Algoma SteelAlgoma Steel new electric arc furnace sounds like a good partner with their 70% carbon emission reduction.
Electric Arc Furnace
The Company has made substantial progress on the construction of two new state of the art electric arc furnaces (“EAF”) to replace its existing blast furnace and basic oxygen steelmaking operations. The $700 million project remains both on time and on budget, with a cumulative total of approximately $220 million spent as of December 31, 2022. Additionally, the Company had issued letters of credit totaling US$48.1 million related to equipment fabrication and delivery. Project management has been efficient and all long lead time items have been ordered. Extensive work has been completed on the foundation and building erection has started, with EAF start up expected to occur in mid-2024. The EAF steelmaking facility is designed to have an annual raw steel production capacity of approximately 3.7 million tons, matching its downstream finishing capacity. The Company expects to reduce its current annual carbon emissions by up to approximately 70%.