Algoma shares its profits

Sault Ste. Marie, Ontario-based Algoma Steel Group Inc. says it will return CA$150.7 million ($116.1 million) in fiscal year 2022 total profit share payouts to eligible employees. Algoma says fiscal 2022’s profit share represents the highest payments per employee in the company’s history.

“This past year, Algoma saw record safety performance, revenues, and cash flows with much of that success attributable to our employees’ hard work and dedication,” says Michael Garcia, the firm’s CEO. “Together we are demonstrating that bold transformation, the continued pursuit of excellence and success go hand in hand at Algoma.”

The transformation aspect of Garcia’s comment involves the installation of a scrap-fed electric arc furnace (EAF) in Sault Ste. Marie.

Garcia says of the company’s position as it prepares to become an EAF producer, “This cash infusion is in addition to approximately $400 million in annual payroll and pension benefits, and when combined with local investments in goods and services accruing $63 million to date derived from the construction of our EAF facility and our plate mill modernization, delivers meaningful positive returns for our community.”