Core Viewpoint - Algoma Steel Group Inc. is undergoing a significant transformation with the completion of its transition to Electric Arc Furnace (EAF) steelmaking, which is expected to enhance operational efficiency and reduce carbon emissions by approximately 70% [3][6]. Financial Performance - Total steel shipments for the quarter ended March 31, 2026, are projected to be around 220,000 tons [2]. - Adjusted EBITDA is anticipated to be in the range of negative $25 million to negative $35 million, factoring in a capacity utilization adjustment of approximately $90 million to $95 million [2]. Strategic Transition - The company has completed the wind-down of its blast furnace and coke oven operations, marking a pivotal moment in its transformation to EAF steelmaking, supported by nearly $1 billion in investments [3]. - The EAF is operational around the clock, producing Volta™, a sustainable low-carbon steel brand, aimed at meeting the Canadian market's needs [3][7]. Market Positioning - As Canada's sole producer of discrete plate, Algoma is strategically positioned to cater to increasing demand in sectors such as infrastructure, construction, and defense [3]. - The transition to EAF steelmaking aligns with the company's commitment to sustainability and is expected to provide stability for ongoing investments in diversification projects [6]. Product Development - Volta™ represents Algoma's new brand for steel produced through EAF technology, emphasizing lower emissions while maintaining performance standards [7].

BlueScope Overview - BlueScope aims for an annual EBIT uplift of approximately $500 million by 2030 through growth initiatives and investments[16] - BlueScope has returned over $3.8 billion in dividends and buy-backs since FY2017[16] - BlueScope is positioning its 1,250ha property portfolio for strategic value realization[22] - BlueScope expects $179 million net proceeds after taxes and fees from sale of 50% stake in Tata BlueScope Steel (TBSL)[20] New Zealand and Pacific Islands (NZPI) Segment - The EAF project is expected to reduce NZ Steel's Scope 1 and 2 greenhouse gas emissions by up to one million tonnes, or approximately 55%[38] - The EAF project would have indicatively improved FY2025 EBIT by approximately $80 million if operational[39] - Construction segment accounts for approximately 70% of NZPI's end-use segments[49] - COLORSTEEL sales volume has grown at a CAGR of 5% indexed at FY2016[63] Climate and Sustainability - BlueScope has a 12% intensity reduction target for steelmaking GHG emissions since FY2018[179] - BlueScope has a 30% intensity reduction target for non-steelmaking GHG emissions since FY2018[179] - BlueScope estimates projects are estimated to take steelmaking emissions intensity below 1.3 tCO2-e per tonne by 2030[184] - BlueScope has completed 192 team-based HSE risk control improvement projects in FY2025[147]