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home / news releases / ASTL - Algoma Steel to build two new EAF plants to replace blast furnace operations

ASTL - Algoma Steel to build two new EAF plants to replace blast furnace operations

Algoma Steel Group Inc.
Argoma Steel (NASDAQ:ASTL) +1.7% pre-market after unveiling plans to spend C$700M to build two new electric arc furnaces to replace its existing blast furnace and basic oxygen steelmaking operations, which it expects will cut its carbon emissions by 70%. Algoma anticipates a 30-month construction phase for the EAF facility, coming online in 2024, and then expects to transition away from blast furnace steelmaking as more electric power on the grid becomes available. Following the transformation to EAF steelmaking, Algoma says its facility's annual raw steel production capacity will total 3.7M tons and include new vacuum degassing capability to expand its offering of steel plate grades.

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Algoma Steel to build two new EAF plants to replace blast furnace operations
Stock Information
Company Name: Algoma Steel Group Inc.
Stock Symbol: ASTL
Market: NYSE
Website: algoma.com
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