SAULT STE. MARIE, June 11, 2024 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma”), a leading Canadian producer of hot and cold rolled steel sheet and plate products, announced today that it has appointed Erin Oliver in a newly created role of Vice President - Health and Safety. Erin will report to CEO Mike Garcia and sit on the Company’s senior leadership team. Originally from Sault Ste. Marie, Erin is a seasoned Health and Safety professional with over 25 years of experience ...

Company Overview - Algoma Steel Group Inc. is a leading Canadian producer of hot and cold rolled steel sheet and plate products, based in Sault Ste. Marie, Ontario [3] - The company is a fully integrated producer and a key supplier of steel products in North America, being the only producer of discrete plate products in Canada [3] - Algoma's Direct Strip Production Complex (DSPC) is recognized as one of the lowest-cost producers of hot rolled sheet steel in North America [3] Financial Results Announcement - Algoma will release its fiscal 2024 fourth quarter and full year financial results after the market closes on June 20, 2024 [1] - A webcast and conference call to discuss the results will take place on June 21, 2024, at 11:00 a.m. Eastern Time [1] Strategic Initiatives - The company is undergoing a transformation journey, modernizing its plate mill and adopting electric arc technology to lower carbon emissions significantly [4] - Algoma is focused on building a greener future and enhancing its operational efficiency through investments in people and processes [4] - The company aims to become one of North America's leading producers of green steel, emphasizing recycling and environmental stewardship [4]

SAULT STE. MARIE, Ontario, June 06, 2024 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ:ASTL, TSX:ASTL) ("Algoma" or "the Company"), a leading Canadian producer of hot and cold rolled steel sheet and plate products, announced today that the Company will release its fiscal 2024 fourth quarter and full year financial results after the market closes on Thursday, June 20, 2024. A webcast and conference call will be held on Friday, June 21, 2024 at 11:00 a.m. Eastern Time to review the Company's results, di ...

SAULT STE. MARIE, Ontario, Feb. 14, 2024 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ:ASTL, TSX:ASTL) ("Algoma" or "the Company"), a leading Canadian producer of hot and cold rolled steel sheet and plate products, today advised the repair and restart of its blast furnace is complete and steel production resumed on Sunday, February 11, 2024. Algoma has strengthened its operations while advancing essential repair work required after a structure supporting utilities piping at Algoma's coke-making plant ...

Core Insights - Algoma Steel Group Inc. reported an incident involving contact between slag and moisture in the hot iron trough, affecting twelve workers, with five requiring treatment at a local hospital, all of whom have since been released [1][2] - The incident did not impact the blast furnace recovery, and the company remains on track for a return to full production [2] Company Overview - Algoma Steel is a leading Canadian producer of hot and cold rolled steel sheet and plate products, based in Sault Ste. Marie, Ontario [4] - The company is a fully integrated producer and key supplier of steel products in North America, being the only producer of discrete plate products in Canada [4] - Algoma is modernizing its operations by adopting electric arc technology to lower carbon emissions and enhance sustainability [5] Recent Developments - The company is currently investigating the recent incident and has comprehensive safety training and procedures in place for its operations [2] - Algoma is also addressing previous issues related to a structure collapse that occurred on January 20, which had unexpected consequences for the blast furnace [2]

Algoma Steel Group Inc. (NASDAQ:ASTL) Q3 2024 Earnings Conference Call February 7, 2024 11:00 AM ET Company Participants Mike Moraca - Treasurer & Investor Relations Officer Michael Garcia - Chief Executive Officer Rajat Marwah - Chief Financial Officer Conference Call Participants David Ocampo - Cormark Securities Katja Jancic - BMO Capital Markets Ian Gillies - Stifel Ahmad Shaath - Beacon Securities Lucas Pipes - B. Riley Securities Operator Hello, and welcome to today's conference call to discuss Algoma ...

Earnings Call Presentation For the Quarter ended December 31st, 2023 NASDAQ:ASTL TSX: ASTL February 7th, 2024 in Canadian dollars unless otherwise noted Disclaimer CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This presentation contains "forward-looking information" under applicable Canadian securities legislation and "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, "forward looking statements"). Forward-looking statement ...

Steel Shipments and Adjusted EBITDA In-line with Previously Announced Expectations Delivered Year-over-year Improvement Across Nearly All Metrics Provides Further Update on Coke-Making Utilities Structure Collapse Reiterated Outlook on Transformative EAF Project with $509.9 Million Invested to Date and 86% of Anticipated Costs Under Contract SAULT STE. MARIE, Ontario, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ:ASTL, TSX:ASTL) ("Algoma" or "the Company"), a leading Canadian producer of ...

