Algoma Steel CEO to Step Down
04/22/2008 - Algoma Steel CEO Denis Turcotte announces his intention to resign, effective April 30th, 2008.
Algoma Steel Inc. announced that Chief Executive Officer Denis Turcotte has announced his intention to resign, effective April 30th, 2008. He has served as the company’s CEO since its September 2002 emergence from restructuring.
“Denis was instrumental in Algoma's turnaround,” said Prashant Ruia, Essar Group Director and Chairman of the Algoma Steel Board. “He provided outstanding leadership to Algoma throughout its initial integration with Essar and has done an exceptional job of readying the organization to play a leading role in Essar Steel's Americas division. The Board places on record a deep appreciation for Denis' service and wishes him the very best in his future endeavors.”
Algoma also announced that Armando Plastino will assume the role of Chief Operating Officer, effective immediately. Currently Vice President Operations, Plastino began his career with Algoma Steel in 1972 and has served in a series of varied and progressive positions in operations, engineering and maintenance. He is a graduate of Ryerson University with a degree in Electrical Engineering Technology.
Jatindra Mehra, CEO Essar Steel Holdings, welcomed Plastino to his new role, adding, "Since assuming accountability in 2002 for the performance of all operating areas from primary through to the finishing end, Armando and his team have made sizeable improvements to Algoma's safety and environmental performance, productivity and cost structure.
As we increase production to 4 million saleable tons, Mr. Plastino's operational leadership will ensure Algoma's continued success as a thriving, sustainable steelworks, positioned to compete as a low-cost, high-value producer of carbon steel.”
Algoma Steel, based in Sault Ste. Marie, Ont., is a member of the Essar Group. A fully integrated steel producer, Algoma's revenues are derived primarily from the manufacture and sale of rolled steel products including hot and cold rolled sheet and plate.
