Sault Ste Marie – Business – 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 commented on Ontario’s newly announced Northern Ontario Energy Advantage Program (“NEAP”), an important program for Algoma as it pursues its transition to electric arc furnace (“EAF”) steelmaking.
“The Province’s commitment to supporting industrial electricity customers through the Northern Industrial Electricity Rebate Program was key in our decision to pursue electric arc steelmaking. We believe the ongoing support from the Government of Ontario through the enhanced NEAP program will play an important role in enabling us to modernize steelmaking and create a secure, stable future in Sault Ste. Marie,” said Michael McQuade, President and CEO of Algoma. “Importantly, the NEAP is expected to provide a reliable energy framework to allow industrial electricity consumers across Northern Ontario to consider long-term investment decisions in technologies and expansion initiatives that can further regional economic activity and advance climate change goals. We recognize and thank the province for their support and leadership on the path to net zero.”
With Algoma’s previously announced transition to EAF steelmaking, today’s NEAP announcement represents a further landmark reinforcing the relevance of its investment decision. Ontario’s clean energy grid is known as one of the lowest carbon emitting power supplies across North America. When combined with Algoma’s strategic decision to transition to EAF, the Company intends to become one of the leading producers of green steel in North America.