The Globe and Mail reports in its Saturday edition that Algoma Steel Group is on the brink of a major shift. The Globe's Jeffrey Jones writes that three years after its most recent change in ownership, it is installing manufacturing technology that Algoma says will not only slash greenhouse gas emissions, but also guard its financial future. The new equipment eschews coking coal and blast furnaces in favour of scrap metal that, with a massive charge of electricity, will produce what is known in the industry as green steel.
Algoma head Michael Garcia says the construction of two electric arc furnaces will expand the roles of the company and Sault Ste. Marie, Ont., to supply an important building block for the energy transition, while becoming a major metal recycler in the process. The modernization is aimed at turning the region's largest employer into an operation that emits far less carbon and other pollutants, while making it less susceptible to swings in prices for raw materials, Mr. Garcia says of the project, which is now expected to cost between $825-million and $875-million. The federal government is kicking in $420-million of public money as part of its strategy for meeting international climate targets.
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