DSPC

Algoma Steel Awards Contract to GE to Provide Gas Turbines to Support Power Requirements of Electric Arc Steelmaking Transition

Retrieved on: 
Thursday, January 27, 2022
CEO, Private Securities Litigation Reform Act, Legislation, Risk, BOF, Forward-looking statement, SEC filing, NASDAQ, SEDAR, HRC, Steel, General Electric, GE, Form, Carbon, COVID-19, Algoma Steel, Prospectus, EAF, TSX, U.S. Securities and Exchange Commission, Ontario Securities Commission, Electricity, DSPC, GLOBE, Courage, News, ASTL, Security (finance), NYSE, LM6000, STE, No, Oil, Renewable energy

The upgrade is expected to supply Algoma Steel with sufficient internal generation capability to power phase one of its transition to electric arc furnace (EAF) steelmaking.

Key Points: 
  • The upgrade is expected to supply Algoma Steel with sufficient internal generation capability to power phase one of its transition to electric arc furnace (EAF) steelmaking.
  • Under the terms of the contract, GE will provide two LM6000 aero derivative gas turbines complete with new control systems as well as a new control system for the existing GE steam turbine.
  • Algoma Steel expects the project to be completed in the spring of 2023, a full year before the scheduled commissioning of the new electric arc furnaces.
  • Our customer focus, growing capability and courage to meet the industrys challenges head-on position us firmly as your partner in steel.

Algoma Steel Provides Fiscal 2022 Third Quarter Update

Retrieved on: 
Monday, January 10, 2022
Form, Risk, Ontario Securities Commission, Legislation, TSX, Security (finance), ASTL, NASDAQ, U.S. Securities and Exchange Commission, STE, Forward-looking statement, Mergers and acquisitions, DSPC, COVID, Tripura Merger Agreement, BOF, Private Securities Litigation Reform Act, EBITDA, Calendar, Courage, Head, Prospectus, News, COVID-19, HRC, GLOBE, Steel

SAULT STE. MARIE, Ontario, Jan. 10, 2022 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma”), a leading Canadian producer of hot and cold rolled steel sheet and plate products, today announced that based on the current estimates of Algoma’s Earnout Adjusted EBITDA (as defined in the Merger Agreement with Legato Merger Corporation) for calendar year-end 2021, it is currently expected that all 37.5 million Algoma common shares will be issued pursuant to the Earnout Rights as prescribed in the Merger Agreement.

Key Points: 
  • Actual shipments were impacted by various issues including increased holiday shutdowns by customers, logistical supply chain constraints, and COVID-related challenges.
  • As a result, our steel inventory has increased, and we expect to ship these deferred tons over the next two fiscal quarters.
  • Marie, Ontario, Canada, Algoma is a fully integrated producer of hot and cold rolled steel products including sheet and plate.
  • Algoma is a key supplier of steel products to customers in Canada and Midwest USA and is the only producer of plate steel products in Canada.

Algoma Steel Selects Danieli as Technology Provider for New Electric Arc Steelmaking Facility

Retrieved on: 
Thursday, December 2, 2021
Ontario Securities Commission, Security (finance), News, Carbon, Safety, Technology, ASTL, Noise, Private Securities Litigation Reform Act, Forward-looking statement, Company, Courage, Form, BOF, TSX, U.S. Securities and Exchange Commission, COVID-19, Legislation, EAF, Prospectus, STE, DSPC, GLOBE, MVA, Water, Head, HRC, Steel, Filtration, NASDAQ, Foundry

MARIE, Ontario, Dec. 02, 2021 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (Algoma or the Company), a leading Canadian producer of hot and cold rolled steel sheet and plate products, today announced that it has selected Danieli & C. Officine Meccaniche S.p.A (Danieli) as the sole technology provider for their new electric arc (EAF) steelmaking facility.

Key Points: 
  • MARIE, Ontario, Dec. 02, 2021 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (Algoma or the Company), a leading Canadian producer of hot and cold rolled steel sheet and plate products, today announced that it has selected Danieli & C. Officine Meccaniche S.p.A (Danieli) as the sole technology provider for their new electric arc (EAF) steelmaking facility.
  • The transformation is expected to reduce Algomas carbon emissions by approximately 70%, positioning Algoma as one of North Americas leading providers of green steel.
  • The new electric arc facility is expected to be in operation in early 2024.
  • Marie, Ontario, Canada, Algoma is a fully integrated producer of hot and cold rolled steel products including sheet and plate.

