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Algoma Steel Group Inc. - ASTL STOCK NEWS

Welcome to our dedicated page for Algoma Steel Group news (Ticker: ASTL), a resource for investors and traders seeking the latest updates and insights on Algoma Steel Group 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

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Algoma Steel Group (NASDAQ: ASTL; TSX: ASTL), a prominent Canadian producer of hot and cold rolled steel sheet and plate products, announced its participation in Stifel Canada’s 3rd Annual Summer Solstice Conference. The event will take place from June 24 to June 26, 2024, in Minett, Muskoka Lakes. Ahead of the conference, Algoma will make its presentation available on the Investors section of its website. This participation underscores Algoma's commitment to engaging with investors and stakeholders, showcasing its latest developments and strategies.

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Algoma Steel Group (NASDAQ: ASTL) announced its fiscal fourth quarter and full year 2024 financial results. For Q4, the company reported consolidated revenue of $620.6 million, a decrease from $677.4 million in the prior-year quarter. Net income was $28.0 million, compared to a net loss of $20.4 million in the prior-year quarter. Adjusted EBITDA was $41.5 million, down from $47.9 million. Full year revenue for fiscal 2024 was $2,795.8 million, with a net income of $105.2 million and Adjusted EBITDA of $312.7 million.

Algoma's operational highlights include the completion of phase two of the plate mill modernization project and the continued development of the Electric Arc Furnace (EAF) project. The company also issued US$350 million in Senior Secured Second Lien Notes to strengthen its balance sheet. Despite a challenging quarter due to a blast furnace shutdown, Algoma reaffirmed its transformative EAF project outlook and improved liquidity.

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Algoma Steel Group has appointed Erin Oliver as Vice President - Health and Safety, a new role within the company. Erin, a seasoned professional from Sault Ste. Marie with over 25 years of experience in various sectors, will report to CEO Mike Garcia and join the senior leadership team. Her expertise and proven track record in enhancing safety culture will support Algoma's transformation into a leader in green steel. CEO Michael D. Garcia emphasizes that this appointment underscores Algoma's commitment to safety. Erin expressed her enthusiasm to contribute to Algoma's health and safety initiatives.

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Algoma Steel, a major Canadian producer of hot and cold rolled steel sheet and plate products, will release its fiscal 2024 fourth quarter and full-year financial results on June 20, 2024, after market close. The company will host a webcast and conference call on June 21, 2024, at 11:00 a.m. Eastern Time to review the results, discuss recent events, and hold a Q&A session. Investors can access the live webcast and replay on Algoma's website or join the conference call by dialing the provided domestic and international numbers and requesting to join the Algoma Steel Fiscal Fourth Quarter and Full Year Conference Call.

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Algoma Steel Group Inc. announced the pricing of US$350 million aggregate principal amount of 9.125% Senior Secured Second Lien Notes due 2029 by its subsidiary, Algoma Steel Inc. The Notes will be issued at a price of 100% of their face amount, with an interest rate of 9.125% per year, providing financial flexibility for general corporate purposes.
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Algoma Steel Group Inc. (ASTL) adjusts dividend payment date due to a Canadian statutory holiday, moving it to March 28, 2024, from the original date of March 29, 2024.
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Algoma Steel Group Inc. announced the offering of US$350 million Senior Secured Second Lien Notes due 2029 by its subsidiary, Algoma Steel Inc., to enhance its balance sheet. The Notes will be guaranteed by ASI's parent company and subsidiaries, with the proceeds intended for general corporate purposes.
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Algoma Steel Group Inc. provides guidance for its fiscal fourth quarter, expecting total steel shipments of 445,000 to 460,000 tons and Adjusted EBITDA of $30 million to $40 million. An unplanned outage at the blast furnace impacted production by 120,000 to 150,000 net tons, affecting EBITDA performance. The company anticipates improved results in the fiscal first quarter with strong market demand and rising prices for Hot Rolled Coil. The Electric Arc Furnace project remains on track and within budget, with commissioning activities set to begin by the end of 2024.
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Algoma Steel Group Inc. (ASTL) is set to participate in the BMO 33rd Global Metals, Mining & Critical Minerals Conference, showcasing its products and strategies to investors. The Company will share its presentation online for stakeholders' reference.
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Algoma Steel Group Inc. (ASTL) successfully completes blast furnace repair and resumes steel production. The company strengthens operations post-structure collapse, focusing on utilities corridor repairs and increasing coke-making capacity.
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FAQ

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.

Nasdaq:ASTL

ASTL Rankings

ASTL Stock Data

903.61M
104.10M
4.86%
70.42%
2.84%
Iron and Steel Mills and Ferroalloy Manufacturing
Manufacturing
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United States of America
Ontario