Algoma Steel Provides Community Update Regarding Spill
17 Junho 2022 - 09:30AM
Today Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma”
or “the Company”), provided the following update to the community
and neighbouring stakeholders regarding the June 9th accidental
release of lubricant oil into the St. Mary’s River.
The Company continues to actively work with
authorities to mitigate any possible impact to the environment. We
are maintaining an open dialogue with our stakeholders and have
extended an offer to the Village of Echo Bay to cover the cost of
purchasing and transporting water to their community on an interim
basis.
While the sheen has dissipated and is no longer
visible, we continue to conduct sampling and monitoring on the
waterway. Our technical assessment of the incident continues as we
work to identify and implement the appropriate controls to prevent
such an occurrence from happening again.
Working with the assistance of expert technical
advisors, we have been able to ascertain that the estimated amount
of oil that was ultimately discharged into the river from our water
treatment plant is in the range of 1000 liters (263 gallons) to
1250 liters (330 gallons), with the amount not likely exceeding
1,250 liters. This information along with the analysis methodology
have been provided to the Ministry of Environment, Conservation,
and Parks, whom we continue to work closely with.
Algoma Steel Chief Executive Officer Michael
Garcia commented, “This event certainly did not live up to the high
standard we set for ourselves. I assure you the entire Algoma team
has felt the weight of this incident’s impact on our community. We
are focused on mitigating any possible impact and are grateful for
the collaboration with all parties involved as we work together to
do what needs to be done to protect the environment.”
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 continued collaboration with authorities to mitigate any
possible impact to the environment, offers to assist the Village of
Echo Bay with certain costs and logistics related to its water
supply, continued sampling and monitoring on the waterway,
identification and implementation of appropriate controls for
future prevention and environmental protection. 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. Readers should
should consider the 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, including,
once available, its Annual Report on Form 20-F. 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. The
Company’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, the Company 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 Inc.Phone:
+1.705.206.1022E-mail: brenda.stenta@algoma.com
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