Algoma Steel Inc.: News Release.Business Editors 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)--May 14, 2003 Algoma Steel ''See also Algoma (Disambiguation) Algoma Steel Corporation (TSX: AGA) was founded in 1902 by Francis Clergue, an American entrepreneur who had settled in Sault Ste. Marie, Ontario. Inc. announced today the implementation of a ninety-day Market Adjustment Plan that is designed to keep the Company cash flow positive as steel markets decline. The Plan is targeted to achieve an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. operating cost reduction of $40 million to compensate for overall declining prices, rising energy and other costs, and a strengthening Canadian dollar Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents . This is part of an overall Margin Improvement Plan designed to increase EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become by $100 million, on an annualized basis, over the next three years. This plan will focus on all areas of the Corporation including: -- Employment, maintenance, services and supplier costs, and will include a workforce reduction of approximately 600; -- Working capital reductions including raw materials, work in process, finished goods and supplies; -- Continuous evaluation of all facilities to ensure positive cash flow; -- The scaling back or elimination of non-critical activities. This Market Adjustment Plan will focus the organization on continuing to improve the balance sheet and the operation to ensure that Algoma Steel Inc. strengthens and remains a successful company. Algoma Steel Inc. is an integrated steel producer 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. . Revenues are derived primarily from the manufacture and sale of rolled steel products, including hot and cold rolled sheet and plate. |
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