It's not as much as last year's chart-busting $150.7-million payout, but Algoma Steel has issued a total of $33.1 million in fiscal 2023 profit-sharing payments.
"When considered in addition to approximately $400 million in annual payroll and pension benefits, and when combined with local investments in goods and services accruing $55.2 million from the construction of our electric arc furnace facility as of quarter-end, we are pleased to deliver continued positive economic returns for our community," Garcia said.Last year's $150.7-million payout was the biggest payment per employee in Algoma's history.
Local 2251 is concerned with the planned reductions and has arranged a special meeting of its members on July 27 to discuss the issue.
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