Essar Steel designates money for community needs

Essar Steel Algoma announced a $5 million community investment fund on Tuesday morning.

The investment fund, which has a five-year term that would expire on Mar. 31, 2016, is used to address community needs that align with corporate priorities in four focus areas, including:

• Health, safety and environment – supporting initiatives that promote healthy living
• Education – supporting initiatives that serve to develop a sustained supply of skilled labour, grow future community leaders, promote academic excellence and facilitate life-long learning for our employees and their families
• Social services – supporting programs that address root causes; have a meaningful impact on the lives of those in greatest need; and help build a strong social fabric
• Recreation and culture – supporting events that build community and complexes that aid in community efforts to attract and host special sports and recreation events

To be eligible, requests must meet a set criteria that include

The funds are not available to programs of initiatives that:

• Requests that benefit an individual person or family
• Sports teams
• Charitable fundraisers
• Travel expenses
• Political candidates or organizations
• Religious organizations or groups sectarian in purpose

Applications will be evaluated twice a year. Fiscal 2012 (Apr. 1, 2011 to Mar. 31, 2012) allocations have already been identified while those looking for consideration in the 2013 fiscal year must have their applications in by Jan. 21, 2012. A second review window will open mid-year with the deadline set for July 31, 2012.

A full text release from Essar Steel Algoma regarding the announcement and a news release from Sault MP Bryan Hayes follow: 

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Essar Steel Algoma announces Community Investment Fund

SAULT STE. MARIE – Essar Steel Algoma Inc. announced today the launch of a $5 million Community Investment Fund.

The fund, approved by the board of directors at their November meeting, has a five-year term and provides for corporate contributions to community charities, foundations and non-profit initiatives.

Company CEO Jim Hrusovsky spoke to the reason for the fund: “We have identified four key areas that directly impact on the quality of life of our employees, their families and the broader community. The Community Investment Fund enables us to align our community investments with the Essar Group’s core values and community needs. We strongly believe we have a direct interest in advancing and preserving the quality of life in communities where we live and work and this fund demonstrates our leadership on this front.”

The $5 million fund will address community needs in four areas of focus including health, safety and environment; education; social services; and recreation and culture.

All requests will be evaluated within two annual review windows against a set of established selection criteria.

Hrusovsky added: “Our community’s ability to attract and retain qualified professionals and highly skilled personnel is dependent upon the city’s economic vitality and social fabric. This includes a  clean, safe and healthy environment, vibrant post-secondary educational institutions, progressive sports and recreational programming, diverse arts and cultural opportunities, and a social service net to support those in greatest need. Essar Steel Algoma is a stakeholder in this community and with this fund we are investing in Sault Ste. Marie’s future.”

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MP Bryan Hayes Congratulates Essar Steel Algoma

SAULT STE. MARIE (November 29, 2011) – MP Bryan Hayes would like to extend his heartfelt thanks to Essar Steel Algoma for being an exemplary corporate citizen.

“I am thrilled at the generosity that Essar Steel Algoma has displayed today by creating a $5 million Community Investment Fund,” said Mr. Hayes.  “This is the kind of example that needs to be replicated all across our great country; it is also the kind of investment that comes from community conscious businesses.” 

Our government believes that lower corporate taxes can create not only jobs, but direct investment in local communities. 

Corporations like Essar Steel Algoma are prime examples of what happens in a business friendly environment.

This Conservative government will continue to encourage companies to invest in their local communities, while keeping taxes low and promoting job creation.  

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