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Algoma Steel Group Inc. is a Canadian company headquartered in Sault Ste. Marie, Ontario, specializing in the production of clean and consistent light gauge steel. They offer a diverse range of hot and cold rolled steel sheet and plate products. Algoma operates in the basic steel production segment, including sheets, plates, slabs, and freights. The company's revenue is primarily derived from contracts for producing, shipping, and delivering steel products. Geographically, they serve Canada, the United States, and global markets, with a focus on domestic sales. Algoma generates the majority of its revenue from the sale of steel sheets and strips. Committed to environmental stewardship, Algoma is investing in modernization and adopting electric arc technology to reduce carbon emissions. They aim to become one of North America's leading producers of green steel, ensuring a secure steel supply and a sustainable future.Rhea-AI Summary
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 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 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 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 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 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 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 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 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 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 Warrant (astlw)?
The current stock price of Algoma Steel Group Warrant (astlw) is $2.2599 as of November 22, 2024.
Where is Algoma Steel Group Inc. headquartered?
Algoma Steel Group Inc. is headquartered in Sault Ste. Marie, Ontario, Canada.
What products does Algoma Steel Group Inc. offer?
Algoma Steel Group Inc. offers a range of hot and cold rolled steel sheet and plate products.
What segment does Algoma Steel Group Inc. operate in?
Algoma Steel Group Inc. operates in the basic steel production segment, including sheets, plates, slabs, and freights.
Where does Algoma Steel Group Inc. generate its revenue from?
The company generates its revenue primarily from contracts to produce, ship, and deliver steel products.
What is Algoma Steel Group Inc.'s focus geographically?
Algoma Steel Group Inc. serves Canada, the United States, and global markets, with a strong emphasis on domestic sales.
What is Algoma Steel Group Inc.'s commitment to the environment?
Algoma Steel Group Inc. is investing in modernization and adopting electric arc technology to significantly lower carbon emissions and become a leading producer of green steel.
What is Algoma Steel Group Inc.'s vision for the future?
Algoma Steel Group Inc. aims to deliver secure steel supply and a sustainable future as a partner in steel, drawing on its rich steelmaking tradition.
What sets Algoma Steel Group Inc. apart as a steel producer?
Algoma Steel Group Inc. stands out as a key supplier of steel products in North America and the only producer of discrete plate products in Canada.
How is Algoma Steel Group Inc. contributing to a greener future?
Algoma Steel Group Inc. is focusing on modernization and adopting environmentally friendly technologies to reduce carbon emissions and enhance sustainability.
What industries does Algoma Steel Group Inc. cater to?
Algoma Steel Group Inc. delivers responsive, customer-driven product solutions to industries such as automotive, construction, energy, defense, and manufacturing.
Algoma Steel Group Inc. Warrant