https://northernontario.ctvnews.ca/algoma-steel-emerges-from-creditor-protection-1.4199851

 Sault Ste. Marie’s steel plant, Algoma Steel, announced Friday that it has finalized the sale of all Essar Steel Algoma’s assets and has emerged from the Companies’ Creditor Arrangement Act (CCAA).

Algoma Steel employs over 2,900 workers in Sault Ste. Marie.

The new owners are committed to a $300 million investment to modernize its facilities and expand capacity and grade capability in order to position the company to be more efficient and globally competitive.

“When we take a look around at the domestic and international steel markets, what we see is a lot of room for growth for Algoma Steel. We have a long and proud history in Canada, manufacturing 100% of our products right here in Sault Ste. Marie. Today Algoma Steel is an independent and strong niche player, manufacturing a comprehensive mix of hot and cold rolled steel sheet and plate products not just for Canadian markets, but also beyond.” said Kaylan Ghosh, Chief Executive Officer of Algoma Steel.

With the support and approval of the provincial government, the company’s three defined benefit pension plans are secure and sustainable.

“Today, we’re hiring. We are coming out of this restructuring positioned for growth, thanks in part to the determination and professionalism demonstrated by our employees in the face of uncertainty. We are eternally thankful for the patience of our suppliers and the confidence expressed by our customers through this process.  We have also enjoyed incredible support from the federal, provincial, and municipal governments as Algoma Steel worked hard to get back to being a cornerstone manufacturer not only in Sault Ste. Marie, but also in Ontario and Canada.” said Ghosh.