Algoma Steel Awards Building Contract to Walters Group

SAULT STE. MARIE, Ontario (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 that it has awarded the structural building contract for its electric arc steelmaking facility (“EAF”) to Hamilton, ON-based Walters Group Inc. (“Walters”). Walters will be responsible for fabricating and erecting the main building structure in addition to the necessary dust collection hoods.

Pursuant to the fixed-priced contract, Walters will use Algoma’s steel plate products in the fabrication of the heavy structural components, and will work with local industrial contractor, SIS Manufacturing Inc., for the fabrication of these key elements. Onsite assembly of the building structure is expected to commence in the fall of 2022, with completion targeted within a year.

“Today’s announcement marks another significant milestone in our path to become Canada’s top producer of green steel,” said Michael McQuade, Algoma’s Chief Executive Officer. “Walters has a strong reputation for safe project execution and extensive experience in major industrial projects. When selecting a contractor, it was imperative that we identify those who were willing to work with local contractors, like SIS Group. Walters’ appreciation of our commitment to the Sault Ste. Marie community and partner-oriented model make it an ideal contractor to support Algoma’s transformative EAF project.”

“We are both delighted and honoured to be selected by Algoma to build their new EAF facility in Sault Ste. Marie,” said Peter Kranendonk, CEO of Walters. “We have been designing, fabricating and constructing steel for commercial and industrial projects throughout North America for more than 65 years. As an Ontario-based company, we welcome the opportunity to work with another Canadian icon on a project that is expected to drive a marked carbon reduction in the province we both call home.”