SAULT STE. MARIE, ONT. — The Ontario government has announced changes in pension regulations intended to support the restructuring of Algoma Steel in Sault Ste. Marie, Ont.
The move will give Algoma regulatory relief from some pension obligations under the Pension Benefits Act as well as Pension Benefits Guarantee Fund (PBGF) coverage if certain conditions are satisfied.
In a statement issued by the Office of the Premier, Premier Doug Ford said the steps will ensure the company is commercially viable and a stable source of jobs and economic growth for years to come.
Algoma’s pension plans support approximately 2,100 current and 6,300 former or retired employees. As the largest private-sector employer in Sault Ste. Marie and the second largest in northern Ontario, Algoma has approximately 2,700 direct employees, indicates the release.
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