Leadership Changes at Algoma Steel Group Inc.
CFO Rajat Marwah to Succeed Michael Garcia as CEO Effective January 1, 2026
Michael Moraca Promoted to CFO Position Effective January 1, 2026
Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) has announced a planned leadership transition in line with its succession planning process. The company, recognized as a significant Canadian producer of hot and cold rolled steel products, is undergoing this pivotal shift during a landmark period.
Michael Garcia, the current CEO, will retire at the end of this year following a successful tenure that guided Algoma through transformative changes. Garcia had informed the Board of Directors about his retirement considerations nearly a year ago, prompting the initiation of a thorough succession planning strategy to facilitate a smooth leadership transition.
Beginning November 1, 2025, Rajat Marwah, who is the current CFO, will take on the dual role of President and Chief Financial Officer. Marwah's deep knowledge and experience with Algoma, stemming from his start in 2008, have been vital in shaping the company's strategic direction, capital initiatives, and its ongoing business transformation.
On January 1, 2026, Michael Moraca will step into the Chief Financial Officer role, bringing his extensive background in corporate finance, capital markets, and strategic planning to the forefront. Moraca has been instrumental over the past two decades in supporting Algoma’s financial and operational strategies.
Andy Harshaw, the Chair of the Board, expressed gratitude to Garcia for his leadership throughout a significant phase for the company. Under his guidance, Algoma has solidified its foundation and advanced vital projects like the Electric Arc Furnace initiative. Harshaw noted, "The Board's collaboration with Mike ensured a thoughtful succession process, timely for the company’s future. We are excited to welcome Rajat as CEO, and we fully support him in leading Algoma forward. We also congratulate Michael Moraca on his new role as CFO, showcasing our depth of talent and leadership capability."
Reflecting on his career, Michael Garcia shared, "I initially discussed my potential retirement nearly a year ago with the Board. Our focus was on securing the right candidate and timing for a stable transition. With established liquidity from federal and provincial governments and production ramping up at the Electric Arc Furnace, now is the opportune time for this leadership change. I am proud of our team's achievements and confident that Rajat and the management team will maintain Algoma’s path towards becoming a leading low-carbon steel producer."
Rajat Marwah expressed his excitement about assuming the role of CEO, saying, "Having been part of Algoma Steel for nearly 20 years, I have had the privilege of collaborating with incredible individuals during both challenging and rewarding times. It’s an honor to lead our next phase of development. Together, we will build on the foundations laid by Mike and move forward, strengthening customer relationships and positioning Algoma as a global frontrunner in sustainable steel production. I believe in the resilience and strength of our strategy as well as our people, and I look forward to the exciting future that is ahead of us."
About Algoma Steel Group Inc.
Headquartered in Sault Ste. Marie, Ontario, Algoma Steel is a prominent Canadian manufacturer of high-quality plate and sheet steel products. The company actively supports essential sectors, such as energy, defense, automotive, and infrastructure.
With a commitment to fostering a greener future, Algoma is redefining its operations through the transition to electric arc furnace (EAF) steelmaking. This significant move is recognized as one of the largest industrial decarbonization initiatives in North America, with the potential to cut carbon emissions by around 70% upon completion. This innovation aligns with Canada’s evolving needs for sustainability and investment.
The launch of Volta™, the new brand for steel produced via Algoma’s EAF technology, embodies the company’s commitment to sustainability. Volta steel maintains performance excellence while offering significantly reduced emissions, produced safely and responsibly in Canada.
Building on over a century of expertise in steelmaking, Algoma strives to invest in its workforce, processes, and technologies to enhance domestic supply chains, delivering responsible Canadian-made steel for a better tomorrow.
Frequently Asked Questions
What prompted the leadership transition at Algoma Steel Group?
Algoma Steel Group is implementing a planned leadership transition as part of their succession planning process, ensuring continuity and stability.
Who will take over as CEO of Algoma Steel?
Rajat Marwah, the current CFO, will step into the role of CEO on January 1, 2026, following Michael Garcia's retirement.
What changes are taking place in Algoma’s executive team?
Alongside Rajat Marwah becoming CEO, Michael Moraca has been promoted to CFO, effective January 1, 2026, reflecting the company's strong leadership depth.
Why is Algoma transitioning to electric arc steelmaking?
The transition to electric arc furnace (EAF) technology is a key part of Algoma's strategy to reduce carbon emissions and modernize its production processes.
What is the significance of the Volta™ brand for Algoma Steel?
Volta™ represents Algoma's commitment to sustainable steel production with lower emissions while continuing to deliver trusted performance for customers.
