SAULT STE. MARIE, Ontario, Aug. 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 Toronto Stock Exchange (the “TSX”) has approved the Company’s intention to renew its normal course issuer bid (“NCIB”) for a portion of its common shares (“Shares”) and a portion of its warrants (“Warrants”) to purchase shares as appropriate opportunities arise fr ...

SAULT STE. MARIE, Ontario, Aug. 28, 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 congratulates PUC (Transmission) LP (“PUC Transmission”) and Hydro One Sault Ste. Marie LP (“Hydro One”) on each obtaining authorization pursuant to the Ontario Energy Board Act to construct a new 230kV transmission line and related transformation components in Sault Ste. Marie. The ...

Financial Data and Key Metrics Changes - Algoma Steel reported adjusted EBITDA of CAD 37.7 million for Q1 2025, reflecting an adjusted EBITDA margin of 5.8% and cash generated from operating activities of CAD 12.5 million [18] - Steel revenue was CAD 597 million, down 20.8% compared to the prior year, with shipments of 503,000 net tons, a decrease of 11.6% [19] - The average net sales realization was CAD 11.87 per ton, down 10.4% year-over-year, while the cost per ton of steel products sold averaged CAD 10.69, up 12.5% [19][20] Business Line Data and Key Metrics Changes - Plate shipments in Q1 2025 were approximately 61,000 tons, with expectations to ramp up to close to 90,000 tons in Q2 2025 as the modernization project is completed [12][13] - The company has exited the wide coil market, allowing it to prioritize plate production, which is expected to enhance margins [14] Market Data and Key Metrics Changes - The North American steel market has experienced price weakening, with signs of stabilization noted since late July [23] - The company noted that the current market conditions reflect ample spot supply and cautious buying during the slower summer season [23] Company Strategy and Development Direction - Algoma Steel is focused on the transition to electric arc furnace (EAF) steelmaking, with commissioning of Unit 1 expected in Q4 2024 [10][16] - The company aims to become one of the greenest steel producers in North America, with a target shipping capacity of approximately 3 million tons per year from the EAF [16][24] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by lower shipments and softer steel prices, but emphasized a strong liquidity position to support ongoing projects [11][10] - The company remains optimistic about the EAF project and its potential to unlock significant shareholder value despite current market headwinds [24] Other Important Information - Algoma Steel completed a USD 350 million notes offering, enhancing its liquidity to over CAD 800 million [10][21] - The company is working on insurance recovery related to a coke-making corridor collapse, expecting an advanced payment of CAD 25 million [22] Q&A Session Summary Question: Duplicate costs during the hybrid phase of EAF - Management indicated that labor costs will remain similar during the transition, but per ton costs will decrease as production ramps up [27] Question: Headcount reduction and transition costs - Management confirmed that the most significant headcount reductions will occur when the blast furnace is no longer operational, with clear visibility on associated costs [31] Question: Risk of going over budget on the EAF project - Management expressed confidence in completing the project within the CAD 875 million budget, with a focus on managing time and material contracts closely [34][35] Question: Plate ramp-up expectations - Management expects a ramp-up to 90,000 tons in Q2 2025, with market conditions being the main challenge [40] Question: Use of NCIB and liquidity - Management stated that the reinstatement of the NCIB provides flexibility for capital allocation while ensuring the completion of the EAF project [46] Question: Tax benefits from EAF commissioning - Management confirmed that cash taxes will be lower due to accelerated depreciation benefits [52] Question: Status of power line approval - Management expects final approval from the Ontario Energy Board by early September, which is crucial for future EAF operations [55]

First Quarter Results In-Line with Previously Announced Outlook Completed Plate Mill Upgrade, Ramping Production Towards Expected Annual Run Rate Capacity of Over 650,000 NT Continued to Significantly De-risk Transformative Electric Arc Furnace Project as Construction Continues on Schedule Announces Intention to Relaunch Normal Course Issuer Bid SAULT STE. MARIE, Ontario, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma” or “the Company”), a leading Canadian produ ...

