Algoma Steel Retrofit

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Algoma Steel Inc. is a privately owned steel manufacturer located in Sault Ste. Marie, Ontario. The company maintains raw steel production capacity of approximately 4 million tonnes per year from two blast furnaces. Algoma manufactures steel sheets and serves automotive, construction, infrastructure, energy and defence customers throughout North America.Algoma’s blast furnace production equipment is approaching the end of its life and requires capital investments. Algoma is electrifying its steelmaking process by installing electric arc furnaces (EAFs) to improve product mix and reduce production costs and reduces the environmental footprint associated environmental compliance cost. This process is expected to reduce Algoma’s greenhouse gas emissions (GHG) by more than 70 per cent, the equivalent of taking more than 900,000 passenger vehicles off the road.Benefits of CIB involvementThe Algoma Steel project has one of the highest potential GHG reduction benefits in CIB's portfolio. The project investment supports economic development in the Sault Ste. Marie region and helps sustain the regional steelmaking economy. Our investment will also allow Algoma to compete with other producers across North America.

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