October 4, 2023 (press release) –
Algoma, U. S. Steel Sign Iron Ore Agreement
| 10/3/2023 - Algoma Steel is extending an iron ore purchase agreement with United States Steel Corporation, securing enough of the raw material to complete its transition from blast furnace production to electric arc furnace production. |
Algoma said the two-year extension, which comes with an option to extend for a third year, is a strategic milestone for the company as it executes on plans to switch production routes.
“We believe that the extension of this agreement provides the foundation for a reliable supply chain and uninterrupted access to essential raw materials to meet our production capacity and service the demands of our valued customers throughout North America,” said Algoma chief executive officer Michael Garcia.
"We are excited to extend our partnership with U. S. Steel, which we believe not only reinforces our strong collaboration but also aligns with our broader mission of transitioning to more sustainable steelmaking practices,” he added.
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