Algoma Steel Announces Appointment of New CEO upon Retirement of Michael McQuade
18 Avril 2022 - 01:30PM
Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma” or the
“Company”), a leading Canadian producer of hot and cold rolled
steel sheet and plate products, today announced the appointment of
Michael Garcia as Chief Executive Officer (“CEO”) effective June
1st, 2022 upon the retirement of current CEO Michael McQuade. Mr.
McQuade will continue to serve on the Company’s board of directors
(the “Board”) and Mr. Garcia will also join the Board concurrent
with his appointment as CEO.
Andy Harshaw, Chairman of the Board, commented,
“Mike McQuade has provided exemplary leadership through this
transition period, taking Algoma from restructuring to a publicly
listed company. He has set Algoma on secure footing as the company
advances its sustainability agenda and embarks on its
transformation to electric arc steelmaking. On behalf of the entire
Algoma team, I thank him for his dedicated service and welcome the
continued benefit of his insights as he stays on as a director.”
Mr. Harshaw added, “I am excited to announce Michael Garcia will be
joining Algoma as Chief Executive Officer. He comes at the optimal
time as we execute our transformation strategy. His deep industry
expertise and world-class experience will amplify Algoma’s value
proposition and we look to him to drive long-term value for all of
our stakeholders as we usher in a new era in steel.”
Mr. Garcia is a successful industrial business
leader, experienced public company CEO, and board member. He
is skilled at developing and executing corporate strategy, offering
global experience across multiple countries and cultures with the
proven ability to nurture talent and lead an organization through
change. His career spans senior executive roles in numerous
well-regarded companies including Alcoa Inc., Gerdau Ameristeel
Inc., Evraz Inc./Evraz Highveld Steel & Vanadium Co., Federal
Reserve Bank of Richmond, Domtar Inc., and Alliant Energy Inc. Mr.
Garcia holds a Bachelor degree in Computer Science from the United
States Military Academy and a Master of Business Administration
degree from Harvard University.
Cautionary Statement Regarding
Forward-Looking Statements
This news release contains “forward-looking
information” under applicable Canadian securities legislation and
“forward-looking statements” within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995 (collectively,
“forward-looking statements”), including statements regarding
Algoma’s planned investment in and transition to EAF steelmaking.
These forward-looking statements generally are identified by the
words “believe,” “project,” “expect,” “anticipate,” “estimate,”
“intend,” “strategy,” “future,” “opportunity,” “plan,” “pipeline,”
“may,” “should,” “will,” “would,” “will be,” “will continue,” “will
likely result,” and similar expressions. Forward-looking statements
are predictions, projections , and other statements about
future events that are based on current expectations and
assumptions. Many factors could cause actual future events to
differ materially from the forward-looking statements in this
document, including but not limited to: the risk that the benefits
of the recently completed merger may not be realized; the risks
that Algoma will be delayed or unable to realize its business plans
and strategic objectives, including its investment in, and
transition to, EAF steelmaking; the risks that higher cost of
internally generated power and market pricing for electricity
sourced from Algoma’s current grid in Northern Ontario could have
an adverse impact on our production and financial performance; the
risks associated with the steel industry generally; and changes in
general economic conditions, including as a result of the COVID-19
pandemic. The foregoing list of factors is not exhaustive and
readers should also consider the other risks and uncertainties set
forth in the section entitled “Risk Factors” and “Cautionary Note
Regarding Forward-Looking Statements” in the prospectus filed by
Algoma with the Ontario Securities Commission (the “OSC”)
(available under the company’s SEDAR profile at www.sedar.com) and
in the registration statement on Form F-1 filed by Algoma with the
Securities and Exchange Commission (the “SEC”) (available at
www.sec.gov), as well as in Algoma’s current reports with the OSC
and SEC. Forward-looking statements speak only as of the date they
are made. Readers are cautioned not to put undue reliance on
forward-looking statements, and Algoma assumes no obligation and
does not intend to update or revise these forward-looking
statements, whether as a result of new information, future events,
or otherwise.
About Algoma Steel Group
Inc.
Based in Sault Ste. Marie, Ontario, Canada,
Algoma is a fully integrated producer of hot and cold rolled steel
products including sheet and plate. With a current
raw steel production capacity of an estimated 2.8 million tons per
year, Algoma’s size and diverse capabilities enable it to deliver
responsive, customer-driven product solutions straight from the
ladle to direct applications in the automotive, construction,
energy, defense, and manufacturing sectors. Algoma is a key
supplier of steel products to customers in Canada and Midwest USA
and is the only producer of plate steel products in Canada.
Algoma’s mill is one of the lowest cost producers
of hot rolled sheet steel (HRC) in North America owing in
part to its state-of-the-art Direct Strip Production Complex
(“DSPC”), which is the newest thin slab caster in North America
with direct coupling to a basic oxygen furnace (BOF) melt shop.
Algoma has achieved several meaningful
improvements over the last several years that are expected to
result in enhanced long-term profitability for the business. Algoma
has upgraded its DSPC facility and recently installed its No. 2
Ladle Metallurgy Furnace. Additionally, Algoma
has cost-cutting initiatives underway and is in the
process of modernizing its plate mill facilities.
Today Algoma is on a transformation journey,
investing in its people and processes, optimizing and modernizing
to secure a sustainable future. Our customer focus, growing
capability and courage to meet the industry’s challenges head-on
position us firmly as your partner in steel.
For more information, please contact:
Brenda StentaManager Communications & BrandingAlgoma Steel
Group
Inc.Phone: +1.705.206.1022E-mail: brenda.stenta@algoma.com
Algoma Steel (TSX:ASTL)
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