Mr. Speaker, there are not many good news stories in the Canadian steel industry. However, I am happy to report to the House that Algoma Steel Inc., which was recently restructured with the help of $50 million in loan guarantees from the federal government, is just that: a good news story.
The largest employer in the Soo, Algoma Steel Inc. reported this month a net income of $10.1 million for the three months ending December 31, 2003, or 33¢ per share. Algoma Steel is now on its way to sustained profitability.
On another high note, the share value of Algoma Steel on the Toronto Stock Exchange has grown to more than eight times its share value in June 2003. This latest financial news for Algoma has uplifted the spirits of our community, which is grateful for our government's participation in the restructuring of Sault Ste. Marie's main economic engine.
I would like to congratulate the board of directors for Algoma Steel Inc., its president, Denis Turcotte, and all of Algoma's employees for this amazing turn of events at one of Canada's largest steelmakers.