Algoma Steel Announces Final Investment Decision for Electric Arc Steelmaking

Retrieved on: 
Thursday, November 11, 2021
Mathematics, Legislation, Head, Science, Private Securities Litigation Reform Act, News, Electricity, Leadership, Engineering, CO2, Security (finance), NASDAQ, Ontario Securities Commission, Technology, ASTL, SEDAR, Growth, Investment, COVID-19, BOF, Biophysical environment, Forward-looking statement, DSPC, EAF, Board, TSX, HRC, Carbon, Blast furnace, Company, U.S. Securities and Exchange Commission, GLOBE, ESG, Vacuum, Board of directors, Steel, STEM, Courage, Risk, Foundry, Renewable energy, Risk management

SAULT STE. MARIE, Ontario, Nov. 11, 2021 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma” or the “Company”), a leading Canadian producer of hot and cold rolled steel sheet and plate products, today announced that its Board of Directors has authorized the Company to construct two new state-of-the-art electric-arc-furnaces (EAF) to replace its existing blast furnace and basic oxygen steelmaking operations. The transformation is expected to reduce Algoma’s carbon emissions by approximately 70%.

Key Points: 
  • Transformation is expected to reduce carbon emissions by approximately 70%, positioning Algoma for long-term growth in the increasing market for green steel.
  • We believe that todays strategic decision to transition Algoma to electric arc steelmaking represents a win for all of our stakeholders.
  • You cannot get to net zero without steel, and in becoming a leading provider of green steel in North America, Algoma intends to be part of the solution.
  • Todays decision is the outcome of hard work and decisive actions over the past two years, Algoma Board Chair Andrew Harshaw added.

Algoma Steel to Announce Fiscal 2022 Second Quarter Results November 11, 2021

Retrieved on: 
Monday, November 1, 2021
STE, Security (finance), U.S. Securities and Exchange Commission, Private Securities Litigation Reform Act, NASDAQ, Investor, Ontario Securities Commission, TSX, HRC, Risk, Conference, Forward-looking statement, Company, Webcast, COVID-19, Courage, Head, News, Steel, Prospectus, ASTL, GLOBE, Legislation, BOF, DSPC

MARIE, Ontario, Nov. 01, 2021 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (Algoma), a leading Canadian producer of hot and cold rolled steel sheet and plate products, announced today that the Company will release its fiscal 2022 second quarter financial results after the market closes on Thursday, November 11, 2021.

Key Points: 
  • MARIE, Ontario, Nov. 01, 2021 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (Algoma), a leading Canadian producer of hot and cold rolled steel sheet and plate products, announced today that the Company will release its fiscal 2022 second quarter financial results after the market closes on Thursday, November 11, 2021.
  • A webcast and conference call will be held on Friday, November 12, 2021, at 10:00 a.m. Eastern Time to review the Companys fiscal second quarter results, discuss recent events, and conduct a question-and-answer session.
  • Upon dialing in, please request to join the Algoma Steel Fiscal Second Quarter Conference Call.
  • Marie, Ontario, Canada, Algoma is a fully integrated producer of hot and cold rolled steel products including sheet and plate.

Algoma and Triple M Metal Establish Metals Sourcing Joint Venture

Retrieved on: 
Wednesday, October 27, 2021
Recycling, Â, STE, Organization, Security (finance), U.S. Securities and Exchange Commission, Private Securities Litigation Reform Act, NASDAQ, Ontario Securities Commission, TSX, HRC, Risk, Forward-looking statement, COVID-19, Courage, Head, Triple M, News, Steel, Prospectus, ASTL, GLOBE, Legislation, BOF, DSPC, 3D printing

MARIE, Ontario, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (Algoma) (NASDAQ: ASTL; TSX: ASTL), a leading Canadian producer of hot and cold rolled steel sheet and plate products, today announced that it has entered into a joint venture with Triple M Metal LP (Triple M), one of North Americas largest privately-owned ferrous and non-ferrous metal recycling companies, establishing a jointly owned company known as ATM Metals Inc.

