Algoma Steel Group, Inc. Announces Leadership Transition

Core Viewpoint - Algoma Steel Group Inc. is undergoing a planned leadership transition with Rajat Marwah set to succeed Michael Garcia as CEO on January 1, 2026, while Michael Moraca will be promoted to CFO on the same date [1][2][4] Leadership Transition - Michael Garcia will retire at the end of 2025 after leading the company through significant transformation, initiating a comprehensive succession planning process in late 2024 [2][5] - Rajat Marwah, currently CFO, will take on the role of President and CFO effective November 1, 2025, and will become CEO on January 1, 2026 [3] - Michael Moraca, currently Vice President, will be appointed CFO effective January 1, 2026, bringing extensive experience in corporate finance and strategic planning [4] Company Strategy and Transformation - Rajat Marwah has been with Algoma since 2008 and has played a key role in shaping the company's long-term strategy and business transformation, particularly in advancing the transition to electric arc steelmaking [3][5] - The company is focused on becoming a leading low-carbon steel producer, with a significant transformation initiative aimed at reducing carbon emissions by approximately 70% through the adoption of electric arc furnace technology [9] Product Development - The transition to electric arc furnace steelmaking will introduce Volta™, a brand for all steel produced through this technology, which promises lower emissions while maintaining performance [10] - Algoma Steel is committed to investing in sustainable steelmaking practices, supporting critical sectors such as energy, defense, automotive, and infrastructure [8][10]