Investigation found January piping collapse was caused by ‘unforeseen escalating overload condition’
Algoma Steel Group Inc. hopes to recover a "significant amount" of the $120 million to $130 million it lost after January's utility corridor piping collapse at its coke-making facility.
A more comprehensive explanation of the Jan. 20 incident was filed Friday to Canadian and U.S. securities regulators: The company has standard insurance coverage that is intended to address events such as these, including business interruption and property damage insurance. These higher costs were mitigated in part by lower labour cost enabled by a temporary partial layoff of unionized workers.
"That outage highlighted the challenges of operating facilities that, in some cases, are over 70 years old, but also put on full display the professionalism and expertise of our workforce and their ability to rapidly recover from that incident."
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