[Condensed Interim Consolidated Financial Statements](index=1&type=section&id=Condensed%20Interim%20Consolidated%20Financial%20Statements) This section presents the company's interim financial performance, position, equity changes, and cash flows for the reported periods [Statements of Net (Loss) Income](index=2&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Net%20(Loss)%20Income) Algoma reported a wider net loss of **$84.8 million** for the three months ended December 31, 2023, and a significant decrease in net income for the nine-month period year-over-year Consolidated Statement of Net (Loss) Income (in millions CAD) | Metric | Three Months Ended Dec 31, 2023 | Three Months Ended Dec 31, 2022 | Nine Months Ended Dec 31, 2023 | Nine Months Ended Dec 31, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $615.4 | $567.8 | $2,175.2 | $2,101.1 | | **(Loss) income from operations** | $(36.9) | $(65.7) | $164.2 | $268.8 | | **Net (loss) income** | $(84.8) | $(69.8) | $77.2 | $318.9 | | **Basic EPS** | $(0.78) | $(0.64) | $0.71 | $2.50 | | **Diluted EPS** | $(0.78) | $(0.64) | $0.60 | $1.66 | [Statements of Comprehensive (Loss) Income](index=3&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Comprehensive%20(Loss)%20Income) The company recorded a total comprehensive loss of **$170.2 million** for the third quarter of fiscal 2024, a substantial increase from the prior-year period, driven by net loss and unfavorable foreign exchange translations Consolidated Statement of Comprehensive (Loss) Income (in millions CAD) | Metric | Three Months Ended Dec 31, 2023 | Three Months Ended Dec 31, 2022 | Nine Months Ended Dec 31, 2023 | Nine Months Ended Dec 31, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net (loss) income** | $(84.8) | $(69.8) | $77.2 | $318.9 | | **Other comprehensive (loss) income** | $(85.4) | $13.0 | $(86.4) | $141.7 | | **Total comprehensive (loss) income** | $(170.2) | $(56.8) | $(9.2) | $460.6 | [Statements of Financial Position](index=4&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Financial%20Position) Total assets increased to **$2.65 billion** as of December 31, 2023, primarily due to property, plant, and equipment, while total shareholders' equity slightly decreased Financial Position Highlights (in millions CAD) | Metric | Dec 31, 2023 | Mar 31, 2023 | | :--- | :--- | :--- | | **Cash** | $94.7 | $247.4 | | **Total Current Assets** | $1,343.4 | $1,366.3 | | **Property, plant and equipment, net** | $1,300.0 | $1,081.3 | | **Total Assets** | $2,651.6 | $2,455.6 | | **Total Current Liabilities** | $466.6 | $343.4 | | **Total Liabilities** | $1,210.9 | $993.4 | | **Total Shareholders' Equity** | $1,440.7 | $1,462.2 | [Statement of Changes in Shareholders' Equity](index=5&type=section&id=Condensed%20Interim%20Consolidated%20Statement%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity decreased to **$1.44 billion** by December 31, 2023, primarily due to other comprehensive loss and dividends paid, partially offset by net income for the nine-month period Changes in Shareholders' Equity (Nine Months Ended Dec 31, 2023, in millions CAD) | Description | Amount | | :--- | :--- | | **Balance at March 31, 2023** | $1,462.2 | | Net income | $77.2 | | Other comprehensive loss | $(86.4) | | Dividends paid | $(20.8) | | Other (stock issuance, etc.) | $8.5 | | **Balance at December 31, 2023** | $1,440.7 | [Statements of Cash Flows](index=6&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Cash%20Flows) Operating activities generated **$173.7 million** for the nine months ended December 31, 2023, but significant capital expenditures resulted in an overall decrease in the company's cash position Cash Flow Summary (Nine Months Ended, in millions CAD) | Metric | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Cash generated by operating activities** | $173.7 | $81.8 | | **Cash used in investing activities** | $(369.7) | $(267.7) | | **Cash generated by (used in) financing activities** | $44.1 | $(544.5) | | **Decrease in cash** | $(152.7) | $(670.6) | | **Ending cash balance** | $94.7 | $244.7 | [Notes to the Condensed Interim Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Condensed%20Interim%20Consolidated%20Financial%20Statements) This section provides detailed disclosures and explanations for key accounts and transactions presented in the condensed interim consolidated financial statements [Note 4: Revenue](index=9&type=section&id=Note%204.%20REVENUE) Total revenue for the third quarter increased to **$615.4 million**, with the United States remaining the largest market and one customer representing over **10%** of total revenue Revenue by Product (Nine Months Ended, in millions CAD) | Product | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Sheet & Strip | $1,585.9 | $1,683.8 | | Plate | $388.0 | $256.2 | | Other | $201.3 | $161.1 | | **Total** | **$2,175.2** | **$2,101.1** | Revenue by Geography (Nine Months Ended, in millions CAD) | Geography | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Canada | $845.9 | $746.5 | | United States | $1,299.7 | $1,328.3 | | Rest of the world | $29.6 | $26.3 | - For the nine months ended December 31, 2023, sales to a single customer amounted to **$285.7 million**, representing over **10%** of total revenue[28](index=28&type=chunk) [Note 5: Cost of Sales](index=10&type=section&id=Note%205.