SAULT STE. MARIE, Ontario, Aug. 12, 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 announced the publication of its second annual Environmental, Social, and Governance (“ESG”) report (the “Report”). Michael Garcia, Algoma’s Chief Executive Officer said, “As detailed in our latest ESG report, we are driving change across our business to ensure that our transformati ...

Core Viewpoint - Algoma Steel Group Inc. is set to release its fiscal 2025 first quarter financial results on August 13, 2024, followed by a conference call on August 14, 2024, to discuss the results and recent events [1][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 [3]. - 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 [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]. Transformation and Sustainability Efforts - Algoma is undergoing a transformation by modernizing its plate mill and adopting electric arc technology, which focuses on recycling and environmental stewardship to reduce carbon emissions [4]. - The company aims to become one of North America's leading producers of green steel, emphasizing safety and teamwork in its operations [4]. - Algoma's commitment to sustainability is positioned to provide a secure steel supply and a sustainable future for its customers [4].

Core Viewpoint - Algoma Steel Group Inc. is set to release its fiscal 2025 first quarter financial results on August 13, 2024, followed by a conference call on August 14, 2024, to discuss the results and recent events [1][2]. Company Overview - Algoma Steel, based in Sault Ste. Marie, Ontario, is a fully integrated producer of hot and cold rolled steel products, including sheet and plate [3]. - The company aims to provide customer-driven product solutions across various sectors such as automotive, construction, energy, defense, and manufacturing [3]. - Algoma is the only producer of discrete plate products in Canada and operates one of the lowest-cost producers of hot rolled sheet steel in North America through its Direct Strip Production Complex [3]. Transformation and Sustainability - Algoma is undergoing a transformation by modernizing its plate mill and adopting electric arc technology to reduce carbon emissions significantly [4]. - The company is committed to investing in its workforce and processes to become a leading producer of green steel in North America [4]. - Algoma emphasizes its role as a secure steel supplier and a partner in promoting a sustainable future [4].

Core Viewpoint - Algoma Steel Group Inc. is actively participating in industry conferences to enhance its visibility and engagement with investors, showcasing its commitment to innovation and sustainability in steel production [1]. Group 1: 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 [2]. - The company is a fully integrated producer, supplying steel products primarily to the automotive, construction, energy, defense, and manufacturing sectors [2]. - Algoma is the only producer of discrete plate products in Canada and operates one of the lowest-cost producers of hot rolled sheet steel in North America through its Direct Strip Production Complex [2]. Group 2: Transformation and Sustainability - Algoma is undergoing a transformation by modernizing its plate mill and adopting electric arc technology, which emphasizes recycling and environmental stewardship to significantly reduce carbon emissions [3]. - The company is investing in its workforce and processes to become one of North America's leading producers of green steel, reflecting its commitment to sustainability [3]. - As a foundational industry in its community, Algoma aims to provide a secure steel supply while promoting a sustainable future [3].

Group 1 - Algoma Steel Group Inc. will participate in the Stifel Canada's 3rd Annual Summer Solstice Conference from June 24 to June 26, 2024, and will post a presentation on its website prior to the event [1] - Algoma is a fully integrated producer of hot and cold rolled steel products, serving sectors such as automotive, construction, energy, defense, and manufacturing [2] - The company is the only producer of discrete plate products in Canada and operates one of the lowest-cost hot rolled sheet steel producers in North America [2] Group 2 - Algoma is undergoing a transformation by modernizing its plate mill and adopting electric arc technology to reduce carbon emissions [3] - The company emphasizes recycling and environmental stewardship as part of its commitment to becoming a leading producer of green steel in North America [3] - Algoma aims to provide a secure steel supply and sustainable future for its customers, leveraging its rich steelmaking tradition [3]

Algoma Steel Group Inc. (NASDAQ:ASTL) Q4 2024 Earnings Conference Call June 21, 2024 11:00 AM ET Company Participants Michael Moraca - Vice President, Corporate Development and Treasurer Michael Garcia - Chief Executive Officer Rajat Marwah - Chief Financial Officer Conference Call Participants David Ocampo - Cormark Securities Ian Gillies - Stifel Katja Jancic - BMO Capital Markets Operator Greetings. Welcome to Algoma Steel Group Incorporated Full Year Fiscal 2024 Earnings Call. At this time, all particip ...