Algoma Steel has reached an agreement with the city council of Sault Ste. City, Canada on a port project.
Algoma Steel and the Sault Ste. Marie city council announced their collaboration and agreed to accelerate the development of a public port project.
The project aims to use the city's strategic location in the heart of the Great Lakes region to create a transportation hub serving a variety of industries. Opposing ideas for the development of the harbor have been raised in Sault Ste. Marie is deeply rooted in its historical importance as a trading center for more than a century. Recently, Algoma Steel's modernization efforts have led to a resurgence of interest.
With Algoma Steel's transition to electric arc furnaces, the expectation is for a reduction in raw material storage space requirements and a corresponding change in transportation needs. Sault Ste. Marie mayor Matthew Shoemaker said it was time to consider waterway transportation as a means of diversifying the local economy and regional growth.
Over the last decade, the port complex at Algoma Steel has handled 5.5 million tons of product annually, making it the fourth largest port by volume in the Canadian Great Lakes region. The port, which currently serves Algoma Steel, is also known for providing investment opportunities to various industries.
The first phase of the project involves updating the old business plan to align with current market dynamics and collaborate with stakeholders to create a broader port model. The city council has allocated funding for the next three years to move the project forward.
Mayor Shoemaker emphasized the importance of moving from the planning stage to implementation, adding that the momentum needed to be built to realize the potential of the project. The establishment of a Port Authority to oversee port operations reflected the adoption of a community-centered approach to economic growth and opportunity creation.
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