ALGOMA SELECTS DANIELI FOR DIRECT STRIP PRODUCTION PLANT.SAULT STE. MARIE Sault Sainte Marie — pronounced "Soo Saint Marie" (IPA /su seɪnt məˈɹi/) — is the name of two cities on the Saint Marys River, which forms part of the boundary between the United States and Canada. , ONTARIO--(BUSINESS WIRE)--JULY 19, 1995--ALGOMA STEEL INC.(NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ALGSF TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : ALG ALG antilymphocyte globulin. ALG antilymphocyte globulin. ALG Antilymphocyte globulin, see there ) Algoma Steel Inc. and Danieli & C. SpA announce today that the two companies have signed a commitment agreement for the engineering, design, supply and construction of a new thin slab caster directly linked to a hot strip mill at Algoma's steelworks in Sault Ste. Marie. The commitment agreement provides for a fixed price for the new facility of approximately Cdn. $400 million. Engineering and construction activity will commence immediately with rolling of the first coil expected in September 1997. The new facility is the cornerstone of Algoma's strategic plan which calls for capital expenditures totalling $525 million over the next five years. The development of Algoma's strategic plan and the selection of Danieli as contractor/supplier is the product of a joint management/union process directed by Algoma's Joint Steering Committee. Through this joint process, the input and involvement of Algoma's employees will continue throughout the project. The new direct strip production plant will have an annual rated capacity of 2.0 million metric tons, with a range of strip gauges from 1.0 to 16mm, and widths from 800 to 1600mm. It will be composed of a twin strand flexible thin slab caster, soft reduction, tunnel furnaces, a single stand rougher and a six stand Danieli-United hot strip mill. Danieli will be supplying the equipment as well as the related construction, auxiliary plants and engineering, together with engineering and project management assistance from Hatch Associates Ltd. The new Direct Strip Production facility will enhance Algoma's cost advantage by combining Algoma's existing low cost liquid steel with this new world class facility. This project will represent a significant advancement in the application of thin slab caster technology in an integrated steel plant and is targeted towards the most demanding markets both in terms of strip sizes, steel grades and quality. The new facility will enable Algoma to strengthen its already strong position in hot rolled sheet and will include a wide range of steel grades including high strength low alloy and peritectic grades. Algoma Steel, based in Sault Ste. Marie, Ontario For the city of Sault Ste. Marie in Michigan, or the Canadian federal and provincial electoral districts of the same name, see: Sault Ste. Marie. Sault Ste. Marie (nicknamed "the Sault" or "the Soo") is a city on the St. Marys River in Ontario, Canada. , is Canada's third largest integrated steel producer. Revenues are derived primarily from the manufacture and sale of rolled steel products, including hot and cold rolled sheet and plate, seamless tubular products and structural products. Algoma's common shares trade on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol ALG and on NASDAQ under the symbol ALGSF. Danieli, located in Buttrio, Italy, is a world leader in the engineering, manufacturing and construction of steel mills and related equipment. Danieli is a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. listed on the Milan Stock Exchange Milan Stock Exchange The largest regional stock exchange in Italy, facilitating more than 90% of the country's trading volume. . Danieli is active in international markets with annual revenue of $585 million U.S. in 1994 and 2500 employees. CONTACT: Algoma Jim Garner Director of Corporate Finance (416) 864-1524 or Paul Paciocco Vice President - Manufacturing and Technology (705) 945-2501 or USWA USWA United Steelworkers of America USWA United States Wrestling Association USWA United States Windsurfing Association USWA United States Wristwrestling Association Steve Boniferro Area Coordinator District 6 759-4945 or Danieli Carlo Di Paolo General Manager Flat Products Division 432-598530 - Italy |
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