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Algoma Steel Group Inc. Common Shares - ASTL STOCK NEWS

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

News

Algoma Addresses Casthouse Incident

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Algoma Steel Group Inc. reports an incident at the blast furnace complex, with 12 workers impacted. Five employees were treated at the hospital and discharged. The incident did not affect the blast furnace recovery, and the restart timing remains on schedule.
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Algoma Steel Group Reports Fiscal Third Quarter 2024 Financial Results

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Algoma Steel Group Inc. (ASTL) announced fiscal third quarter results, with revenue of $615.4 million, a loss from operations of $36.9 million, and a net loss of $84.8 million. Adjusted EBITDA improved year-over-year, with shipments of 516,068 tons, and completion of extensive maintenance. The collapse of a structure at the coke-making plant is expected to impact shipments, costs, and profitability in the fourth quarter. The transformative EAF project is on track with $509.9 million invested and 86% of anticipated costs under contract. A quarterly dividend of US$0.05/share was paid.
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Algoma Steel to Announce Fiscal 2024 Third Quarter Results February 6, 2024

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Algoma Steel Group Inc. (ASTL) is set to release its fiscal 2024 third quarter financial results on February 6, 2024, followed by a webcast and conference call on February 7, 2024. The company is a leading Canadian producer of hot and cold rolled steel sheet and plate products.
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Algoma Steel Provides Update on Incident at Coke-Making Plant

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Algoma Steel Group Inc. provided an update on the incident at its coke-making plant, assuring the containment of the water-related environmental release and minimal impact on the adjacent waterway. The company is actively assessing coke-making capacity and expects to resume production within two weeks, with potential impact on shipments. The Blast Furnace operations were temporarily suspended for safety reasons, and work is underway to restart the furnace. The combined plate/strip mill and cold mill operations remain unaffected, and the company is sourcing adequate coke from third-party suppliers. Algoma is prioritizing safety and environmental concerns while expediting repairs and assessments.
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Algoma Steel Reports Incident at Coke-Making Plant

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Algoma Steel Group Inc. (ASTL) experienced a structure collapse at their coke-making plant, resulting in abnormal gas flaring and air emissions, as well as effluent entering an adjacent waterway. Despite interrupted coke production, all other departments are operating normally, and the company does not anticipate an impact on customer shipments. Algoma is focused on managing the occurrence, ensuring the seamless continuation of operations, and safeguarding public safety.
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Algoma Steel Provides Fiscal Third Quarter 2024 Guidance

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Algoma Steel Group Inc. (ASTL) provided guidance for its fiscal third quarter, expecting total steel shipments of around 515,000 tons and Adjusted EBITDA in the range of $(10) million to breakeven. The CEO commented on the impact of UAW strike-driven soft demand and pricing, as well as progress on the Electric Arc Furnace project and anticipated recovery in steel pricing.
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Algoma Steel Group Announces Director Retirement

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Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) announced the retirement of Andrew Schultz from the board of directors effective December 31, 2023. Mr. Schultz played a significant role in the company's strategic milestones and governance practices, including the investment in electric arc steelmaking. Algoma expresses gratitude for his service and wishes him the best.
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Algoma Steel Announces Retirement of Vice President - Sales

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Algoma Steel Group Inc. (ASTL) announced the pending retirement of Vice President - Sales, Rory Brandow, effective December 1st, 2023. Chris Ford, Algoma’s current Director - US Sales and Customer Service, is set to succeed Rory. The CEO, Michael Garcia, expressed gratitude to Rory and confidence in Chris' ability to lead the sales division.
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Algoma Steel Group Reports Fiscal Second Quarter 2024 Financial Results

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Algoma Steel Group Inc. announced its second-quarter results with consolidated revenue of $732.6 million, compared to $599.2 million in the prior-year quarter. The company reported consolidated income from operations of $36.8 million, compared to $5.6 million in the prior-year quarter. Net income was $31.1 million, compared to $87.2 million in the prior-year quarter. Shipments increased to 548,998 tons, compared to 435,202 tons in the prior-year quarter. Algoma Steel also provided updates on its transformative electric arc furnace (EAF) project, with $455.7 million invested to date. The company expects further recovery in steel demand and pricing.
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Algoma Steel to Announce Fiscal 2024 Second Quarter Results November 2, 2023

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Algoma Steel Group Inc. will release its fiscal 2024 Q2 financial results on November 2, 2023. A webcast and conference call will be held on November 3, 2023, to discuss the results and recent events.
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FAQ

What is the current stock price of Algoma Steel Group Common Shares (ASTL)?

The current stock price of Algoma Steel Group Common Shares (ASTL) is $11.26 as of November 22, 2024.

What is the market cap of Algoma Steel Group Common Shares (ASTL)?

The market cap of Algoma Steel Group Common Shares (ASTL) is approximately 1.2B.

What does Algoma Steel Group Inc. produce?

Algoma Steel Group Inc. produces hot and cold rolled steel sheets and plates, specializing in carbon and high-strength low-alloy grades.

Where is Algoma Steel Group Inc. located?

Algoma Steel Group Inc. is located in Sault Ste. Marie, Ontario, Canada.

What is Algoma's manufacturing capacity?

Algoma's manufacturing capacity is approaching 4 million tons per annum.

What industries does Algoma serve?

Algoma serves various industries including automotive, construction, energy, defense, and manufacturing.

What is the Direct Strip Production Complex?

Algoma's Direct Strip Production Complex (DSPC) is a state-of-the-art facility that ensures superior surface quality, dimensional control, and consistent chemical and mechanical properties for its steel products.

How is Algoma contributing to environmental sustainability?

Algoma is modernizing its plate mill and adopting electric arc furnace (EAF) technology to significantly lower carbon emissions, aligning with its commitment to environmental stewardship.

How does Algoma handle operational challenges?

Algoma works closely with regulatory authorities and stakeholders to address operational challenges, ensuring the safety of employees and the community while resuming normal operations as swiftly as possible.

What are Algoma's future plans?

Algoma aims to become a leading producer of green steel in North America, focusing on continuous improvement, modernization projects, and delivering greater value to its customers.

Who can I contact for investor relations?

For investor relations, you can contact Michael Moraca, Treasurer & Investor Relations Officer, at 705.945.3300 or email IR@algoma.com.

Is Algoma listed on any stock exchange?

Yes, Algoma Steel Group Inc. is listed on the stock market under the symbol ASTL.

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Algoma Steel Group Inc. Common Shares

Nasdaq:ASTL

ASTL Rankings

#2428 Ranked by Market Cap
#1449 Ranked by Dividends

ASTL Stock Data

1.18B
91.19M
7.55%
75.82%
4.17%
Steel
Basic Materials
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United States of America
Sault Ste. Marie