Key Points: 
  • MARIE, Ontario, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (Algoma) (NASDAQ: ASTL; TSX: ASTL), a leading Canadian producer of hot and cold rolled steel sheet and plate products, today announced that it has entered into a joint venture with Triple M Metal LP (Triple M), one of North Americas largest privately-owned ferrous and non-ferrous metal recycling companies, establishing a jointly owned company known as ATM Metals Inc.
  • Algoma and Triple M have a long history of working together, so this joint venture was a natural fit for both organizations, added Chris Galifi, Chief Operating Officer of Giampaolo Group Inc. (parent company to Triple M) We are both engaged in the steel economy, including sourcing, processing, manufacturing and the recycling of metals.
  • Triple M Metal LP is one of North Americas largest privately owned recyclers and processors of scrap metal, with over 40 locations throughout Canada, United States, and Mexico including commercial interests in Europe.
  • Triple M Metal LP is part of the fully integrated metal management firm, Giampaolo Group Inc., which include portfolio companies Matalco Inc., Venture Steel Inc., Niagara Metals, Quantum Lifecycle Partners LP and Giampaolo Investments Limited.

Algoma Announces Retirement of Chief Commercial Officer

Retrieved on: 
Wednesday, October 27, 2021
Retirement, STE, Transaction, Security (finance), U.S. Securities and Exchange Commission, NASDAQ, Ontario Securities Commission, TSX, HRC, Leadership, Risk, Forward-looking statement, Company, COVID-19, Courage, Head, Partner, News, Steel, Prospectus, ASTL, Commercial, GLOBE, Legislation, BOF, DSPC, 3D printing, Risk management

MARIE, Ontario, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (Algoma) (NASDAQ: ASTL; TSX: ASTL), a leading Canadian producer of hot and cold rolled steel sheet and plate products, today announced its Chief Commercial Officer Robert Dionisi, has indicated his pending retirement effective May 1st, 2022.

Key Points: 
  • MARIE, Ontario, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (Algoma) (NASDAQ: ASTL; TSX: ASTL), a leading Canadian producer of hot and cold rolled steel sheet and plate products, today announced its Chief Commercial Officer Robert Dionisi, has indicated his pending retirement effective May 1st, 2022.
  • Algoma Chief Executive Officer Michael McQuade remarked, Over a rich, 42-year career with Algoma Rob has exemplified Algomas trademark mantra, Your Partner in Steel building strong and lasting relationships with customers across a multitude of markets and geographies.
  • His passion for quality service has been internalized by our entire commercial team and we extend our sincere gratitude to Rob for his leadership and long service.
  • Marie, Ontario, Canada, Algoma is a fully integrated producer of hot and cold rolled steel products including sheet and plate.

Algoma Steel Receives Upgrade from S&P Global Ratings

Retrieved on: 
Friday, October 22, 2021
S&P, STE, Transaction, Security (finance), U.S. Securities and Exchange Commission, NASDAQ, TSX, HRC, Risk, Forward-looking statement, Heel, COVID-19, Courage, Head, News, Steel, Prospectus, ASTL, GLOBE, Legislation, BOF, S&P Global, DSPC, Oil, Risk management

MARIE, Ontario, Oct. 22, 2021 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (Algoma) (NASDAQ: ASTL; TSX: ASTL), a leading Canadian producer of hot and cold rolled steel sheet and plate products, today announced that S&P Global Ratings (S&P) has upgraded Algomas issuer credit rating to B- from CCC+, with a stable outlook.

Key Points: 
  • MARIE, Ontario, Oct. 22, 2021 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (Algoma) (NASDAQ: ASTL; TSX: ASTL), a leading Canadian producer of hot and cold rolled steel sheet and plate products, today announced that S&P Global Ratings (S&P) has upgraded Algomas issuer credit rating to B- from CCC+, with a stable outlook.
  • Rajat Marwah, Chief Financial Officer of Algoma, commented, "We are thrilled to receive this S&P upgrade to our credit rating on the heels of Algomas recent return to the public equity markets.
  • Marie, Ontario, Canada, Algoma is a fully integrated producer of hot and cold rolled steel products including sheet and plate.
  • Algoma is a key supplier of steel products to customers in Canada and Midwest USA and is the only producer of plate steel products in Canada.

