Algoma Steel Inc. announced April 21 that chief executive officer Denis Turcotte will resign, effective April 30. Turcotte was appointed CEO in September 2002 after the company emerged from restructuring.
Prashant Ruia, Essar group director and chairman of the Algoma Steel board, said, "Denis was instrumental in Algoma's turnaround. He provided outstanding leadership to Algoma throughout its initial integration with Essar and has done an exceptional job of readying the organization to play a leading role in Essar Steel's Americas division. The board places on record a deep appreciation for Denis' service and wishes him the very best in his future endeavors."
Armando Plastino will assume the role of CEO of Algoma Steel effective immediately. Currently vice president of operations, Plastino began his career with Algoma Steel in 1972 and served in a series of varied and progressive positions in operations, engineering and maintenance. He is a graduate of Ryerson University with a degree in Electrical Engineering Technology.
Jatindra Mehra, CEO of Essar Steel Holdings, welcomed Plastino to his new role, adding, "Since assuming accountability in 2002 for the performance of all operating areas from primary through to the finishing end, Armando and his team have made sizeable improvements to Algoma's safety and environmental performance, productivity and cost structure. As we increase production to 4 million saleable tons, Mr. Plastino's operational leadership will ensure Algoma's continued success as a thriving, sustainable steelworks, positioned to compete as a low cost, high value producer of carbon steel."
A member of the Essar Group, Algoma Steel Inc. is based in Sault Ste. Marie, Ontario. As a fully integrated steel producer, Algoma's revenues are derived primarily from the manufacture and sale of rolled steel products including hot and cold rolled sheet and plate.