Algoma Steel names new CEO; Michael Garcia to take over from Michael McQuade June 1
The Canadian PressBusiness Operations Metals
SAULT STE. MARIE, Ont. (CP) – Algoma Steel Group Inc. has announced the appointment of Michael Garcia as the company’s new CEO effective June 1 upon the retirement of current CEO Michael McQuade.
The Canadian producer of hot and cold rolled steel sheet and plate products says Garcia will also join the board of directors concurrent with his appointment as CEO.
The leadership transition comes as Algoma is working through a project to replace its blast furnaces with electric-arc-furnaces to reduce its carbon emissions by about 70 per cent.
The project, expected to be completed in 2024, will cost about $700 million including up to $420 million in funding from the federal government.
Garcia has held senior executive roles in many companies over the years, including at Alcoa Inc., Gerdau Ameristeel Inc., Domtar Inc., and Alliant Energy Inc.
Chair of the board Andy Harshaw says Garcia’s expertise and experience will “amplify Algoma’s value proposition” as the company works on executing its “transformation strategy.”