Algoma Steel distributes over $150M through employee profit sharing program
by CM Staff
With the second installment scheduled for release on June 24th, fiscal 2022’s profit share reportedly represents the highest payments per employee in Algoma Steel's history.
SAULT STE. MARIE — Algoma Steel Group Inc., a Canadian producer of hot and cold rolled steel sheet and plate products, announced fiscal 2022 returned $150.7 million in total profit share payouts for eligible employees. With the second installment scheduled for release on June 24th, fiscal 2022’s profit share reportedly represents the highest payments per employee in the Company’s history. All figures are in Canadian dollars unless otherwise stated.
“Today’s announcement comes on the back of the Company’s impressive fourth-quarter results. This past year, Algoma saw record safety performance, revenues, and cash flows with much of that success attributable to our employees’ hard work and dedication. Together we are demonstrating that bold transformation, the continued pursuit of excellence and success go hand in hand at Algoma,” said Michael Garcia, Algoma’s Chief Executive Officer. “This cash infusion is in addition to approximately $400 million in annual payroll and pension benefits, and when combined with local investments in goods and services accruing $63 million to date derived from the construction of our electric arc furnace facility and our plate mill modernization, delivers meaningful positive returns for our community.”