%20COST%20OF%20SALES) Cost of sales increased for both the quarter and nine-month period, primarily due to higher Carbon Tax expenses and net inventory write-downs - Carbon Tax recognized in cost of sales increased significantly to **$18.2 million** for the nine months ended Dec 31, 2023, compared to **$4.3 million** for the same period in 2022[30](index=30&type=chunk) - For the nine-month period ended Dec 31, 2023, the company recorded net inventory write-downs of **$13.5 million** due to net realizable value being lower than cost[32](index=32&type=chunk) [Note 11: Property, Plant and Equipment, Net](index=12&type=section&id=Note%2011.%20PROPERTY,%20PLANT%20AND%20EQUIPMENT,%20NET) Net property, plant, and equipment increased to **$1.3 billion** due to significant investments in the Electric Arc Furnace project, with revised useful lives for blast furnace assets impacting depreciation - The company is transitioning to Electric Arc Furnaces (EAF) and has adjusted the useful lives of existing blast furnace assets to be fully depreciated by December 31, 2029, which increased depreciation by **$5.8 million** in Q3 2023[46](index=46&type=chunk) - During the nine months ended Dec 31, 2023, additions to property under construction for the EAF project totaled a net cost of **$164.4 million**[48](index=48&type=chunk) - Property under construction includes **$205.5 million** in prepaid progress payments for the EAF transition as of December 31, 2023[48](index=48&type=chunk) [Note 12: Bank Indebtedness](index=14&type=section&id=Note%2012.%20BANK%20INDEBTEDNESS) The company increased its asset-based revolving credit facility to **US $300 million** and extended its maturity, with **$331.9 million** of unused availability as of December 31, 2023 - The Revolving Credit Facility was upsized to **US $300 million** and its term was extended to May 2028[51](index=51&type=chunk) Revolving Credit Facility Status (in millions CAD) | Metric | Dec 31, 2023 | Mar 31, 2023 | | :--- | :--- | :--- | | Amount Drawn | $5.4 | $1.9 | | Unused Availability | $331.9 | $279.2 | [Note 15: Governmental Loans](index=15&type=section&id=Note%2015.%20GOVERNMENTAL%20LOANS) Governmental loans increased to **$140.2 million** due to additional funds received under the Federal SIF EAF Loan agreement, supporting the transition to electric arc furnace steelmaking Governmental Loans Movement (Nine Months Ended Dec 31, 2023, in millions CAD) | Description | Amount | | :--- | :--- | | **Balance at March 31, 2023** | $120.4 | | Loan Issued (net of repayments) | $51.4 | | Governmental benefit recognized | $(40.4) | | Accretion of benefit | $8.8 | | **Balance at December 31, 2023** | $140.2 | [Note 21: Capital Stock](index=20&type=section&id=Note%2021.%20CAPITAL%20STOCK) The company had **104.0 million** shares outstanding and renewed its Normal Course Issuer Bid to acquire up to **5%** of shares, with no purchases made under the renewed program as of the reporting date - The company renewed its Normal Course Issuer Bid (NCIB) in March 2023, authorizing the purchase of up to **5,178,394 shares**, with no shares purchased under this renewed plan as of December 31, 2023[88](index=88&type=chunk) - In July 2022, the company completed a Substantial Issuer Bid (SIB), purchasing **41.0 million** common shares for an aggregate amount of **US $400 million**[89](index=89&type=chunk) [Note 25: Warrant Liability](index=26&type=section&id=Note%2025.%20WARRANT%20LIABILITY) The company has **24.18 million** warrants outstanding, accounted for as a liability, with a **$20.4 million** loss recognized from fair value changes in the income statement for the third quarter Warrant Liability Fair Value Change (in millions CAD) | Period | P&L Impact (Loss)/Gain | | :--- | :--- | | Three Months Ended Dec 31, 2023 | $(20.4) | | Nine Months Ended Dec 31, 2023 | $(3.2) | | Nine Months Ended Dec 31, 2022 | $67.1 | [Note 30: Dividends](index=29&type=section&id=Note%2030.%20DIVIDENDS) The Board declared a quarterly dividend of **US$0.05** per common share, with total dividends paid amounting to **$20.8 million** for the nine months ended December 31, 2023 - A dividend of **US$0.05** per share was declared on November 2, 2023, and paid on December 29, 2023[130](index=130&type=chunk) - Total dividends paid during the nine-month period ended December 31, 2023, were **$20.8 million**[130](index=130&type=chunk) [Note 31: Subsequent Event](index=29&type=section&id=Note%2031.%20SUBSEQUENT%20EVENT) A significant operational incident occurred on January 20, 2024, involving a structural collapse that caused major disruptions to coke-making and ironmaking operations, with damages still being assessed - A structural collapse of a key utilities support structure occurred on January 20, 2024, causing significant disruptions to coke-making and ironmaking operations[131](index=131&type=chunk)

SAULT STE. MARIE, Ontario, Jan. 29, 2024 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ:ASTL, TSX:ASTL) ("Algoma" or "the Company"), a leading Canadian producer of hot and cold rolled steel sheet and plate products, announced today that the Company will release its fiscal 2024 third quarter financial results after the market closes on Tuesday, February 6, 2024. A webcast and conference call will be held on Wednesday, February 7, 2024 at 11:00 a.m. Eastern Time to review the Company's results, discuss r ...