(TSX : ALC)
ST. CATHARINES, ON, March 10, 2015 /CNW/ - Algoma Central Corporation ("Algoma" – www.algonet.com) is pleased to announce that the company has requalified as one of Canada's Best Managed Companies for 2014. The winners were announced today by co-sponsors The National Post, Canadian Imperial Bank of Commerce, Queen's School of Business, and Deloitte LLP.
Canada's Best Managed Companies, the country's leading business awards program recognizing excellence in Canadian owned and managed companies, was established in 1993. Every year the program announces 50 winners from the hundreds of companies that compete for this designation in a rigorous and independent process that evaluates the calibre of their management abilities and practices. Winners in previous years requalify for the recognition, provided they maintain the standards of performance demonstrated in earning the initial recognition.
"Algoma was proud to be selected as one of Canada's Best Managed Companies for 2014" said Greg Wight, Algoma President and CEO, "and it is our goal to continue to earn the recognition of re-qualification for this prestigious award. I would like to once again thank all of Algoma's 2,000 employees, as without their hard work and focus on Operations Excellence, this recognition would not be possible"
Algoma's fleet of 31 dry-bulk and product tanker vessels is the largest Canadian owned and flagged fleet operating on the Great Lakes and St. Lawrence Waterway. The Corporation's strategic vision is delivering continual growth in shareholder value while operating in a sustainable manner and always being governed by its core values and is the guidepost by which it is managed.
Achieving sustainability means managing with a long-term perspective on the impact of day-to-day operating decisions and on long-term investment decisions. The domestic dry-bulk fleet that Algoma operates now includes three Equinox Class vessels that are the most modern, efficient, and cleanest ships operating on the Great Lakes. During 2014, Algoma received all required approvals for the exhaust gas scrubbing systems installed on the Equinox Class series of vessels. The scrubber units are designed to remove 97% of sulfur oxide emissions from the vessels' exhaust streams.
About Algoma Central Corporation
Algoma Central Corporation operates the largest Canadian flag fleet of dry and liquid bulk carriers operating on the Great Lakes - St. Lawrence Waterway, including 17 self-unloading dry-bulk carriers, seven gearless dry bulk carriers and seven product tankers. Algoma also has interests in ocean dry-bulk vessels operating in international markets. Algoma provides ship management services for other ship owners and owns a diversified ship repair and steel fabricating facility active in the Great Lakes and St. Lawrence regions of Canada. In addition, Algoma owns and manages commercial real estate properties in Sault Ste. Marie, St. Catharines and Waterloo, Ontario.
SOURCE Algoma Central Corporation
Image with caption: "Algoma's newest Equinox Class ship, the Algoma Harvester, joined the Company's fleet in 2014. (CNW Group/Algoma Central Corporation)". Image available at: http://photos.newswire.ca/images/download/20150310_C7044_PHOTO_EN_13003.jpg
For further information: Greg D. Wight, FCPA, FCA, President and Chief Executive Officer, 905-687-7850; Peter Winkley, CPA, CA, Vice-President, Finance and Chief, Financial Officer, 905-687-7897