"For every barrel of oil discovered, the world consumes two. The time has come for Canadians to pursue more renewable sources of energy. This move toward value-chain integration represents the very sort of strategic development that will serve to position Algoma Steel as a world class company for the mid to long term," says CEO Denis Turcotte.
SIAG is a leading tower manufacturer in Europe, with seven factories that account for more than 13% of that continent's production capacity. Its expansion into Canada will allow it to supply the North American industry from a base close to its customers, says CEO Rüdiger Schaaf. "We are excited by this promising new market," he says. SIAG, through its Canadian subsidiary, will hold a majority interest in the partnership, which will be known as SIAG Great Lakes LP.