Algoma Steel Group Inc. Common Shares - ASTL STOCK NEWS

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.

Algoma Steel Group (NASDAQ: ASTL) announced its fiscal fourth quarter and full year 2024 financial results. For Q4, the company reported consolidated revenue of $620.6 million, a decrease from $677.4 million in the prior-year quarter. Net income was $28.0 million, compared to a net loss of $20.4 million in the prior-year quarter. Adjusted EBITDA was $41.5 million, down from $47.9 million. Full year revenue for fiscal 2024 was $2,795.8 million, with a net income of $105.2 million and Adjusted EBITDA of $312.7 million.

Algoma's operational highlights include the completion of phase two of the plate mill modernization project and the continued development of the Electric Arc Furnace (EAF) project. The company also issued US$350 million in Senior Secured Second Lien Notes to strengthen its balance sheet. Despite a challenging quarter due to a blast furnace shutdown, Algoma reaffirmed its transformative EAF project outlook and improved liquidity.

Algoma Steel Group has appointed Erin Oliver as Vice President - Health and Safety, a new role within the company. Erin, a seasoned professional from Sault Ste. Marie with over 25 years of experience in various sectors, will report to CEO Mike Garcia and join the senior leadership team. Her expertise and proven track record in enhancing safety culture will support Algoma's transformation into a leader in green steel. CEO Michael D. Garcia emphasizes that this appointment underscores Algoma's commitment to safety. Erin expressed her enthusiasm to contribute to Algoma's health and safety initiatives.

Algoma Steel, a major Canadian producer of hot and cold rolled steel sheet and plate products, will release its fiscal 2024 fourth quarter and full-year financial results on June 20, 2024, after market close. The company will host a webcast and conference call on June 21, 2024, at 11:00 a.m. Eastern Time to review the results, discuss recent events, and hold a Q&A session. Investors can access the live webcast and replay on Algoma's website or join the conference call by dialing the provided domestic and international numbers and requesting to join the Algoma Steel Fiscal Fourth Quarter and Full Year Conference Call.

Algoma Steel Group Inc. announced the pricing of US$350 million aggregate principal amount of 9.125% Senior Secured Second Lien Notes due 2029 by its subsidiary, Algoma Steel Inc. The Notes will be issued at a price of 100% of their face amount, with an interest rate of 9.125% per year, providing financial flexibility for general corporate purposes.

Algoma Steel Group Inc. (ASTL) adjusts dividend payment date due to a Canadian statutory holiday, moving it to March 28, 2024, from the original date of March 29, 2024.

Algoma Steel Group Inc. announced the offering of US$350 million Senior Secured Second Lien Notes due 2029 by its subsidiary, Algoma Steel Inc., to enhance its balance sheet. The Notes will be guaranteed by ASI's parent company and subsidiaries, with the proceeds intended for general corporate purposes.

Algoma Steel Group Inc. provides guidance for its fiscal fourth quarter, expecting total steel shipments of 445,000 to 460,000 tons and Adjusted EBITDA of $30 million to $40 million. An unplanned outage at the blast furnace impacted production by 120,000 to 150,000 net tons, affecting EBITDA performance. The company anticipates improved results in the fiscal first quarter with strong market demand and rising prices for Hot Rolled Coil. The Electric Arc Furnace project remains on track and within budget, with commissioning activities set to begin by the end of 2024.

Algoma Steel Group Inc. (ASTL) is set to participate in the BMO 33rd Global Metals, Mining & Critical Minerals Conference, showcasing its products and strategies to investors. The Company will share its presentation online for stakeholders' reference.