SAULT STE. MARIE,

Algoma Steel Inc. Announces Pricing of US$350 Million 9.125% Senior Secured Second Lien Notes due 2029

Retrieved on: 
Tuesday, March 26, 2024
ASTL, Sale, Regulation, News, Senior, ASI, TSX, Legislation, STE, Security (finance)

MARIE, Ontario, March 26, 2024 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma”), a fully integrated producer of hot and cold rolled steel products including sheet and plate, announced today that its indirect wholly-owned subsidiary, Algoma Steel Inc. (“ASI”), has priced its previously announced offering of US$350 million aggregate principal amount of 9.125% Senior Secured Second Lien Notes due 2029 (the “Notes”).

Key Points: 
  • MARIE, Ontario, March 26, 2024 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma”), a fully integrated producer of hot and cold rolled steel products including sheet and plate, announced today that its indirect wholly-owned subsidiary, Algoma Steel Inc. (“ASI”), has priced its previously announced offering of US$350 million aggregate principal amount of 9.125% Senior Secured Second Lien Notes due 2029 (the “Notes”).
  • The Notes will be issued at a price of 100% of their face amount, for gross proceeds of US$350 million, and will bear interest at the rate of 9.125% per year.
  • The Notes will be guaranteed on a senior secured basis by ASI’s immediate parent company and all of ASI’s subsidiaries.
  • The offering of the Notes is expected to close on or about April 5, 2024, subject to customary closing conditions.

CORRECTION: Dividend Payment Date Adjustment Due to Canadian Statutory Holiday

Retrieved on: 
Monday, March 25, 2024
TSX, ASTL, STE

SAULT STE.

Key Points: 
  • SAULT STE.
  • MARIE, Ontario, March 25, 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 informs its shareholders of an adjustment to the previously announced dividend payment date in respect of the previously announced regularly scheduled dividend payable to holders of record of common shares of the Company as of the close of business on February 29, 2024.
  • This adjustment is required due to the occurrence of a Canadian statutory holiday on the originally scheduled payment date.
  • The dividend payment date originally scheduled for March 29, 2024, has been revised to March 28, 2024.

Algoma Steel Provides Fiscal Fourth Quarter 2024 Guidance

Retrieved on: 
Monday, March 25, 2024
STE, Adjustment, TSX, Electric arc furnace, ASTL, EAF, Coal

MARIE, Ontario, March 25, 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 provided guidance for its fiscal fourth quarter ending March 31, 2024.

Key Points: 
  • MARIE, Ontario, March 25, 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 provided guidance for its fiscal fourth quarter ending March 31, 2024.
  • Fiscal 2024 fourth quarter total steel shipments are expected to be in the range of 445,000 to 460,000 tons and Adjusted EBITDA is expected to be in the range of $30 million to $40 million.
  • As previously announced, during the quarter Algoma experienced an unplanned outage at its blast furnace in connection with a utility corridor collapse at its coke-making facility.
  • It is expected that the resultant outage reduced production by 120,000 to 150,000 net tons, significantly impacting Adjusted EBITDA performance in the quarter.

Algoma Steel Inc. Announces Proposed Offering of US$350 Million of Senior Secured Second Lien Notes due 2029

Retrieved on: 
Monday, March 25, 2024
ASTL, Sale, Regulation, News, Senior, ASI, TSX, Legislation, STE, Security (finance)

MARIE, Ontario, March 25, 2024 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma”), a fully integrated producer of hot and cold rolled steel products including sheet and plate, announced today that its indirect wholly-owned subsidiary, Algoma Steel Inc. (“ASI”), intends to offer for sale US$350 million aggregate principal amount of Senior Secured Second Lien Notes due 2029 (the “Notes”).

Key Points: 
  • MARIE, Ontario, March 25, 2024 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma”), a fully integrated producer of hot and cold rolled steel products including sheet and plate, announced today that its indirect wholly-owned subsidiary, Algoma Steel Inc. (“ASI”), intends to offer for sale US$350 million aggregate principal amount of Senior Secured Second Lien Notes due 2029 (the “Notes”).
  • The Notes will be guaranteed on a senior secured basis by ASI’s immediate parent company and all of ASI’s subsidiaries.
  • Pricing and consummation of the offering of the Notes are subject to market and other conditions.
  • ASI intends to use the net proceeds from the offering of the Notes for general corporate purposes, adding strength and flexibility to its balance sheet.

Algoma Steel Group to Participate in the BMO 33rd Global Metals, Mining & Critical Minerals Conference

Retrieved on: 
Monday, February 26, 2024
BMO, STE, Mining, News, TSX, ASTL, Conference, Legislation

MARIE, Ontario, Feb. 26, 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 that the Company is participating in the BMO 33rd Global Metals, Mining & Critical Minerals Conference on Monday, February 26, 2024 and Tuesday, February 27, 2024.

