Algoma Steel Group Inc. CEO Michael Garcia will retire at the end of the year, the company said on Tuesday.<\/p>\n
Rajat Marwah, CFO of the Canadian flat-rolled steelmaker, will be appointed president on Nov. 1 and CEO on Jan. 1.<\/p>\n
Michael Moraca, currently Algoma\u2019s treasurer, will become CFO effective Jan. 1.<\/p>\n
\u201cI want to thank Mike for his strong leadership during a pivotal period for Algoma,\u201d company board chair Andy Harshaw said<\/a> in a statement. \u201cUnder his tenure, the company has strengthened its foundation, advanced its electric arc furnace project, and built an exceptional team.\u201d<\/p>\n Garcia has been CEO of Algoma since 2022<\/a>, when he replaced Michael McQaude. He joined the company after holding senior roles at Alcoa, Gerdau, and Evraz.<\/p>\n Garcia led Algoma through its transition to EAF steelmaking and, more recently, turmoil stemming from 50% Section 232 tariffs<\/a>. He also spoke at SMU events<\/a> and on Community Chats webinars<\/a> \u2013 where he shared not only his deep knowledge of steelmaking but also his passion for the Las Vegas Knights and the annual Army-Navy football game. (\u201cGo Army, Beat Navy.\u201d You didn\u2019t have to guess which side he was on.)<\/p>\n Garcia informed Algoma\u2019s board of his plans to retire in late 2024. The company said it launched a succession process at that time.<\/p>\n \u201cI first spoke to the board about my potential retirement close to a year ago. Working closely with the board, we focused on identifying the right candidate and timing to ensure stability and continuity for Algoma,\u201d Garcia said.<\/p>\n \u201cI have full confidence that Rajat and the leadership team will continue to advance Algoma\u2019s transformation into a leading low-carbon steel producer,\u201d he added.<\/p>\n Marwah joined Algoma in 2008. The company said he has been pivotal in shaping its strategy, capital markets initiatives, and its transition to EAF steelmaking.<\/p>\n \u201cI\u2019ve been part of Algoma Steel\u2019s leadership team for almost two decades and have had the privilege of working alongside exceptional people through both challenges and milestones,\u201d Marwah said. \u201cIt\u2019s an honour to be entrusted by the board to lead this next phase of our journey.\u201d<\/p>\n