Algoma Steel Group Inc. Common Shares - ASTL STOCK NEWS

Algoma Steel Group Inc. (NASDAQ: ASTL) announced its guidance for fiscal Q3 2023, expecting total steel shipments of approximately 455,000 tons and an Adjusted EBITDA loss between $35 million and $45 million. This decline reflects lower plate shipments, decreased steel pricing, and seasonal maintenance. However, the company anticipates better performance in 2023, driven by resumed normal production levels and ongoing projects, including the electric arc furnace initiative expected to be operational by 2024.

Algoma Steel Group announced its fiscal second quarter results for the period ending September 30, 2022. Revenue dropped to $599.2 million from $1.01 billion a year prior, while net income decreased to $87.2 million or $0.36 per diluted share, down from $288.2 million or $4.02 per diluted share. Adjusted EBITDA fell to $82.7 million, with a margin of 13.8%, compared to 42.6% in the previous year. The company repurchased 28% of its shares and faced operational challenges impacting EBITDA by $130 million.

Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) will release its fiscal 2023 second quarter financial results on November 7, 2022, post-market. A conference call for investors is scheduled for November 8, 2022, at 11:00 a.m. ET, where management will review results and recent events. The company is transitioning to electric arc steelmaking and aims to enhance long-term profitability through modernization and cost-cutting initiatives. Algoma’s production capacity reaches 2.8 million tons annually, positioning it as a key steel supplier in Canada and the Midwest USA.

Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) has partnered with Sault College for a site-greening initiative, where students planted around 2,000 seedlings along the St. Mary’s River. This 2.2-acre area aims to enhance the environment by buffering wind from coal piles and improving soil quality. Algoma's comprehensive plan also includes creating natural green spaces and enhancing water runoff. CEO Michael D. Garcia highlighted the initiative's role in providing students valuable real-life experiences while underscoring Algoma's commitment to environmental improvement.

Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) has provided guidance for its fiscal Q2 2023, projecting Adjusted EBITDA between $75 million and $80 million. The CEO noted ongoing operational challenges and a decline in finished product prices impacting profitability. Shipments are estimated to be 415,000 to 425,000 tons, affected by production shortfalls and a delay in plate mill modernization. Despite these hurdles, demand remains steady and the Electric Arc Furnace project is progressing on time. A five-year labor agreement has been secured, supporting long-term stability.

Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) held its annual meeting on September 20, 2022, where all nominated directors were elected. The meeting reported a total of 54,993,803 votes cast. Key votes included Mary Anne Bueschkens with 54,807,492 votes for, and Eric S. Rosenfeld receiving 52,875,489 votes for. The appointment of Deloitte LLP as auditors was also approved. Algoma Steel continues to improve operations with a production capacity of 2.8 million tons annually, positioning itself as a significant player in the steel industry.

Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) has successfully ratified a new 5-year collective agreement with United Steelworkers Local 2251, representing its hourly employees. This follows a prior agreement with the union representing technical and supervisory staff. CEO Michael Garcia highlighted the agreements' role in Algoma's commitment to transformation towards green steel production, focusing on profitability and operational efficiency. The company aims to modernize facilities and implement cost-cutting measures while enhancing employee investment.

Algoma Steel Group Inc. announced a tentative collective agreement with United Steelworkers Local Union 2251, representing hourly employees. The agreement, recommended unanimously by the union, extends the current contract until August 30, 2022, allowing time for a ratification vote on August 25 and 29. Algoma's President, Michael Garcia, expressed optimism about the deal, emphasizing its role in supporting a transition to electric arc steelmaking and enhancing operational stability. This follows a prior agreement with another union ratified on July 26, 2022.

Algoma Steel has announced a voting process for employees regarding the last union offer, ensuring operations continue normally during this time. A non-concessionary wage and benefits package has been proposed, featuring a 5.5% wage increase and a signing bonus, contingent on no disruptions. The company aims for sustained profitability despite challenges in the steel cycle.

CEO Michael Garcia emphasized that the ratification would secure the company’s future and solidify ongoing improvements in operations and financial stability.