Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma” or “the
Company”), a leading Canadian producer of hot and cold rolled steel
sheet and plate products, today announced its donation of CDN $1
million to Sault Area Hospital Foundation (“SAHF”), in support of
Sault Area Hospital’s (“SAH”) Residential Withdrawal Management
Facility.
Construction and retrofitting of the property at
145 Old Garden River Road began in May of 2022. The new facility
will provide twenty residential withdrawal management beds and safe
beds in a completely renovated space.
Algoma Steel’s gift will help SAH realize the
full vision for the space, supplementing the funding provided by
the Ministry of Health – announced in April of this year. The funds
from Algoma are focused on finishing exterior areas, creating safe
and beautiful outdoor courtyard spaces for clients, providing
outdoor furniture and fixtures, and completing an accessible,
covered staff entrance; enhancements that would not have otherwise
been possible.
The courtyards in particular will provide: a
culturally inclusive space that is reflective of surrounding
geographies and respectful of individual expression; a spot where
families can visit with residents; a venue for group therapy and a
possible therapeutic gardening program in the summer months; and a
safe and secure place for clients to step outside, all year round.
This critical space would not have been possible without Algoma
Steel’s generous support, and will help facilitate healing and
further enhance the quality of care available to the residents of
the facility.
“Our team at Algoma is proud to support the
Sault Area Hospital in their construction of a Residential
Withdrawal Management Facility. This new facility will make a
difference in the lives of many residents in our community,” said
Michael Garcia, President and CEO of Algoma. “Our local
healthcare teams do incredible work every day to positively impact
the lives of the communities they serve, a cause we care
passionately about given the depth of our involvement in the
community and the breadth of our workers, retirees and their
families. Our shared goal is to build a stronger, healthier
community in partnership with those that can help meet that
goal.”
“On behalf of the Sault Area Hospital, our
patients, and our health care workers, I extend our sincere
gratitude and appreciation to Algoma Steel for their generous
donation of $1 million to support and enhance care for individuals
accessing care at our new Residential Withdrawal Management
facility,” said Ila Watson, President & CEO, of Sault Area
Hospital. “This gift will ensure those receiving care at the new
facility are able to do so in culturally inclusive and welcoming
spaces specifically designed to support patient-centered care. We
are pleased to partner with Algoma Steel to create a healthier and
stronger community together.”
“Algoma Steel approached our Hospital, offering
early support for this incredibly important project. They saw a
need in our community, and they wanted to be part of the solution,”
said Teresa Martone, Executive Director, Sault Area Hospital
Foundation. “As our largest corporate donor, this gift marks an
incredible milestone: with this commitment, their total lifetime
giving to Sault Area Hospital Foundation has now surpassed $5
million. Through their gifts, Algoma Steel has demonstrated its
dedication to local care for their employees and retirees, as well
as their families and community. We couldn’t be more grateful to
have them as a partner.
Algoma Steel is making outstanding care possible
with this thoughtful donation that will enhance the experiences of
residents and families for years to come. On behalf of the Sault
Area Hospital Foundation’s Board of Directors, Staff, and all the
families this donation will impact, thank you to Algoma Steel for
caring for Sault Ste. Marie and the Algoma District.”
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 expected enhanced long-term profitability, cost-cutting
initiatives, modernization of its plate mill facilities,
transformation journey, investment in its people, processes,
optimization and modernization, and growing capability and courage
to meet the industry’s challenges. 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
consider the risks and uncertainties set forth in the section
entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in Algoma’s Annual Report on Form 20-F,
filed by Algoma with the Ontario Securities Commission (the “OSC”)
(available under the company’s SEDAR profile at www.sedar.com) and
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. 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.
Algoma is 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.
About Sault Area Hospital Foundation
For over 50 years, Sault Area Hospital Foundation (SAHF) and its
predecessors have raised funds and inspired community support for
local healthcare. Local dollars given to SAHF are saving local
lives every day, purchasing medical equipment and ensuring Sault
Area Hospital is able to provide outstanding care, close to
home.
For
more information, please contact: |
|
|
|
Brenda
Stenta |
Megan
Wigmore |
Manager Communications & Branding |
Communications and Development Officer |
Algoma Steel Group Inc. |
Sault Area Hospital Foundation |
Phone: 705.206.1022 |
Phone: 705-759-3434 x7142 |
E-mail: brenda.stenta@algoma.com |
E-mail: wigmorem@sah.on.ca |
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