Algoma and Triple M Metal establish a metals sourcing joint venture
by CM Staff
The new entity will source prime scrap metal and other iron units to meet Algoma’s business needs, including in connection with its potential transformation to electric arc steelmaking.
SAULT STE. MARIE — Algoma Steel Group Inc., a Canadian producer of hot and cold rolled steel sheet and plate products, announced on Oct. 28 that it has entered into a joint venture with Triple M Metal LP, a North American privately-owned ferrous and non-ferrous metal recycling company, establishing a jointly owned company known as ATM Metals Inc. The new entity will source prime scrap metal and other iron units to meet Algoma’s business needs, including in connection with its potential transformation to electric arc steelmaking.
Michael McQuade, Algoma’s Chief Executive Officer commented on the development, “By combining the experience and expertise of Algoma and Triple M, we believe that we can build a powerful supply chain solution to realize the iron unit needs of the business today and in the future.”
“Algoma and Triple M have a long history of working together, so this joint venture was a natural fit for both organizations,” added Chris Galifi, Chief Operating Officer of Giampaolo Group Inc. (parent company to Triple M) “We are both engaged in the steel economy, including sourcing, processing, manufacturing and the recycling of metals.”
Based in Sault Ste. Marie, Ontario, Canada, Algoma is a fully integrated producer of hot and cold rolled steel products including sheet and plate.