Algoma Steel and Legato Merger Corp. Close Business Combination

Retrieved on: 
Tuesday, October 19, 2021
Acquisition, Paul, Weiss, Rifkind, Wharton & Garrison, LLP, Risk, BMO Capital Markets, Investment, TSX, Ontario Securities Commission, COVID-19, TD, Goodmans, News, U.S. Securities and Exchange Commission, DSPC, Legislation, Jefferies Group, HRC, Growth, Intention, ASTL, Toronto Stock Exchange, Security (finance), Courage, Nasdaq, McQuade, PIPE, Head, USD, CEO, GLOBE, Industry, Forward-looking statement, Partnership, BOF, Carbon, Environment, Safety, Steel, Bank

SAULT STE. MARIE, Ontario, Oct. 19, 2021 (GLOBE NEWSWIRE) -- Today Algoma Steel Group Inc., parent company of Algoma Steel Inc. (“Algoma”), a leading Canadian producer of hot and cold rolled steel sheet and plate products, announced the completion of their merger with Legato Merger Corp. ("Legato"), a publicly-traded special purpose acquisition company, taking public a company that is working to build a new era in steel through its transformational journey. The transaction, including the concurrent private investments (“PIPE”), provided net proceeds of approximately USD 306 million to Algoma, which are expected to be used for strategic investments, including Algoma’s proposed transformation to electric arc furnace steelmaking (“EAF”).    

Key Points: 
  • MARIE, Ontario, Oct. 19, 2021 (GLOBE NEWSWIRE) -- Today Algoma Steel Group Inc., parent company of Algoma Steel Inc. (Algoma), a leading Canadian producer of hot and cold rolled steel sheet and plate products, announced the completion of their merger with Legato Merger Corp. ("Legato"), a publicly-traded special purpose acquisition company, taking public a company that is working to build a new era in steel through its transformational journey.
  • Each Legato unit will become one Algoma common share and one warrant to purchase one Algoma common share, and shares of Legato common stock and warrants will be exchanged for an equal number of Algoma common shares and warrants, respectively.
  • Michael McQuade, CEO of Algoma commented on the listing, "We are thrilled to complete our business combination with Legato and return Algoma to the public market.
  • Algoma is a key supplier of steel products to customers in Canada and Midwest USA and is the only producer of plate steel products in Canada.

Legato Merger Corp. Receives Stockholder Approval for its Business Combination with Algoma Steel

Retrieved on: 
Thursday, October 14, 2021
Toronto Stock Exchange, BOF, COVID-19, Nasdaq, HRC, Steel, Risk, Security (finance), NEW, LEGO, TSX, Legislation, DSPC, News, GLOBE, U.S. Securities and Exchange Commission, Forward-looking statement, Company, Head, Prospectus, Acquisition, Courage

MARIE, ONTARIO, Oct. 14, 2021 (GLOBE NEWSWIRE) -- Legato Merger Corp. (Legato) (Nasdaq:LEGO), a U.S. publicly-traded special purpose acquisition company, and Algoma Steel Group Inc. (Algoma), a fully integrated producer of hot and cold rolled steel products, today announced that Legato's stockholders have approved the previously announced business combination transaction between Legato and Algoma (the Merger).

Key Points: 
  • MARIE, ONTARIO, Oct. 14, 2021 (GLOBE NEWSWIRE) -- Legato Merger Corp. (Legato) (Nasdaq:LEGO), a U.S. publicly-traded special purpose acquisition company, and Algoma Steel Group Inc. (Algoma), a fully integrated producer of hot and cold rolled steel products, today announced that Legato's stockholders have approved the previously announced business combination transaction between Legato and Algoma (the Merger).
  • The holders of 716 shares of Legato common stock validly exercised their redemption rights in connection with the Merger.
  • Legato will file with the Securities and Exchange Commission (the SEC) a Form 8-K disclosing the final voting results.
  • Legato Merger Corp. is a blank check company organized for the purpose of effecting a merger, capital stock exchange, asset acquisition or other similar business combination with one or more businesses or entities.