Algoma Steel to Announce Fiscal 2022 Third Quarter Results February 10, 2022

Rhea-AI Summary

Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) will release its fiscal 2022 third quarter financial results on February 10, 2022. A conference call is scheduled for February 11, 2022, at 11:00 a.m. ET to discuss the results and recent developments. Algoma, based in Sault Ste. Marie, Ontario, has a raw steel production capacity of 2.8 million tons per year and is a leading producer of hot and cold rolled steel products. The company is modernizing its facilities and implementing cost-cutting initiatives aimed at enhancing profitability and sustainability.

Positive

• Algoma has upgraded its Direct Strip Production Complex (DSPC), enhancing production capabilities.
• Current raw steel production capacity stands at 2.8 million tons per year.
• The company is implementing cost-cutting initiatives, which are expected to improve profitability.

Negative

• None.

SAULT STE. MARIE, Ontario, Jan. 31, 2022 (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 2022 third quarter financial results after the market closes on Thursday, February 10, 2022. A webcast and conference call will be held on Friday, February 11, 2022 at 11:00 a.m. Eastern Time to review the Company’s fiscal third quarter results, discuss recent events, and conduct a question-and-answer session.

The live webcast and archived replay of the conference call can be accessed on the Investors section of the Company’s website at www.algoma.com. 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. To access the replay of the call, dial 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 13726743.

About Algoma Steel

Based in Sault Ste. Marie, Ontario, Canada, Algoma is a fully integrated producer of hot and cold rolled steel products including sheet and plate. With a current raw steel production capacity of an estimated 2.8 million tons per year, Algoma’s size and diverse capabilities enable it to deliver responsive, customer-driven product solutions straight from the ladle to direct applications in the automotive, construction, energy, defense, and manufacturing sectors. Algoma is a key supplier of steel products to customers in Canada and Midwest USA and is the only producer of plate steel products in Canada. Algoma’s mill is one of the lowest cost producers of hot rolled sheet steel (HRC) in North America owing in part to its state-of-the-art Direct Strip Production Complex (“DSPC”), which is the newest thin slab caster in North America with direct coupling to a basic oxygen furnace (BOF) melt shop.

Algoma has achieved several meaningful improvements over the last several years that are expected to result in enhanced long-term profitability for the business. Algoma has upgraded its DSPC facility and recently installed its No. 2 Ladle Metallurgy Furnace. Additionally, Algoma has cost cutting initiatives underway and is in the process of modernizing its plate mill facilities.

Today Algoma is on a transformation journey, investing in its people and processes, optimizing and modernizing to secure a sustainable future.  Our customer focus, growing capability and courage to meet the industry’s challenges head-on position us firmly as your partner in steel.

For more information, please contact:

Brenda Stenta
Manager Communications & Branding
Algoma Steel Inc.
Phone: +1.705.206.1022
E-mail: brenda.stenta@algoma.com 

For Investor inquiries, please contact:

Mike Moraca
Treasurer and Investor Relations Officer
Algoma Steel Inc.
Phone: 705.945.3300
E-mail: IR@algoma.com 

FAQ

When will Algoma Steel release its fiscal 2022 third quarter financial results?

Algoma Steel will release its fiscal 2022 third quarter financial results on February 10, 2022.

What time is the Algoma Steel conference call scheduled for?

The conference call is scheduled for February 11, 2022, at 11:00 a.m. Eastern Time.

Where can I access the Algoma Steel quarterly results and conference call?

The results and conference call can be accessed on Algoma Steel's website in the Investors section.