Algoma Steel CEO Kalyan Ghosh addresses local dignitaries and media at today’s announcement at the steel plant.

The local steelmaker has emerged from creditor protection.
The much anticipated announcement was made late this afternoon at the steel plant.
President and CEO Kalyan Ghosh will hold the same position with the new Algoma Steel and will be apart of a new 7 member Board of Directors—none of the members are from the Sault area.
The purchasers are made up of some of the financiers that supported the former Essar Steel Algoma through what was a more than three year restructuring process.
The new company emerges with a healthy balance sheet as one billion dollars in debt has been wiped clean and their debt servicing cost has been reduced by 80%.
Ghosh says they are also emerging with a wider customer base and reach into areas with growth potential…

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Ghosh told the media following the announcement that the US tariffs on steel is having a significant impact…

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It was also announced that Algoma will be investing 300-million dollars to modernize its facilities.
The modernization will take place primarily in two areas with one of them involving the Direct Strip Production Complex…

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The company will also be hiring—-in the first six months of this year 242 people were hired and they expect to sustain a similar volume over the next three to five years.
With 700 employees eligible to retire, the workforce is rapidly transitioning.
The provincial government has already played a role in securing defined benefit pension plans and the province will be announcing in the very near future further supports along with the federal government.