November 30, 2018
An open letter to Sault Ste. Marie
The conclusion of Algoma’s Companies’ Creditors Arrangement Act proceeding is good news for the company and our community. We have been involved in this process for 3 years and it has been challenging. It has been challenging for the employees and pensioners, the contractors and suppliers, and the community – at – large. Many of us are, in one way or another, connected to Algoma and many of our household incomes are either directly or indirectly dependent on its continued operation.
The end of this process brings with it some stability, consumer and community confidence and, with a big impending capital investment, a boost to our local economy. That is all good news and we should take a moment to recognize and appreciate that we came together as a community, met this challenge and overcame it. However, we have to make sure we do not take more than a moment or assume that the end of this process represents the end of our challenge. It is not. There is much more work to do to make sure the stability that comes with today’s announcement isn’t temporary.