Algoma Steel has appointed Michael Garcia as its new CEO, effective June 1.
The April 18 announcement comes following the news that Michael McQuade, who has been in the position since 2019, is heading for retirement.
“Mike McQuade has provided exemplary leadership through this transition period, taking Algoma from restructuring to a publicly listed company,” board chair Andy Harshaw said in a news release.
“He has set Algoma on secure footing as the company advances its sustainability agenda and embarks on its transformation to electric arc steelmaking.”
Harshaw noted that McQuade would remain a director on Algoma's board.
He was previously the CEO of Stelco (formerly known as U.S. Steel Canada), which had gone through a similar three-year bankruptcy protection, but retired from that role in 2017.
Algoma described McQuade's successor is a “successful industrial business leader, experienced public company CEO, and board member.”
Garcia has held a number of executive roles in companies including Alcoa Inc., Gerdau Ameristeel Inc., Evraz Inc./Evraz Highveld Steel & Vanadium Co., Federal Reserve Bank of Richmond, Domtar Inc., and Alliant Energy Inc.
He holds a bachelor degree in computer science from the United States Military Academy and a master's of business administration degree from Harvard University.
In the news release, Harshaw welcomed Garcia to the organization.
“I am excited to announce Michael Garcia will be joining Algoma as chief executive officer. He comes at the optimal time as we execute our transformation strategy,” he said.
“His deep industry expertise and world-class experience will amplify Algoma’s value proposition and we look to him to drive long-term value for all of our stakeholders as we usher in a new era in steel.”
In operation since 1901, Algoma Steel produces hot and cold rolled steel products including sheet and plate for customers in Canada and the Midwest U.S.