Algoma Steel Group Inc. Common Shares - ASTL STOCK NEWS

Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) has provided guidance for its fiscal second quarter ending September 30, 2024. The company expects total steel shipments to be between 510,000 and 520,000 tons. Adjusted EBITDA is projected to range from $5 million to negative $5 million, including an estimated $20 million in initial insurance proceeds recovery.

CEO Michael Garcia noted that operations are performing as expected despite challenging market conditions for steel demand and pricing. He emphasized that Algoma is well-positioned to capitalize on opportunities when market fundamentals improve. The company's Electric Arc Furnace project remains on track, with commissioning activities expected to begin by the end of the calendar year, marking Algoma's transformation into one of North America's most environmentally sustainable steel producers.

Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) held its virtual annual meeting of shareholders on September 24, 2024. The company announced that all nominees listed in the management information circular were elected as directors. Detailed voting results for each nominee were provided, showing strong support across the board.

Additionally, shareholders approved the appointment of Deloitte LLP as the company's auditors for the 2024 fiscal year. The non-binding advisory resolution on executive compensation was also approved by a majority of votes. The full report of voting results is available on SEDAR+ and the SEC's EDGAR website.

Algoma Steel Group (NASDAQ: ASTL; TSX: ASTL), a leading Canadian producer of hot and cold rolled steel sheet and plate products, has announced its participation in the Jefferies 2024 Industrials Conference. The event is scheduled for September 4-5, 2024.

Ahead of the conference, Algoma will make its presentation materials available to investors on its website at ir.algoma.com. This move demonstrates the company's commitment to transparency and keeping shareholders informed.

The Jefferies conference provides Algoma with an opportunity to showcase its operations and strategy to potential investors and industry analysts, potentially impacting its stock performance on both NASDAQ and TSX exchanges.

Algoma Steel Group (NASDAQ: ASTL; TSX: ASTL) has announced the renewal of its normal course issuer bid (NCIB) for a portion of its common shares and warrants. The Toronto Stock Exchange has approved the company's plan to repurchase up to 5,206,153 shares (5% of outstanding) and 1,208,950 warrants (5% of outstanding) over a 12-month period starting September 5, 2024. Algoma believes this move will benefit shareholders as the market price may not fully reflect the company's value. The NCIB includes daily purchase limits and will be conducted through various exchanges in compliance with regulatory requirements. All purchased shares and warrants will be cancelled upon acquisition.

Algoma Steel (NASDAQ: ASTL; TSX: ASTL) applauds the approval of a new 230kV transmission line in Sault Ste. Marie, Ontario. The project, authorized by the Ontario Energy Board, involves PUC Transmission and Hydro One constructing the line and related transformation components. This upgrade is important for supporting regional growth and Algoma's transition to electric arc steelmaking.

Key points:

• No capital contribution required from Algoma Steel
• Transmission rate impacts deemed reasonable by OEB
• Project supports sustainable economic growth and environmental sustainability
• Demonstrates strong commitment from Ontario to enable critical infrastructure investment

Algoma Steel Group reported fiscal Q1 2025 results, with revenue of $650.5 million, down from $827.2 million in Q1 2024. The company posted a net income of $6.1 million, compared to $130.9 million last year. Adjusted EBITDA was $37.7 million with a 5.8% margin. Steel shipments decreased 11.6% to 503,152 tons.

Key highlights include:

• Completed plate mill upgrade, ramping up to 650,000 NT annual capacity
• Electric Arc Furnace (EAF) project on schedule and budget
• Announced intention to relaunch Normal Course Issuer Bid
• Declared quarterly dividend of US$0.05/share

The EAF project is expected to reduce annual carbon emissions by 70% and increase raw steel production capacity to 3.7 million tons.

Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) has released its second annual Environmental, Social, and Governance (ESG) report, highlighting its progress towards becoming a North American leader in green steel production. The company is in the final phase of constructing its Electric Arc Furnace (EAF) steelmaking facilities, expected to reduce emissions by up to 70% while improving product quality and increasing production.

Key points from the report include:

• Commissioning of EAF facilities planned by the end of the year
• Advancements in ESG strategy development and implementation
• Reviews of governance and enterprise risk management processes
• Alignment with SASB standards and TCFD recommendations

The report demonstrates Algoma's commitment to sustainable steel making and its impact on stakeholders, communities, and the environment.

Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL), a leading Canadian producer of hot and cold rolled steel sheet and plate products, has announced the release date for its fiscal 2025 first quarter financial results. The company will disclose the results after market close on Tuesday, August 13, 2024. Following this, Algoma will host a webcast and conference call on Wednesday, August 14, 2024, at 11:00 a.m. Eastern Time to review the results, discuss recent events, and conduct a Q&A session.

Investors can access the live webcast and archived replay of the conference call on the Investors section of Algoma's website at www.ir.algoma.com. For those unable to access the webcast, the conference call will be available by dialing 877-425-9470 (domestic) or 201-389-0878 (international).

Algoma Steel Group (NASDAQ: ASTL; TSX: ASTL), a prominent Canadian producer of hot and cold rolled steel sheet and plate products, announced its participation in Stifel Canada’s 3rd Annual Summer Solstice Conference. The event will take place from June 24 to June 26, 2024, in Minett, Muskoka Lakes. Ahead of the conference, Algoma will make its presentation available on the Investors section of its website. This participation underscores Algoma's commitment to engaging with investors and stakeholders, showcasing its latest developments and strategies.