- Algoma Steel has completed repairs of its blast furnace and restarted steel production at its Sault Ste. Marie, Ontario, plant
- The company has been advancing essential repair work required after a structure supporting utilities piping at Algoma’s coke-making plant collapsed on Jan. 20
- The collapse caused no injuries but did result in an oven gas main failure, which generated abnormal gas flaring and air emissions, as well as an undisclosed quantity of effluent polluting the adjacent waterway
- Algoma Steel stock last traded at C$11.00 per share
Algoma Steel (TSX:ASTL) has completed repairs of its blast furnace and restarted steel production at its Sault Ste. Marie, Ontario, plant.
The company pointed out that it had also strengthened its operations while advancing essential repair work required after a structure supporting utilities piping at Algoma’s coke-making plant collapsed on Jan. 20. Coke is what provides the heat in steelmaking needed to melt the ore.
While the collapse caused no injuries, it did result in an oven gas main failure, which generated abnormal gas flaring and air emissions, as well as an undisclosed quantity of effluent polluting the adjacent waterway.
Several law firms, including Pomerantz Law as well as Bronstein, Gewirtz & Grossman had been investigating Algoma Steel on behalf of investors to determine whether Algoma and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices around the incident.
In a news release, the company’s leadership team stated it has been focused on completing necessary utilities corridor repairs safely and efficiently while increasing coke-making capacity and rebuilding inventory levels. The company added it will continue to assess supplementing its coke supplies with market purchases to balance its requirement for iron production.
Algoma Steel Group is a producer of hot and cold rolled steel products, including sheet and plate. It is Canada’s only producer of discrete plate products and one of the lowest-cost producers of hot-rolled sheet steel in North America.
Algoma Steel stock last traded at C$11.00 per share and though the stock is up 6.90 per cent overt the past three months, it is down 17.29 per cent year to date.
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