SAULT STE. MARIE, ON, March 11, 2019 /CNW/ - Algoma Steel Inc. (with its affiliates, "Algoma" or the "Company") is pleased to announce the appointment today of Michael McQuade as Chief Executive Officer of the Company. Mr. McQuade, who is currently a director of Algoma, has more than 35 years of steel industry experience in a number of senior leadership positions.
"On behalf of the board of directors, I am pleased to announce the appointment of Michael McQuade as Chief Executive Officer of Algoma" stated Andy Harshaw, Chairman of Algoma. "Mike has the skills and experience to lead Algoma in the next stage of its evolution as a leading Canadian steel company and globally competitive producer. Mike and the other members of Algoma's leadership team will build on the Company's financial and operational strengths and oversee the Company's CDN $300 million facility modernization program. This program will expand the Company's capacity and grade capability and position Algoma to meet the growing demand for advanced grades of steel. As our new Chief Executive Officer, Mike McQuade will work closely with our employees and business partners to build on Algoma's strengths, generate value, and maintain Algoma as the industrial cornerstone of Sault Ste. Marie."
Prior to becoming a director of Algoma in 2018, Mr. McQuade gained more than 35 years of progressive experience at Stelco Inc., a Canadian steelmaker, where he held a variety of roles in finance, accounting, operations, and sales. Mr. McQuade became chief financial officer of Stelco in 2010 and its President in 2014. Michael McQuade holds a bachelor of mathematics degree as well as the CPA, CMA and Chartered Director designations.
Mr. McQuade succeeds Kalyan Ghosh, who served as Chief Executive Officer prior to and during the successful restructuring of Algoma's business in 2018 and has resigned from the Company to pursue other opportunities. Mr. Ghosh remarked, "I am proud of all that we have accomplished in Algoma's turnaround and excited about its future, but I believe the time is right for me to move on to the next phase of my professional life. I have full confidence in the leadership team and their ability to execute the Company's business plan and create lasting value". The board of directors wishes to thank Mr. Ghosh for his leadership and significant contribution to Algoma and its recent successful emergence from creditor protection.
About Algoma Steel Inc.:
Based in Sault Ste. Marie, Ont., since 1901, Algoma Steel Inc. is a fully integrated steel producer of hot and cold rolled steel products including sheet and plate. With a production capacity of an estimated 2.8 million tons per year, Algoma Steel's size and diverse capabilities enable it to deliver responsive, customer driven product solutions straight from the ladle to direct applications in the automotive, construction, energy, defense and manufacturing sectors.
SOURCE Algoma Steel Inc.
For further information: Brenda Stenta, Manager Communications & Branding, Algoma Steel Inc., Phone: +1.705.945.2209, E-mail: [email protected]