Support for Algoma steel industry pensioners announced by Ontario premier
Premier Doug Ford says the provincial government is stepping in to help Algoma Steel.
Ford says the government will provide regulatory relief from certain pension obligations to the Sault Ste. Marie steelmaker.
"Our government is committed to protecting jobs and ensuring Algoma remains competitive in a tough market," he said.
In August, a judge approved an agreement in principle to sell Algoma to a numbered company in British Columbia.
Algoma is among the largest private-sector employers in northern Ontario with about 2,700 employees.
According to the province, the company's pension plan supports about 2,100 current employees and 6,300 former or retired employees.
Our government will protect the jobs of Sault Ste. Marie steel industry workers. We will support the healthy restructuring of Algoma Steel to ensure a sustainable future, while supporting thousands of hard-working employees and pensioners in the North. <a href="https://t.co/lhqNji7PCO">pic.twitter.com/lhqNji7PCO</a>—@fordnation
With files from the Canadian Press