Jordan Fleguel, BNN Bloomberg
16. Jan18. Jan22. Jan1111.51212.513
Shares of Algoma Steel were down in Monday morning trading in the wake of a weekend incident at the company’s coke-making facility in Sault Ste. Marie.
The steelmaker said Saturday that there was a “collapse of a structure supporting utilities piping” at their coke-making plant that day. No injuries were reported. “The incident resulted in a coke oven gas main failure generating abnormal coke oven gas flaring and air emissions,” the company said in a press release.
“A quantity of effluent” also leaked from the site into an adjacent waterway, the company added, with containment work “underway” as of Saturday.
Algoma said that it notified community and regulatory stakeholders of the incident, and was “working to mitigate and monitor any possible impacts to the environment, our community and ongoing operations.”
Analysts at investment banking and brokerage firm Stifel said in a Sunday note that they expected Algoma’s stock to “significantly underperform” in Monday trading in the wake of the incident
“There is no timetable for a resumption of coke making, and damage looks material based on images seen,” the note said.
As of 9:45 a.m. on Monday, Algoma shares were down 4.17 per cent.