Algoma Steel Inc.'s 2,700 workers will cash in big-time Friday in the largest per-employee payout in the steelmaker's 121-year history.
Michael Garcia, the company's new chief executive officer, announced after the close of markets Thursday that total profit-sharing payouts for the 2022 fiscal year will come to $150.7 million.
That's almost $56,000 per employee.
The second instalment of the massive payout will land in bank accounts across the city on Friday.
"Today’s announcement comes on the back of the company's impressive fourth-quarter results," Garcia said.
"This past year, Algoma saw record safety performance, revenues, and cash flows with much of that success attributable to our employees’ hard work and dedication."
"Together we are demonstrating that bold transformation, the continued pursuit of excellence and success go hand in hand at Algoma,."
"This cash infusion is in addition to approximately $400 million in annual payroll and pension benefits, and when combined with local investments in goods and services accruing $63 million to date derived from the construction of our electric arc furnace facility and our plate mill modernization, delivers meaningful positive returns for our community.”
The Sault steelmaker will celebrate the record year with a Family Day celebration on Saturday, June 25 featuring plant tours, children’s activities, live entertainment and a barbecue lunch.