11:44:29 EDT Tue 18 Jun 2024
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Algoma Steel Group Inc
Symbol ASTL
Shares Issued 104,038,495
Close 2024-01-19 C$ 12.22
Market Cap C$ 1,271,350,409
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Algoma Steel coke oven gas main fails at plant

2024-01-21 01:31 ET - News Release

Ms. Laura Devoni reports


In the early hours of Saturday, Jan. 20, 2024, there was a collapse of a structure supporting utilities piping at Algoma Steel Group Inc.'s coke-making plant. There have been no injuries, and the Algoma Steel team is managing the occurrence with the safety of its employees and the community as its highest priority.

The incident resulted in a coke oven gas main failure generating abnormal coke oven gas flaring and air emissions. Additionally, a quantity of effluent left the site early this morning and entered the adjacent waterway. The source of the discharge has been identified, and containment efforts are under way.

Algoma Steel has notified community and regulatory stakeholders, and is working to mitigate and monitor any possible impacts to the environment, its community and continuing operations.

While coke production is currently interrupted, all other departments are operating normally. Algoma Steel advises that it has adequate coke supply on hand, and it does not anticipate an impact on customer shipments at this time.

Algoma Steel is performing a comprehensive assessment of the damage, and is focused on managing the occurrence in the safest possible manner, ensuring the seamless continuation of operations and safeguarding public safety, and minimizing any environmental impact.

About Algoma Steel Group Inc.

Based in Sault Ste. Marie, Ont., Canada, Algoma Steel 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 Steel is positioned to deliver responsive, customer-driven product solutions to applications in the automotive, construction, energy, defence and manufacturing sectors. Algoma Steel 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 is one of the lowest-cost producers of hot-rolled sheet steel in North America.

Algoma Steel 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 Steel 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 its community, Algoma Steel 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.

We seek Safe Harbor.

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