SAULT STE. MARIE, ONT. — Algoma Steel Inc. in Sault Ste. Marie, Ont. is getting a $60 million repayable loan from the Ontario government.
The investment is part of the purchase and restructuring of Algoma Steel, securing a $600 million capital investment at the steel making facility, which includes a long-term commitment to protect jobs and fund the company’s three defined benefit pension plans, benefiting approximately 3,000 current and 6,300 former or retired employees.
The province has also negotiated an agreement that would require the new owners to identify and address past environmental contamination of the Sault Ste. Marie mill site, indicates a release issued by the Ministry of Energy, Northern Development and Mines.
“This support will enable us to make important investments in new technology that will enhance our reliability, extend asset life and reduce our environmental footprint,” said Kalyan Ghosh, CEO of Algoma Steel, in a statement. “We greatly appreciate the province’s investment in Algoma Steel’s long-term sustainability.”
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