During a press event on Thursday, federal and provincial officials assembled at the Sault Ste. Marie facility to announce the funding and to underline the importance of the facility. 

“Our government is committed to ensuring Algoma Steel remains competitive and sustainable in a tough market,” said Ontario Minister of Energy, Northern Development and Mines Greg Rickford.  

“The investment announced today secures thousands of jobs and pensions and signals Northern Ontario is open for business.”  

Over the next five years, Algoma is planning to undertake a number of projects to improve its ladle metallurgy, strip and plate mills and its coke works. It also plans to make extensive technology upgrades throughout the steelworks. Among other things, the improvements will allow it make more advanced steel grades, low-sulfur and high-carbon grades and pipe grades. 

The improvements also will increase productivity, lower costs and improve quality and plant reliability. 

Algoma chief executive Kalyan Ghosh said the government funding will help the company to bring the projects to fruition. 

“This support will enable us to make important investments in new technology that will enhance our reliability, extend asset life and reduce our environmental footprint,” Ghosh said. 

The Sault Star newspaper has more here.