Algoma Steel (ASTL) - 2022 Q4 - Annual Report

Algoma Steel Community Update Regarding Spill Spill Incident and Company Response Algoma Steel updates on the June 9, 2022 lubricant oil spill into the St. Mary's River, detailing mitigation efforts, support for Echo Bay, and estimated spill volume - On June 9, 2022, an accidental release of lubricant oil into the St. Mary's River occurred, with the company actively working with authorities to mitigate environmental impact[1] - Algoma has offered to cover the cost of purchasing and transporting water for the Village of Echo Bay on an interim basis[1] Estimated Oil Spill Volume | Metric | Volume (Liters) | Volume (Gallons) | | :--- | :--- | :--- | | Estimated Range | 1000 - 1250 | 263 - 330 | | Not Likely to Exceed | 1250 | 330 | CEO Statement CEO Michael Garcia acknowledged the incident did not meet company standards, emphasizing the team's focus on mitigating community impact and protecting the environment through collaboration - CEO Michael Garcia stated the event did not meet the company's high standards, acknowledging its impact on the community[2] - The company is focused on mitigating any possible impact and is collaborating with all parties to protect the environment[2] About Algoma Steel Group Inc. Algoma Steel, a fully integrated steel producer in Sault Ste. Marie, Ontario, is Canada's sole plate steel producer with 2.8 million tons/year capacity, currently undergoing modernization investments Company Profile | Metric | Detail | | :--- | :--- | | Location | Sault Ste. Marie, Ontario, Canada | | Business | Fully integrated producer of hot and cold rolled steel products | | Production Capacity | 2.8 million tons per year | | Key Markets | Canada and Midwest USA | | Unique Position | Only producer of plate steel products in Canada | - Algoma is one of the lowest-cost producers of hot rolled sheet steel (HRC) in North America, partly due to its state-of-the-art Direct Strip Production Complex (DSPC)[4] - The company is on a transformation journey, investing in facility upgrades (DSPC, No. 2 Ladle Metallurgy Furnace), cost-cutting initiatives, and modernizing its plate mill[6] Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements regarding mitigation efforts and future prevention, subject to risks and uncertainties, advising readers to consult SEC and OSC filings - The news release contains forward-looking statements regarding Algoma's collaboration with authorities, assistance to the Village of Echo Bay, and implementation of future preventative controls[3] - Readers are cautioned that actual future events could differ materially from these statements and are directed to review risk factors in the company's filings with the SEC and OSC[3]