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Algoma Steel Group Inc. will build two electric arc furnaces to replace its existing blast furnace and basic oxygen steelmaking operations. The change is designed to reduce the company’s carbon emissions by approximately 70 percent.
Following the transition, the Canadian producer of hot- and cold-rolled sheet and plate products expects to have annual raw steel production capacity of approximately 3.7 million tons, matched to Algoma’s downstream finishing capacity. The company also plans to include new vacuum degrassing capability to expand its offering of steel plate grades.
“We believe that today’s strategic decision to transition Algoma to electric arc steelmaking represents a win for all of our stakeholders. It is designed to transform Algoma into a more agile and profitable company, positioned for long-term growth as an economic driver and employer of choice in our community. Once complete, it is projected to deliver three million tons of annual CO2 reduction, placing the project among the highest impact investments in greenhouse gas reduction in Canada,” said Michael McQuade, Algoma’s CEO.
The company believes this planned growth investment will provide a number of key competitive and strategic advantages, including:
• Lower conversion cost structure more correlated to market pricing drivers
• Lower carbon tax liabilities
• Lower sustaining capital investments
• Flexible production, scalable to market conditions
• Reduced single furnace risk through dual furnace strategy
• Enhanced product quality and diversification
• Positions Algoma as an attractive environmental, social and governance investment.
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