Core Insights - Algoma Steel Group Inc. has published its second annual Environmental, Social, and Governance (ESG) report, emphasizing its commitment to becoming a leader in green steel production [1][2] - The company is nearing the completion of its Electric Arc Furnace (EAF) steelmaking facilities, which are expected to reduce emissions by up to 70% while improving product quality and increasing production [1][4] - Algoma's ESG strategy has been advanced through governance and enterprise risk management reviews, ensuring alignment with best practices [1][2] Group 1: ESG Commitment - The company aims to drive change in its operations to support its transformation into a green steel leader, backed by strong governance and stakeholder relationships [1] - The latest ESG report aligns with the Sustainability Accounting Standards Board (SASB) and the recommendations of the Task Force on Climate-related Financial Disclosures [2] Group 2: Production and Technology - Algoma is in the final phase of constructing its EAF facilities, with commissioning expected by the end of the year [1] - The adoption of electric arc technology is part of Algoma's modernization efforts, focusing on recycling and environmental stewardship to lower carbon emissions [4] Group 3: Market Position - Algoma is a fully integrated producer of hot and cold rolled steel products, serving various sectors including automotive, construction, and energy [3] - The company is recognized as a key supplier of steel products in North America and is the only producer of discrete plate products in Canada [3]

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]

Financial Data and Key Metrics Changes - Algoma Steel reported adjusted EBITDA of CAD41.5 million for Q4 2024, with an adjusted EBITDA margin of 6.7% and cash generated from operating activities of CAD121.2 million [16] - The company finished the quarter with CAD98 million in cash and CAD347 million available under its revolving credit facility [16] - For the full fiscal year 2024, adjusted EBITDA was CAD313 million, down from CAD452 million in fiscal 2023, reflecting a decrease in adjusted EBITDA margin from 16.3% to 11.2% [20] Business Line Data and Key Metrics Changes - Shipments for Q4 2024 totaled 451,000 tons, a decrease of 21.1% compared to the prior year, primarily due to operational challenges from a coke-making utility structure collapse [17] - Net sales realization averaged CAD1,260 per ton, an increase of 18.2% year-over-year, driven by higher pricing [18] - The company shipped 2.1 million tons for the full year, up 4.1% compared to the prior year, with net sales realization averaging CAD1,220 per ton, down 4.1% [20] Market Data and Key Metrics Changes - The North American steel market has experienced price volatility, with US Midwest domestic hot-rolled coil prices falling approximately US$400 per ton since January [23] - Despite market weakness, plate pricing has remained strong, benefiting average price realizations for Algoma Steel [23] Company Strategy and Development Direction - Algoma Steel is focused on transitioning to electric arc furnace (EAF) operations, which is expected to increase throughput capacity by roughly one-third and lower carbon emissions by approximately 70% [14] - The company is exiting the wide coil market to prioritize plate production, enhancing its product mix and driving margin improvements [13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged operational challenges in Q4 2024 but expressed confidence in the recovery of production levels and the successful execution of the EAF project [10] - The company expects solid production levels in the second half of calendar 2024 and anticipates a range of CAD30 million to CAD40 million in adjusted EBITDA for Q1 2025 [22] Other Important Information - Cumulative investment in the EAF project reached CAD563 million, with committed contracts totaling approximately CAD800 million, 93% of which are fixed price [14] - The company is working closely with insurance providers regarding the financial impact of the coke-making utility collapse, expecting to recover a significant amount of losses [16] Q&A Session Summary Question: What are the reasons for lower shipments in the June quarter? - Management indicated that the lower volumes were primarily due to the 20-day outage for the plate mill, which typically results in a loss of 50,000 to 60,000 tons [27] Question: What was the breakdown of CapEx in the quarter? - The CapEx included CAD50 million for the EAF and approximately CAD70 million related to repairs from the coke oven collapse [28] Question: What are the risks associated with the EAF project costs? - Management noted that risks include weather delays and labor disruptions, but most of the project is contracted, reducing overall risk [32] Question: What is the expected normalized volume per quarter? - Management stated that a normalized volume of 550,000 tons per quarter is expected once operations stabilize [44] Question: When will the EAF begin producing steel? - The EAF is expected to start producing steel in the first calendar quarter of 2025, with commissioning starting before the end of 2024 [46]

Plate and Strip Operations Running at Planned Production Levels Reaffirmed Outlook on Transformative Electric Arc Furnace (EAF) Project Provides Outlook for Q1 Fiscal 2025 Further Strengthened Liquidity with US$350 Million Senior Secured Second Lien Note Financing SAULT STE. MARIE, Ontario, June 20, 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 results ...

Core Insights - Algoma Steel Group Inc. reported its fiscal fourth quarter and full year results, highlighting a net income of CAD 28.0 million for Q4, a significant improvement from a net loss of CAD 20.4 million in the prior-year quarter [1][4][6] - The company reaffirmed its outlook on the transformative Electric Arc Furnace (EAF) project, which is expected to position Algoma as one of the greenest steel producers in North America [3][8] - Algoma strengthened its liquidity by issuing US$350 million in Senior Secured Second Lien Notes, enhancing its balance sheet flexibility [3][12] Fiscal 2024 Fourth Quarter Comparisons - Consolidated revenue for Q4 was CAD 620.6 million, down from CAD 677.4 million in the prior-year quarter [1][4] - Consolidated income from operations decreased to CAD 3.1 million from CAD 21.7 million year-over-year [1][4] - Adjusted EBITDA for Q4 was CAD 41.5 million, with an Adjusted EBITDA margin of 6.7%, compared to CAD 47.9 million and 7.1% in the prior-year quarter [1][5] Fiscal 2024 Full Year Comparisons - Total consolidated revenue for fiscal 2024 was CAD 2,795.8 million, slightly up from CAD 2,778.5 million in the previous year [2][6] - Net income for the full year was CAD 105.2 million, down from CAD 298.5 million in the prior year [2][6] - Adjusted EBITDA for the year was CAD 312.7 million, with an Adjusted EBITDA margin of 11.2%, compared to CAD 452.3 million and 16.3% the previous year [2][7] Operational Highlights - Shipments in Q4 totaled 450,966 tons, a decrease of 21.1% from 571,647 tons in the prior-year quarter [1][5] - The company completed the latest upgrade related to the plate mill modernization project, which is expected to enhance financial performance [3][11] - The EAF project is budgeted between CAD 825 million to CAD 875 million, with approximately CAD 800 million contracted [8] Financial Position and Liquidity - Cash flows generated from operations in Q4 were CAD 121.2 million, compared to CAD 95.4 million in the prior-year quarter [1][5] - The company declared a quarterly dividend of US$0.05 per share, payable on July 19, 2024 [13] - The issuance of US$350 million in Senior Secured Second Lien Notes is intended for general corporate purposes, adding strength to the balance sheet [3][12]

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 an ...

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 ...