsive,
customer-driven product solutions to applications in the
automotive, construction, energy, defense, and manufacturing
sectors. Algoma is a key supplier of steel products to customers in
North America and is the only producer of discrete plate products
in Canada. Its state-of-the-art Direct Strip Production Complex
(“DSPC”) is one of the lowest-cost producers of hot rolled sheet
steel (HRC) in North America.
Algoma is on a transformation journey, modernizing its plate
mill and adopting electric arc technology that builds on the strong
principles of recycling and environmental stewardship to
significantly lower carbon emissions. Today Algoma is investing in
its people and processes, working safely, as a team to become one
of North America’s leading producers of green steel. As a founding
industry in their community, Algoma is drawing on the best of its
rich steelmaking tradition to deliver greater value, offering North
America the comfort of a secure steel supply and a sustainable
future as your partner in steel.
For more informationMichael MoracaTreasurer
& Investor Relations OfficerAlgoma Steel Group Inc.Phone:
705.945.3300E-mail: IR@algoma.com
Algoma Steel (NASDAQ:ASTL)
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