Canada endorses Algoma Steel¡¯s transformation plan for green steel
<p><br/></p><p>Prime Minister Justin Trudeau was on site along with the Minister of Innovation, Science and Industry, Fran?ois Phillippe Champagne, to make the announcement to facilitate Algoma Steel¡¯s proposed transformation to electric arc furnace steelmaking (EAF), committing $420 million in financial support.</p><p>The financial commitment includes up to $200 million from the Innovation Science and Economic Development Canada¡¯s Strategic Innovation Fund through the Net Zero Accelerator.</p><p><br/></p><p>Under an investment agreement in principle, the Canada Infrastructure Bank is committing a further $220 million towards the project. The funding will be provided over four years and will support thousands of jobs in Sault Ste. Marie and Ontario.</p><p><br/></p><p>¡°Having a commitment of this magnitude from the Government of Canada shows leadership towards a net-zero, climate-resilient Canada, and is so very important as we look to make our proposed transformation to EAF steelmaking a reality,¡± said Michael McQuade, CEO, Algoma Steel. ¡°We were honoured to host Prime Minister Trudeau and Minister Champagne today and we took to the opportunity to showcase our new No. 2 Ladle Metallurgy Furnace, another significant milestone in Algoma Steel¡¯s transformation journey which we commissioned this past February. The momentum is building on our path to our enhanced sustainability, with the promise of good secure jobs and a greener future for our community and our customers.¡±</p><p><br/></p><p>Algoma Steel¡¯s proposed EAF transformation has the potential to reduce Algoma Steel¡¯s carbon emissions by approximately 70 per cent, making the project among the lowest-cost-per-tonne of GHG reduction in Canada. When combined with Ontario¡¯s low-carbon power, Algoma Steel will be positioned as the ¡°greenest¡± producer of flat-rolled steel in Canada, and among the greenest in North America.</p><p><br/></p>
06 Jul,2021
