Algoma Steel - CEO, Michael Garcia.
CEO, Michael Garcia.
Source: Algoma Steel.
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Algoma (ASTL) is mitigating health and safety risks after an oil spill from its mill in Sault Ste. Marie
  • On June 9, approximately 330 gallons of lubricant oil entered the St. Mary’s River, creating potentially long-term challenges for nearby wildlife
  • Clean up is underway amidst ongoing discussions with authorities and the affected Echo Bay community
  • Algoma Steel is a fully integrated producer of hot and cold rolled steel products including sheet and plate
  • Algoma (ASTL) is down by 1.51 per cent trading at $11.75 per share

Algoma (ASTL) is mitigating health and safety risks after an oil spill from its mill in Sault Ste. Marie.

On June 9, approximately 330 gallons of lubricant oil entered the St. Mary’s River, posing an imminent hazard to the surrounding ecosystem.

The company is working with authorities and maintaining an open dialogue with the Village of Echo Bay, to which it has offered to supply water on an interim basis.

Algoma has since hired clean up contractors and outfitted the river with absorbent booms to control the spill. Ongoing testing will monitor the waterway and facilitate the implementation of enhanced safety measures moving forward.

“This event certainly did not live up to the high standard we set for ourselves,” stated Michael Garcia, Algoma’s CEO. “I assure you the entire Algoma team has felt the weight of this incident’s impact on our community. We are focused on mitigating any possible impact and are grateful for the collaboration with all parties involved as we work together to do what needs to be done to protect the environment.”

Algoma Steel is a fully integrated producer of hot and cold rolled steel products including sheet and plate.

Algoma (ASTL) is down by 1.51 per cent trading at $11.75 per share as of 9:45 am EST.

More From The Market Herald
VR Resources - CEO, Dr. Michael Gunning.

" VR (TSXV:VRR) intersects more critical mineralization

VR Resources (VRR) has discovered another high-grade zone of critical metals mineralization at its Hecla-Kilmer Property in Ontario.

" DEEPEM survey to prioritize drill targets for exciting copper porphyry project

Mining investors have two reasons to take a keen interest in the latest news release from Peloton Minerals Corporation (

" American Manganese (TSXV:AMY) exceeds plant processing capacity

American Manganese Inc (AMY) announced a significant milestone for its RecycLiCo demonstration plant project.

" Charbone (TSXV:CH) signs new term sheet

Charbone Systems (CH) has signed a non-binding term sheet for hydrogen refuelling station technologies from Resato Hydrogen Technology B.V.