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Algoma Steel Issues Inaugural Annual ESG Report

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Tuesday, September 12, 2023

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MARIE, Ontario, Sept. 12, 2023 (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 issued its first annual environmental, social and governance (“ESG”) report (the “Report”).

Key Points:

MARIE, Ontario, Sept. 12, 2023 (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 issued its first annual environmental, social and governance (“ESG”) report (the “Report”).
In this Report, Algoma provides an overview of its ESG strategy, approach to mitigating ESG risks and capturing ESG opportunities, and provides an update on the Company’s ESG performance.
Becoming a North American leader in green steel, means becoming a leader in ESG – and the work underway at Algoma today is designed to help us achieve both goals.
Algoma’s ESG Report was prepared in accordance with leading ESG disclosure standards, including the Sustainability Accounting Standards Board (SASB) standards and the recommendations of the Task Force on Climate-related Financial Disclosure (TCFD).

Algoma Steel Group to Participate in the Jefferies 2023 Industrials Conference

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Wednesday, August 30, 2023

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MARIE, Ontario, Aug. 30, 2023 (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 that the Company will be participating in the Jefferies 2023 Industrials Conference on Wednesday, September 6, 2023 and Thursday, September 7, 2023.

Key Points:

MARIE, Ontario, Aug. 30, 2023 (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 that the Company will be participating in the Jefferies 2023 Industrials Conference on Wednesday, September 6, 2023 and Thursday, September 7, 2023.
Prior to Algoma’s attendance at this conference, the Company will post a copy of the presentation it intends to use in the Investors section of its website.
This news release contains “forward-looking information” under applicable Canadian securities legislation and “forward-looking statements” within the meaning of the U.S.
Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions.

Algoma Steel Group Reports Fiscal 2024 First Quarter Financial Results

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Thursday, August 10, 2023

SAULT STE. MARIE, Ontario, Aug. 10, 2023 (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 for its fiscal first quarter ended June 30, 2023.

Key Points:

MARIE, Ontario, Aug. 10, 2023 (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 for its fiscal first quarter ended June 30, 2023.
As compared with the prior year quarter, steel revenue was $754.5 million, compared to $877.4 million, and revenue per ton of steel sold was $1,453, compared to $1,738.
Net income in the first quarter was $130.9 million, compared to net income of $301.4 million in the prior-year quarter.
We compensate for these limitations by relying primarily on our IFRS results using such measures only as supplements to such results.

Algoma Steel to Announce Fiscal 2024 First Quarter Results August 10, 2023

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Thursday, July 27, 2023

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MARIE, Ontari, July 27, 2023 (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 Company will release its fiscal 2024 first quarter financial results after the market closes on Thursday, August 10, 2023.

Key Points:

MARIE, Ontari, July 27, 2023 (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 Company will release its fiscal 2024 first quarter financial results after the market closes on Thursday, August 10, 2023.
A webcast and conference call will be held on Friday, August 11, 2023 at 11:00 a.m. Eastern Time to review the Company’s results, discuss recent events, and conduct a question-and-answer session.
For those unable to access the webcast, the conference call will be accessible domestically or internationally by dialing 877-425-9470 or 201-389-0878, respectively.
Upon dialing in, please request to join the Algoma Steel Fiscal First Quarter Conference Call.

Algoma Steel Announces Filing of Base Shelf Prospectus

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Wednesday, June 21, 2023

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MARIE, Ontario, June 21, 2023 (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 it has filed a base shelf prospectus dated June 21, 2023 (the “Base Shelf Prospectus”) with the Ontario Securities Commission, relying on the “well-known seasoned issuer” exemption, and a corresponding shelf registration statement on Form F-10 (the “Registration Statement”) with the United States Securities and Exchange Commission (the “SEC”).

Key Points:

MARIE, Ontario, June 21, 2023 (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 it has filed a base shelf prospectus dated June 21, 2023 (the “Base Shelf Prospectus”) with the Ontario Securities Commission, relying on the “well-known seasoned issuer” exemption, and a corresponding shelf registration statement on Form F-10 (the “Registration Statement”) with the United States Securities and Exchange Commission (the “SEC”).
The Company has filed the Base Shelf Prospectus and Registration Statement to maintain financial flexibility, but has no present intention to pursue a capital raise in the near future.
There is no certainty any Securities will be sold under the Base Shelf Prospectus and/or Registration Statement within the 25-month effective period.
A copy of the Base Shelf Prospectus can be found under Algoma’s profile on SEDAR at www.sedar.com and a copy of the Registration Statement can be found on the SEC’s EDGAR website at www.sec.gov , or such documents may be obtained from Algoma at [email protected].

