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Algoma Steel Inc. -- Company Announcement

9 April 1999

Algoma Steel Inc. -- Company Announcement

    SAULT STE. MARIE, Ontario--April 9, 1999--Algoma Steel Inc. (TSE:ALG.) announced today that new one-year collective agreements with United Steelworkers Locals 2251 and 2724 were ratified by the membership of the two locals in votes held on April 8th. The new agreements cover the period from August 1, 1999 to July 31, 2000 and extend the wage, benefit and other provisions contained in the existing agreements which expire on July 31, 1999. The agreements cover all of Algoma's unionized workforce.
    Sandy Adam, Algoma's President and CEO, stated that the finalization of the new agreements is a very positive step for the Company. He said: "Reaching these new collective agreements at an early stage reinforces Algoma's position with its customers as a reliable, stable supplier. It also allows the Company, the Union and our employees to focus all of our energy on the important challenges facing the Company."
    Algoma Steel, based in Sault Ste. Marie, Ontario, is Canada's third largest integrated steel producer. Revenues are derived primarily from the manufacture and sale of flat rolled steel products, including hot and cold rolled sheet and plate.