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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

Rhea-AI Summary
Algoma Steel Group Inc. provides guidance for its fiscal second quarter, expecting total steel shipments of 540,000 to 550,000 tons and Adjusted EBITDA of $75 million to $85 million. Plate Mill modernization project reaches key milestone. Work stoppages at North American auto manufacturing facilities affecting steel markets and realized pricing. Annual steel making vessel reline and seasonal maintenance planned for fiscal third quarter. Electric Arc Furnace project progressing as expected.
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Algoma Steel Group Inc. announced the results of voting at its annual meeting of shareholders. All nominees were elected as directors of the Company. The appointment of Deloitte LLP as the Company's auditors for the 2023 fiscal year was also passed. No significant positive or negative business takes affecting stock price were identified.
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Algoma Steel Group Inc. announces a C$120,000 donation to United Way's Harvest Algoma project, supporting food rescue and distribution in Sault St. Marie.
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Algoma Steel Group Inc. issues its first annual ESG report, highlighting its transformation to green steel and commitment to ESG factors. Construction of the EAF steelmaking project is underway and expected to reduce carbon emissions by up to 70%. The report was prepared in accordance with leading ESG disclosure standards.
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Algoma Steel Group Inc. will be participating in the Jefferies 2023 Industrials Conference. The Company will post a copy of the presentation on its website.
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Algoma Steel Group Inc. (ASTL) announced the release of its fiscal 2024 first quarter financial results on August 10, 2023, with a webcast and conference call on August 11, 2023. Investors can access the webcast and archived replay on the Company’s website. The conference call details are also provided for those unable to access the webcast.
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Algoma Steel Group Inc. reports a fatal incident involving an employee of a contractor who was performing maintenance work. The worker lost consciousness while cleaning an out-of-service gas line and later succumbed to their injuries. An investigation is underway.
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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 $10.6 as of November 1, 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 1.1B.

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.

Algoma Steel Group Inc. Common Shares

Nasdaq:ASTL

ASTL Rankings

ASTL Stock Data

1.10B
104.12M
7.57%
69.13%
3.93%
Steel
Basic Materials
Link
United States of America
Sault Ste. Marie