Business Brief: An electrifying future for a storied steel company

The largest employer in Sault Ste. Marie is transforming its coal-fired production processes into a modern operation that emits far less carbon and other pollutants. Today, we look at how Algoma Steel is banking on a renaissance with a multimillion-dollar plan to go electric.operations in Brazil, the world’s largest agricultural exporter, after a series of setbacks in the region that included a US$220-million loss on unauthorized derivative trades.

Canada has to hit aggressive targets, which means changes for its biggest manufacturers. Steelmakers, high on the list of heavy emitters, face a certain paradox: They are being asked to lower emissions while simultaneously making a product necessary for building a “greener” infrastructure. Algoma’s plan is to install two electric arc furnaces: technology that replaces the dirty work of coking coal. Instead, with a large enough charge of electricity, scrap metal becomes green steel. When fully online, the amount of CO2 emissions that the company expects to reduce equates to more than a tenth of Canada’s 2030 goal under the Paris Agreement.

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