Algoma Steel Reports Fatal Incident

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Friday, June 16, 2023

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MARIE, Ontario, June 16, 2023 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma” or the “Company”), regrets to report a fatal incident involving an employee of a contractor who was retained to perform specialized maintenance work.

Key Points:

MARIE, Ontario, June 16, 2023 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma” or the “Company”), regrets to report a fatal incident involving an employee of a contractor who was retained to perform specialized maintenance work.
Algoma Steel Emergency Services personnel responded immediately with assistance from Sault Ste.
Algoma Steel Chief Executive Officer Michael D. Garcia commented, “We extend our sincere condolences to the family, friends, and colleagues affected by this devastating loss.
The safety and well-being of everyone in our workplace is a top priority and core value at Algoma Steel.

Algoma Steel to Announce Fiscal 2023 Fourth Quarter and Full Year Results June 21, 2023

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Tuesday, June 6, 2023

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MARIE, Ontario, June 06, 2023 (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 the Company will release its fiscal 2023 fourth quarter and full year financial results after the market closes on Wednesday, June 21, 2023.

Key Points:

MARIE, Ontario, June 06, 2023 (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 the Company will release its fiscal 2023 fourth quarter and full year financial results after the market closes on Wednesday, June 21, 2023.
A webcast and conference call will be held on Thursday, June 22, 2023, at 11:00 a.m. Eastern Time to review the Company’s results, discuss recent events, and conduct a question-and-answer session.
For those unable to access the webcast, the conference call will be accessible domestically or internationally by dialing 877-425-9470 or 201-389-0878, respectively.
Upon dialing in, please request to join the Algoma Steel Fiscal Fourth Quarter Conference Call.

Algoma Steel Upsizes ABL Credit Facility and Extends Maturity Date to 2028

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Thursday, May 25, 2023

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MARIE, Ontario, May 25, 2023 (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 that it has successfully upsized its senior secured asset-based revolving credit facility (“ABL Credit Facility”) from US$250 million to US$300 million and extended the term of the ABL Credit Facility to May, 2028.

Key Points:

MARIE, Ontario, May 25, 2023 (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 that it has successfully upsized its senior secured asset-based revolving credit facility (“ABL Credit Facility”) from US$250 million to US$300 million and extended the term of the ABL Credit Facility to May, 2028.
The interest rate on the ABL Credit Facility will be based on the Secured Overnight Financing Rate (SOFR) plus a credit spread adjustment of 10 basis points plus an applicable margin, which will vary depending on usage.
Rajat Marwah, Algoma’s Chief Financial Officer, commented, “With this new ABL Credit Facility, we have strengthened our liquidity, extended the maturity out five years and increased our financial flexibility.
The ABL Credit Facility can be used to fund working capital needs, general corporate purposes and strategic growth initiatives.

Algoma Steel Releases ESG Position Statement

Retrieved on:

Thursday, April 6, 2023

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MARIE, Ontario, April 06, 2023 (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 released its Environmental, Social, and Governance (“ESG”) Position Statement (the “ESG Position Statement”).

Key Points:

MARIE, Ontario, April 06, 2023 (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 released its Environmental, Social, and Governance (“ESG”) Position Statement (the “ESG Position Statement”).
Algoma has been undertaking efforts to enhance its approach to ESG and the Company is pleased to be able to share more detail on this work through the publication of its ESG Position Statement.
The ESG Position Statement describes the foundational role that Algoma’s ESG strategy plays in the Company’s transformation journey and overall corporate strategy, and how ESG practices are embedded into Algoma’s business model.
The ESG Report will set out the Company’s ESG strategy, and its approach to mitigating ESG risks and capturing ESG opportunities, and provide an update on the Company’s ESG performance.

Algoma Steel Provides Fiscal 2023 Fourth Quarter Guidance

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Thursday, March 30, 2023

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MARIE, Ontario, March 30, 2023 (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 provided guidance for its fiscal fourth quarter ending March 31, 2023.

Key Points:

MARIE, Ontario, March 30, 2023 (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 provided guidance for its fiscal fourth quarter ending March 31, 2023.
Fiscal 2023 fourth quarter total steel shipments are expected to be in the range of 555,000 to 565,000 tons and Adjusted EBITDA is expected to be in the range of CDN $25 million to $30 million.
Michael Garcia, Algoma’s Chief Executive Officer commented, “We anticipate that our shipments for the fourth fiscal quarter will align with our earlier projections now that our plate mill has returned to its historical production levels.
Attractive market conditions, combined with our consistent operations, are likely to significantly enhance our profitability as we head into fiscal 2024.