Rajat Marwah, who has been with Algoma since 2008, will take on his new duties on 1 January 2026.

Algoma said Marwah has played a central role in shaping its long-term strategy, capital markets initiatives, and business transformation.

“He brings deep experience in corporate development, strategic planning, and stakeholder engagement, and has been instrumental in advancing Algoma’s transition to electric arc steelmaking.”

The change follows a comprehensive succession planning process that began in late 2024, when Garcia informed the Algoma board that he was considering retirement.

“Working closely with the board, we focused on identifying the right candidate and timing to ensure stability and continuity for Algoma. With liquidity support now secured from both the federal and provincial governments, and steel being produced at the electric arc furnace, this is the right moment for an orderly leadership transition,” Garcia said.

“I am incredibly proud of what our team has accomplished strategically, operationally, and culturally — and I have full confidence that Rajat and the leadership team will continue to advance Algoma’s transformation into a leading low-carbon steel producer.”

Algoma chairman Andy Harshaw said Garcia was a strong leader during a pivotal period.

“Under his tenure, the company has strengthened its foundation, advanced its electric arc furnace project and built an exceptional team.”

He also said the board is looking forward to Marwah’s leadership.

“We are pleased to welcome Rajat as CEO and have every confidence that he will lead Algoma forward with clarity and purpose.”

Succeeding Marwah as CFO will be Michael Moraca, vice president of corporate development and treasurer. He currently leads Algoma’s integrated business planning function.

“Mr. Moraca brings extensive experience in corporate finance, capital markets, and strategic planning, and has been instrumental in supporting Algoma’s financial and operational initiatives over the past two decades,” the company said.