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Algoma Steel Group (NASDAQ: ASTL) provided Q1 2026 guidance for the quarter ended March 31, 2026. Total steel shipments are expected at approximately 220,000 tons. Adjusted EBITDA is expected to be negative $25 million to negative $35 million, which includes a $90–$95 million capacity utilization adjustment tied to EAF ramp-up. The company completed the wind-down of blast furnace and coke oven operations and has fully transitioned to Electric Arc Furnace (EAF) steelmaking after close to $1 billion of investment, producing its low‑carbon Volta brand. Management expects EAF-driven structural cost improvements to deliver sequential Adjusted EBITDA improvement despite near-term demand softness.
Algoma Steel (NASDAQ: ASTL) reported Q4 and full-year 2025 results showing a major operational transition and significant financial losses. Algoma completed shutdown of its blast furnace and fully transitioned to electric arc furnace (EAF) steelmaking, with the EAF operating 24 hours and producing all liquid steel.
Q4 revenue was $455.0M with a net loss of $364.7M; full-year revenue was $2,085.7M with a net loss of $984.9M. The company secured a $500M government-backed LETL facility and announced a binding MOU with Hanwha Ocean valued up to US$250M (subject to conditions).
Algoma Steel (NASDAQ: ASTL) will release its 2025 fourth quarter and full year results after market close on March 11, 2026. A webcast and conference call to review results and take questions is scheduled for March 12, 2026 at 11:00 a.m. ET.
Live and archived webcast access is available on the company's Investors website; dial-in and replay numbers with passcode are provided for domestic and international participants.
Algoma Steel (NASDAQ: ASTL) and Hanwha Ocean signed a binding MOU on Jan 26, 2026 to pursue a long-term strategic arrangement supporting Canada’s Canadian Patrol Submarine Project (CPSP).
The arrangement has an aggregate potential value of USD $250 million comprised of a USD $200 million cash contribution toward a proposed structural steel beam mill in Sault Ste. Marie and up to USD $50 million in anticipated Algoma product purchases for CPSP construction and MRO. The MOU is conditional on Hanwha Ocean receiving and executing a CPSP contract and on definitive agreements with Algoma. Algoma would pay Hanwha 3.0% of beam-mill net sales annually for ten years, subject to performance.
Algoma Steel (NASDAQ: ASTL) provided guidance for the quarter ended Dec. 31, 2025. Total steel shipments are expected at 375,000–380,000 tons. Adjusted EBITDA is projected at negative $95 million to negative $105 million. Management said fourth-quarter results reflected steel tariffs and the near-complete wind-down of blast furnace operations. The company reported the first unit of its Electric Arc Furnace project is ramping and now operating 6 days per week, with the second unit remaining on schedule. Algoma said it expects to complete the transition to EAF steelmaking during the current quarter and is advancing discussions to expand finishing capabilities.
Algoma Steel (NASDAQ: ASTL; TSX: ASTL) completed a $500 million government financing on Nov 17, 2025.
The package comprises $400 million from Canada Enterprise Emergency Funding Corporation (including an $80 million secured tranche) and $100 million from the Province of Ontario (including a $20 million secured tranche). Algoma issued 6.77 million common share purchase warrants exercisable at $11.08 per share for a 10-year term, vesting with unsecured draws. The company said the seven-year facilities strengthen the balance sheet and provide liquidity to advance its Electric Arc Furnace (EAF) transformation and near-term operational milestones.
Algoma Steel (NASDAQ: ASTL) announced a planned leadership transition: CFO Rajat Marwah will become President and CFO on Nov 1, 2025 and will assume the role of CEO on Jan 1, 2026, succeeding Michael Garcia upon his retirement at year‑end. Michael Moraca will be appointed CFO effective Jan 1, 2026.
The company said liquidity support has been secured from federal and provincial governments and that steel is being produced at its Electric Arc Furnace, framing the transition as timely for Algoma’s EAF-driven transformation.
Algoma Steel (NASDAQ: ASTL) reported Q3 2025 results with consolidated revenue of $523.9M and a net loss of $485.1M, driven largely by a $503.4M non‑cash impairment and trade headwinds.
The company advanced its EAF transition with first arc and first steel in July, expects to ramp to a five‑day schedule in mid‑November, targets ~3.7M tonnes annual raw steel capacity post‑conversion, and projects ~70% annual carbon emissions reduction. Algoma secured $500M government‑backed liquidity and increased ABL availability, ending the quarter with $337.1M liquidity.
Algoma Steel Group (NASDAQ: ASTL; TSX: ASTL) will release its 2025 third quarter financial results after market close on Wednesday, October 29, 2025. A webcast and conference call to review results and take questions will be held on Thursday, October 30, 2025 at 11:00 a.m. Eastern Time. Investors can access the live webcast and archived replay on the company's Investors website at www.ir.algoma.com. Domestic dial-in is 877-425-9470 and international dial-in is 201-389-0878. Replay access is available via 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 13756491.
Algoma Steel (NASDAQ: ASTL) has provided guidance for Q3 2025, projecting total steel shipments of 415,000 - 420,000 net tons with an expected Adjusted EBITDA of negative $80-90 million. The company achieved a significant milestone with the first arc and steel production from its new electric arc furnace (EAF) in July, marking progress in its transition to low-carbon steelmaking.
The company also announced that David Sgro has resigned from the board of directors. Sgro served as Chair of the Human Resources and Compensation Committee and was a member of the Operations and Capital Projects Committee during the company's transformation period.