Essar Steel Algoma Inc has announced the launch of a USD 5 million Community Investment Fund. The Fund, approved by the board of directors at their November 2011 meeting, has a 5 year term and provides for corporate contributions to community charities, foundations and non profit initiatives.

Mr Jim Hrusovsky CEO of Essar Steel Algoma Inc said that "We have identified four key areas that directly impact on the quality of life of our employees, their families and the broader community. The Community Investment Fund enables us to align our community investments with the Essar Group's core values and community needs. We strongly believe we have a direct interest in advancing and preserving the quality of life in communities where we live and work and this fund demonstrates our leadership on this front."

The USD 5 million fund will address community needs in four areas of focus including health, safety and environment; education; social services; and recreation and culture. All requests will be evaluated within two annual review windows against a set of established selection criteria.

Mr Hrusovsky added that "Our community's ability to attract and retain qualified professionals and highly skilled personnel is dependent upon the city's economic vitality and social fabric. This includes a clean, safe and healthy environment, vibrant post secondary educational institutions, progressive sports and recreational programming, diverse arts and cultural opportunities, and a social service net to support those in greatest need. Essar Steel Algoma is a stakeholder in this community and with this Fund we are investing in Sault Ste Marie's future."