Key Points: 
  • MARIE, Ontario, Feb. 26, 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 that the Company is participating in the BMO 33rd Global Metals, Mining & Critical Minerals Conference on Monday, February 26, 2024 and Tuesday, February 27, 2024.
  • 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.
  • Many factors could cause actual future events to differ materially and adversely from the forward-looking statements in this document.

Algoma Resumes Normal Steel Production

Retrieved on: 
Wednesday, February 14, 2024
STE, News, TSX, ASTL, Coke, Legislation, Blast furnace, Environment

MARIE, Ontario, Feb. 14, 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 advised the repair and restart of its blast furnace is complete and steel production resumed on Sunday, February 11, 2024.

Key Points: 
  • MARIE, Ontario, Feb. 14, 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 advised the repair and restart of its blast furnace is complete and steel production resumed on Sunday, February 11, 2024.
  • Algoma has strengthened its operations while advancing essential repair work required after a structure supporting utilities piping at Algoma’s coke-making plant collapsed on January 20, 2024.
  • Algoma remains focused on completing necessary utilities corridor repairs safely and efficiently while increasing coke-making capacity and rebuilding inventory levels.
  • The Company will continue to assess supplementing its coke supplies with market purchases to balance its requirement for iron production.

Algoma Addresses Casthouse Incident

Retrieved on: 
Friday, February 9, 2024
Sault Area Hospital, News, Blast furnace, TSX, Health, Safety, Legislation, Environment, ASTL, STE

MARIE, Ontario, Feb. 09, 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 advised that at approximately 10:00 pm on Wednesday, February 7 there was an incident at the north casthouse of the blast furnace complex where the Company believes slag made contact with moisture in the hot iron trough.

Key Points: 
  • MARIE, Ontario, Feb. 09, 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 advised that at approximately 10:00 pm on Wednesday, February 7 there was an incident at the north casthouse of the blast furnace complex where the Company believes slag made contact with moisture in the hot iron trough.
  • Twelve workers were impacted by the incident and five were treated at Sault Area Hospital.
  • As previously disclosed, Algoma experienced issues at the blast furnace as an unexpected consequence of an incident on Saturday, January 20 when a structure supporting utilities piping collapsed.
  • The Company continues to advance on-site repair work as well as a comprehensive investigation into the January 20 incident.

Algoma Steel Group Reports Fiscal Third Quarter 2024 Financial Results

Retrieved on: 
Tuesday, February 6, 2024
EDGAR, Nature, EDT, Calendar, Natural gas, Legislation, International, News, Steel, Algoma Steel, Carbon, Adjustment, UAW, Alloy, TSX, Hand, EAF, Coke, Blast furnace, STE, Bank statement, Webcast, Insurance, ASTL, Earnout, Conference

SAULT STE. MARIE, Ontario, Feb. 06, 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 for its fiscal third quarter ended December 31, 2023.

Key Points: 
  • MARIE, Ontario, Feb. 06, 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 for its fiscal third quarter ended December 31, 2023.
  • As compared with the prior year quarter, steel revenue was $556.9 million, compared to $512.0 million, and revenue per ton of steel sold was $1,192, compared to $1,239.
  • Net loss in the third quarter was $84.8 million, compared to a loss of $69.8 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 Third Quarter Results February 6, 2024

Retrieved on: 
Monday, January 29, 2024
ASTL, TSX, STE, Conference, Webcast

MARIE, Ontario, Jan. 29, 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, announced today that the Company will release its fiscal 2024 third quarter financial results after the market closes on Tuesday, February 6, 2024.

Key Points: 
  • MARIE, Ontario, Jan. 29, 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, announced today that the Company will release its fiscal 2024 third quarter financial results after the market closes on Tuesday, February 6, 2024.
  • A webcast and conference call will be held on Wednesday, February 7, 2024 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 Third Quarter Conference Call.

Algoma Steel Provides Update on Incident at Coke-Making Plant

Retrieved on: 
Tuesday, January 23, 2024
ASTL, Legislation, Blast furnace, Insurance, STE, Work, Environment, Coke, TSX, EAF, Safety, The Blast Furnace, Engineering, News

MARIE, Ontario, Jan. 23, 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 provided an update further to the incident on Saturday, January 20 at its coke-making plant when a structure supporting utilities piping collapsed.

Key Points: 
  • MARIE, Ontario, Jan. 23, 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 provided an update further to the incident on Saturday, January 20 at its coke-making plant when a structure supporting utilities piping collapsed.
  • As a result, Algoma currently believes that there is a low risk of impact to the adjacent waterway.
  • A repair plan for the coke-making plant is being developed with third party engineering support in accordance with Algoma's Environmental Compliance Approval.
  • At the time of the coke-making incident, for safety reasons Blast Furnace operations were temporarily suspended while the site was secured.