Project Name: Algoma Steel
Partner: Algoma Steel Inc.
Location: Sault Ste. Marie, Ontario
Sector: Green Infrastructure
Participation: up to $220 million
Description: Algoma is a privately-owned steel manufacturer located in Sault Ste. Marie, Ontario. The company maintains raw steel production capacity of approximately 4 million tons per year from two blast furnaces. Algoma manufactures steel sheets and serves automotive, construction, infrastructure, energy and defence customers throughout North America.
Algoma’s blast furnace production equipment is approaching end of life and requires capital investments. Algoma is considering electrifying its steelmaking process by installing electric arc furnaces (EAFs). This process is expected to reduce Algoma’s greenhouse gas emissions (GHG) by more than 70 percent, the equivalent of taking more than 900,000 passenger vehicles off the road.
The conversion to EAFs has a number of advantages for Algoma, including the flexibility to improve product mix and reduce production costs, and reduces the environmental footprint of Algoma and associated environmental compliance cost.
Benefits of the CIB Involvement
The Algoma Steel project has one of the highest potential GHG benefits.
The Project supports economic development in the Sault Ste. Marie region, and helps sustain the regional steelmaking economy. The Project will allow Algoma to compete with other producers across North America.
- Algoma Steel Inc.
- New investment in Canada’s steel industry to create jobs and build a cleaner future
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