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Algoma Steel Inc.’s potential to become the “greenest” flat-rolled steel producer in Canada marked another significant milestone today with the Government of Canada’s commitment of up to $420 million in financial support. Unless otherwise specified, all amounts are in Canadian dollars.
The Right Honourable Prime Minister of Canada Justin Trudeau was on site today along with the Minister of Innovation, Science and Industry, the Honourable François Phillippe Champagne, to make the announcement to facilitate Algoma Steel’s proposed transformation to electric arc furnace steelmaking (EAF).
The financial commitment includes up to $200 million from the Innovation Science and Economic Development Canada’s Strategic Innovation Fund (SIF) through the Net Zero Accelerator to rapidly expedite decarbonization projects and accelerate Canada’s industrial transformation. Under an investment agreement in principle, the Canada Infrastructure Bank is committing a further $220 million towards the project. The funding will be provided over four years and will support thousands of very good direct and indirect jobs in Sault Ste. Marie and the province of Ontario, and ensure green steel products are available for inclusion in automobiles, consumer products, and renewed infrastructure that utilizes Algoma steel.
Algoma Steel’s proposed EAF transformation has the potential to reduce Algoma Steel’s carbon emissions by approximately 70%, making the project among the lowest-cost-per-tonne of GHG reduction in Canada. When combined with Ontario’s low-carbon power, Algoma Steel will be positioned as the “greenest” producer of flat-rolled steel in Canada, and among the greenest in North America.
Algoma Steel Chief Executive Officer, Michael McQuade commented on today’s development, “Having a commitment of this magnitude from the Government of Canada shows leadership towards a net-zero, climate-resilient Canada, and is so very important as we look to make our proposed transformation to EAF steelmaking a reality. We were honoured to host Prime Minister Trudeau and Minister Champagne today and we took to the opportunity to showcase our new No. 2 Ladle Metallurgy Furnace, another significant milestone in Algoma Steel’s transformation journey which we commissioned this past February. The momentum is building on our path to our enhanced sustainability, with the promise of good secure jobs and a greener future for our community and our customers.”
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