Algoma is Born
Thanks to the vision of Algoma’s founding father Francis Clergue, February marked the start of construction of the new iron and steel plant, named the Algoma Iron, Nickel and Steel Company. It took almost a year to the day to complete construction. It was an exciting, albeit modest beginning for Algoma: with two small blast furnaces, a 600 ton Bessemer furnace, a 23- inch bloom rolling mill and rail mill.
Algoma Undergoes a Major Expansion
Algoma’s No. 3 blast furnace with a capacity of 450 tons per day was constructed along with a modern gas engine plant, three additional open-hearth furnaces, new docks and several merchant mills were constructed to increase Algoma’s product lines. By 1912, The Algoma Steel Corporation was formed.
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.
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.
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.