Algoma Steel Inc. Emerges

Algoma Steel Inc. emerges from restructuring with the sale of substantially all of the Company’s assets, resulting in new ownership for the Company under the direction of a professional board of directors - alongside a commitment of a CDN $300 million investment in the modernization of the facilities in Sault Ste. Marie.

2018-12-17T16:15:04-05:00December 17th, 2018|History|

Most Profitable Year on Record

With a net income of $343.8 million, Algoma's share price rose 416% making Algoma's stock one of the leading performers on the TSX. Algoma had established a solid foundation, and in 2005 the Company turned its attention to building a future in the global marketplace.

2022-08-15T10:32:49-04:00December 24th, 2004|History|

DSPC Construction Begins

October 28, 1995 marked a proud moment in Algoma's history as construction commenced on Algoma's Direct Strip Production Complex (DSPC). Today the complex is Algoma's cornerstone asset, positioning Algoma as one of the leaders in the North American hot rolled sheet market.

2022-08-15T10:32:49-04:00October 28th, 1995|History|

A New Algoma is Born

Algoma underwent restructuring as a result of the severe economic storm that affected the North American steel industry in the 80's and 90’s. The new Algoma was born with the signing of a Joint Restructuring Process Agreement in April of 1992.

2022-08-15T10:32:50-04:00January 24th, 1992|History|

No. 6 Blast Furnace is Commissioned

On July 20th, Algoma’s No. 6 blast furnace was put on blast to replace No. 1 furnace. Expansion continued throughout the steelworks including the construction of Algoma’s first Cold Mill in 1954.

2022-08-15T10:32:50-04:00July 20th, 1953|History|

Algoma embarks on a major expansion program

The Company had been working with General Motors since 1949 on a complimentary agreement that met the needs of both companies. In May 1951, this relationship grew into a long-term agreement under which General Motors loaned Algoma Steel $15 million for plant expansion and agreed to purchase steel from Algoma through to 1967. The expansion program included a new combination bar and strip mill which moved Algoma into the flat rolled steel market.

2022-08-15T10:32:50-04:00May 24th, 1951|History|
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