Title:
Algoma Steel EAF Transformation
Agreement Value:
$200,000,000.00
Agreement Date:
Jul 1, 2021 - Mar 31, 2025
Description:
Replacement of Algoma Steel's current blast furnace, which is near end-of-life, with an electric arc furnace (EAF). Significant GHG reductions expected as a result and the project will improve the cost structure and production flexibility of the company.
Organization:
Innovation, Science and Economic Development Canada
Expected Results:
The Electric-Arc Furnace production process is expected to cut greenhouse gas emissions by more than 3 million metric tonnes per year by 2030, making a meaningful contribution to achieving Canada's climate goals. The outcomes of this project will contribute to the Strengthened Climate Plan's Net Zero Accelerator initiative.
Location:
Sault Ste. Marie, Ontario, CA P6A7B4
Reference Number:
033-2021-2022-Q2-816041
Agreement Type:
Contribution
Report Type:
Grants and Contributions
Recipient Business Number:
768412926
Recipient Type:
For-profit organization
Additional Information:
This is a repayable contribution.
Recipient's Operating Name:
Algoma Steel Inc.
Recipient's Legal Name:
Algoma Steel Inc.
Federal Riding Name:
Sault Ste. Marie
Federal Riding Number:
35092
Program:
SIF Stream2- Growth
Program Purpose:
-Encourage R&D that will accelerate technology transfer and commercialization of innovative products, processes and services;-Facilitate the growth and expansion of firms in Canada;-Attract and retain large scale investments to Canada; and-Advance industrial research, development and technology demonstration through collaboration between academia, non-profit organizations and the private sector.