https://www.saultstar.com/news/local-news/new-ceo-takes-over-operations-at-algoma-steel/amp

New CEO takes over operations at Algoma Steel

• BY ELAINE DELLA-MATTIA

Algoma Steel Inc. CEO Kalyan Ghosh says the cloud has been lifted from the Sault Ste. Marie steelmaker. It emerged from...

Algoma Steel Inc. has a new chief executive officer.

Mike McQuade takes the helm as Kalyan Ghosh resigns to pursue other opportunities, a company issued press release states.

“I am proud of all that we have accomplished in Algoma’s turnaround and excited about its future, but I believe the time is right for me to move on to the next phase of my professional life,” Ghosh said in the release.

Ghosh served as CEO of the Sault’s steelmaker prior to and during the restructuring efforts.

McQuade comes to the company with more than 35 years of progressive experience at Stelco Inc. where he held a variety of roles in finance, accounting, operations and sales.

The Sault Star requested an interview with McQuade. Algoma Steel’s manager of communications Brenda Stenta said media availability for McQuade will be arranged in the near future.

Andy Harshaw, chair of Algoma’s board of directors said “Mike has the skills and experience to lead Algoma in the next stage of its evolution as a leading Canadian steel company and globally competitive producer.”

The company’s press release says McQuade was Stelco’s chief financial officer in 2010 and became its president in 2014.

He will now lead the company’s $300 million facility modernization program designed to expand capacity and grade to meet the industry’s growing needs.

Earlier this year the company received $150 million in grants and loans by the federal and provincial government to transform the steel mill.

The funding will be used on various projects to adopt new technologies, improve productivity at the plant and sustain competitiveness in the global market.

Improvements will modernize production assets, including the steel rolling and steel plate mills, which will position the company to offer a wider range of steel grades and increase production capabilities.

Last November, Algoma emerged from three years of bankruptcy protection with a new owner, a smaller debt load and a stronger balance sheet.

The new owners, a group of private investors, answer to a seven-member board of directors which include Canadians and Americans with expertise in steel, manufacturing and finance.

The restructuring process saw $1 billion of debt paid off and debt servicing reduced by 80 per cent. Pension plan guarantees were also inked.