Welcome to our dedicated page for Algoma Steel Group Common Shares news (Ticker: ASTL), a resource for investors and traders seeking the latest updates and insights on Algoma Steel Group Common Shares stock.
Algoma Steel Group Inc. (ASTL), based in Sault Ste. Marie, Ontario, Canada, is a fully integrated steel producer. With a manufacturing capacity approaching 4 million tons per annum, Algoma specializes in producing clean and consistent light gauge steel, including carbon and high-strength low-alloy (HSLA) grades. The company's product portfolio encompasses hot and cold rolled steel sheets and plates, catering to industries such as automotive, construction, energy, defense, and manufacturing.
Algoma's state-of-the-art Direct Strip Production Complex (DSPC) ensures superior surface quality, dimensional control, and consistent chemical and mechanical properties. The highly automated plate mill produces a full range of as-rolled and heat-treated plates, meeting stringent international performance standards. Algoma serves a global market with a strong focus on North America, generating significant revenue from domestic sales.
Since its acquisition by Essar in 2007, Algoma has benefited from Essar's technical expertise and positive approach, enhancing its 100+ years of steelmaking tradition. Algoma is currently on a transformation journey, modernizing its plate mill and adopting electric arc furnace (EAF) technology to significantly lower carbon emissions. This aligns with the company's commitment to environmental stewardship and sustainable steel production.
Despite recent operational challenges, including a contained water-related environmental release and temporary suspension of Blast Furnace operations due to a coke-making incident, Algoma has demonstrated resilience. The company is actively working with regulatory authorities and stakeholders to resume normal operations while ensuring the safety of its employees and the community.
Algoma remains dedicated to continuous improvement and best practices, positioning itself as a leading producer of green steel in North America. The company's strategic objectives and modernization projects are aimed at delivering greater value and ensuring a secure steel supply for its customers.
For the latest updates and news, contact:
Michael Moraca, Treasurer & Investor Relations Officer
Phone: 705.945.3300
Email: IR@algoma.com
Algoma Steel Group reported fiscal Q2 2025 results with consolidated revenue of $600.3 million, down from $732.6 million in the prior-year quarter. The company posted a net loss of $106.6 million, compared to net income of $31.1 million last year. Adjusted EBITDA was $3.5 million with a 0.6% margin. Steel shipments decreased to 520,443 tons from 548,998 tons.
The company's Electric Arc Furnace (EAF) project remains on schedule, with commissioning activities set to begin by end of 2024. Total contracted commitments are now approximately $870 million. The company announced a change in fiscal year end from March 31 to December 31, and declared a quarterly dividend of US$0.05 per share.
Algoma Steel Group (NASDAQ: ASTL; TSX: ASTL), a leading Canadian steel producer, will release its fiscal 2025 second quarter financial results after market close on Wednesday, November 6, 2024. The company will host a webcast and conference call on Thursday, November 7, 2024, at 11:00 a.m. Eastern Time to discuss results and conduct a Q&A session. The webcast will be accessible through the company's investor relations website, while the conference call can be joined via phone using specific dial-in numbers for domestic and international participants.
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).
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