Algoma Central announces changes at the top

Henry "Hal" Jackman (shown) has resigned as chairman of Algoma Central Corp., the company announced.

Jackman will continue as a director, but Hap Stephen, known locally for his days as Algoma Steel's chief restructuring officer, is now chair of Algoma Central's audit committee.

The following is the full text of a news release issued by Algoma Central:

******************************************************************* TORONTO, Jan. 16 - The Board of Directors of Algoma Central Corporation announced yesterday that it had elected Radcliffe R. Latimer to the position of Chairman of the Board on the resignation of The Honourable H.N.R. Jackman from that position.

Mr. Jackman remains a Director of the Corporation. Mr. Latimer's association with Algoma extends to approximately four decades, most recently as a Director since June of 1989.

Harold ("Hap") Stephen, a Director of the Corporation, has been elected Chairman of the Corporation's Audit Committee. On January 15, 2003, the Board of Directors declared a dividend of $0.25 per common share payable on March 3, 2003 to shareholders of record on February 17, 2003. ********************************************************************