In a release issued today, Algoma Steel Inc. Chief Executive Officer Michael McQuade praised comments from Conservative candidate Sonny Spina that affirmed his party’s commitment to honour a $420 million financial contribution announced by the Liberal government this past July.
“The nation’s push to address climate change, regardless of political affiliation, includes facilitating investment in competitive green steel products direct from this community,” said McQuade in the release. “As such, we applaud their endorsement.”
Full text of the news release follows:
Algoma Steel Inc. today applauded recent statements by Sonny Spina, the Conservative candidate for Sault Ste. Marie, affirming the Conservative Party’s endorsement of the $420 million of federal financial commitments to facilitate Algoma Steel’s proposed transition to electric arc furnace (EAF) steelmaking.
The financial commitment, announced July 5, 2021 by the Liberal Government, is expected to support the Company’s transition to become Canada’s leading producer of green steel. The financial commitment is subject to the negotiation of definitive documentation, and a final investment decision with respect to the proposed EAF transition has not yet been made by Algoma.
Algoma Steel Chief Executive Officer, Michael McQuade commented, “It is not surprising that the Conservative Party would support a program that is designed to ensure the continuation of thousands of very good direct and indirect jobs in Sault Ste. Marie and the province of Ontario. It also stands to reason that the nation’s push to address climate change, regardless of political affiliation, includes facilitating investment in competitive green steel products direct from this community. As such, we applaud their endorsement.”
Added McQuade, “Algoma continues to do the necessary work to move this transition program forward. This includes active engagement with all stakeholders within the community and across our labour groups, including ongoing discussions with the United Steelworkers District 6 and Local 2724. There is tremendous opportunity embedded in the EAF transformation, with a focus on growth and long-term, multi-generational job creation, with support and retraining programs where applicable. We look forward to continuing our work and updating the community as we move forward.”