Press release from CNW Group
Algoma Central Corporation Requalifies as One of Canada's Best Managed Companies
Wednesday, March 26, 2014
Algoma Central Corporation Requalifies as One of Canada's Best Managed Companies10:02 EDT Wednesday, March 26, 2014
(TSX : ALC)
ST. CATHARINES, ON, March 26, 2014 /CNW/ - Algoma Central Corporation ("Algoma" - www.algonet.com) is pleased to announce that the company has requalified as one of Canada's Best Managed Companies for 2013. The winners were announced March 25th by co-sponsors The National Post, Canadian Imperial Bank of Commerce, Queen's School of Business, and Deloitte LLP.
Canada's Best Managed Companies, the country's leading business awards program recognizing excellence in Canadian-owned and -managed companies, was established in 1993. Every year the program announces 50 winners from the hundreds of companies that compete for this designation in a rigorous and independent process that evaluates the calibre of their management abilities and practices. Winners in previous years requalify for the recognition, provided they maintain the standards of performance demonstrated in earning the initial recognition.
"Algoma was proud to be selected as one of Canada's Best Managed Companies for 2012" said Greg Wight, Algoma President and CEO, "and it is our goal to continue to earn the recognition of re-qualification for this prestigious award. The trend of significant accomplishments and ongoing evolution of our One Vision, One Purpose, One Team strategic focus will continue and I thank all 2,000 Algoma employees, without whom our success and this recognition would not be possible. "
Algoma's fleet of 31 dry-bulk and product tanker vessels is the largest Canadian-owned and -flagged fleet operating on the Great Lakes and St. Lawrence Waterway. The Corporation's strategic vision is delivering continual growth in shareholder value while operating in a sustainable manner and always being governed by its core values and is the guidepost by which it is managed.
Achieving sustainability means managing with a long-term perspective on the impact of day-to-day operating decisions and on long-term investment decisions. During 2013, Algoma took delivery of the Algoma Equinox, the first of eight new Equinox Class ships that will join the Algoma fleet. Algoma will invest $300 million in six of these new dry-bulk vessels that bring an expected 45% reduction in emissions per tonne-kilometre. Innovations on these ships include the first installation of exhaust gas scrubbers on a Great Lakes vessel that will remove 97% of sulphur oxide emissions generated by the main engines and auxiliary generators.
About Algoma Central Corporation
Algoma Central Corporation owns and operates the largest Canadian flag fleet of dry and liquid bulk carriers operating on the Great Lakes - St. Lawrence Waterway, including 18 self-unloading dry-bulk carriers, six gearless dry bulk carriers and seven product tankers. Algoma also has interests in ocean dry-bulk and product tanker vessels operating in international markets. Algoma owns a diversified ship repair and steel fabricating facility active in the Great Lakes and St. Lawrence regions of Canada. In addition, Algoma owns and manages commercial real estate properties in Sault Ste. Marie, St. Catharines and Waterloo, Ontario.
SOURCE Algoma Central Corporation
For further information:
Greg D. Wight, FCPA, FCA
President and Chief Executive Officer
Peter Winkley, CPA, CA
Vice-President, Finance and Chief Financial Officer