Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma” or “The Company”), a leading Canadian manufacturer of hot and cold rolled steel sheets and plates, today announced the appointment of Michael Garcia as Chief Executive Officer (“CEO”) from June 1, 2022 since the departure of the current CEO Michael McQuade. Mr. McQuade will continue to serve on the Company’s Board of Directors (the “Board of Directors”) and Mr. Garcia will also serve on the Board of Directors at the same time as his appointment as CEO.
Andy Harshaw, Chairman of the Board, commented: “Mike McQuade provided exemplary leadership during this transitional period, moving Algoma from restructuring to a listed company. It has put Algoma on a safe footing as the company moves on to its sustainability agenda and begins its transformation into an electric arc. On behalf of the entire Algoma team, I thank him for his dedicated service and I welcome the continued benefit of his knowledge as he remains a director. ” Mr Harshaw added: “I’m excited to announce that Michael Garcia will be joining Algoma as CEO. The best time comes as we execute our transformation strategy. “His deep know-how in the industry and his world-class experience will enhance Algoma’s value proposition and we look forward to creating long-term value for all our shareholders as we usher in a new era in the steel sector.”
Mr. Garcia is a successful industrial leader, an experienced CEO of a public company and a member of the Board of Directors. It is capable of developing and implementing corporate strategy, offering global experience in many countries and cultures with proven ability to cultivate talent and lead an organization through change. His career spans senior executive roles at many companies including Alcoa Inc., Gerdau Ameristeel Inc., Evraz Inc./Evraz Highveld Steel & Vanadium Co., Federal Reserve Bank of Richmond, Domtar Inc. and Alliant Energy Inc. Garcia holds a degree in Computer Science from the United States Military Academy and a Master of Business Administration degree from Harvard University.
About Algoma Steel Group Inc.
Based in Sault Ste. Marie, Ontario, Canada, Algoma is a full-fledged manufacturer of hot and cold rolled steel products, including sheet metal and slab. With a current crude steel production capacity estimated at 2.8 million tonnes per year, Algoma’s size and diverse capabilities enable it to offer product solutions that meet customer needs directly from the ladle to direct applications in the automotive, construction, energy, defense and defense and manufacturing sectors. Algoma is a major supplier of steel products to customers in Canada and the Midwestern United States and is the only manufacturer of plate steel products in Canada. Algoma’s mill is one of the low-cost producers of hot-rolled steel sheet (HRC) in North America, thanks in part to the state-of-the-art Direct Strip Production Complex (“DSPC”), North America’s newest direct-coupled sheet metal casting in a basic oxygen melting furnace (BOF).
Algoma has made several significant improvements in recent years, which are expected to lead to enhanced long-term profitability for the business. Algoma has upgraded its DSPC facility and recently installed the No. 2 Spoon Metallurgical Furnace. In addition, Algoma has ongoing cost-cutting initiatives and is in the process of modernizing its mill facilities.
Today Algoma is on a transformation journey, investing in its people and processes, optimizing and modernizing to ensure a sustainable future. Our customer focus, growing capacity and courage to meet the industry’s frontal challenges place us firmly as your partner in the steel industry.
