Ontario Protecting Jobs for Sault Ste. Marie Steel Industry Workers
SAULT STE. MARIE — Ontario's Government for the People is protecting thousands of steel industry jobs in Sault Ste. Marie and the surrounding communities. This investment will support the healthy restructuring of Algoma Steel and provide a sustainable future, while supporting thousands of hard-working employees and pensioners in the North.
Today, Premier Doug Ford visited Algoma to announce the government's support in the form of regulatory relief from certain pension obligations under the Pension Benefits Act as well as Pension Benefits Guarantee Fund (PBGF) coverage if certain conditions are satisfied.
"Our government is committed to protecting jobs, and ensuring Algoma remains competitive in a tough market. They are the second largest private-sector employer in Northern Ontario, and the largest in Sault Ste. Marie," said Ford. "Our government is supporting a successful restructuring at Algoma by taking steps to make sure the company is commercially viable, and a stable source of jobs and economic growth for years to come."
Algoma's pension plans support approximately 2,100 current and 6,300 former or retired employees. As the largest private-sector employer in Sault Ste. Marie and the second largest in Northern Ontario, Algoma has approximately 2,700 direct employees.