Algoma Steel Group Inc. Reports Financial Results for the Three Months Ended June 30, 2026
Rhea-AI Summary
Algoma Steel Group (NASDAQ/TSX: ASTL) reported Q2 2026 revenue of $267.5 million, down from $589.7 million a year earlier, with a loss from operations of $134.2 million and a net loss of $96.0 million. Adjusted EBITDA was $13.8 million (5.2% margin), aided by a $45.0 million final insurance settlement and a $54.7 million capacity utilization adjustment.
Shipments fell 61.6% to 181,473 tons as Algoma completed its transition from blast furnaces to its first electric arc furnace, while average net sales realization rose 20.2% to $1,361 per ton. Direct tariff costs declined to $18.7 million, and total available liquidity was about $437 million as EAF Unit Two nears first steel in Q3 2026, according to Algoma Steel Group.
Positive
- Adjusted EBITDA $13.8M vs $(32.4)M prior-year quarter
- Average net sales realization up 20.2% to $1,361 per ton
- Insurance settlement $145M total, $45M recognized in Q2 2026
- Direct tariff costs reduced to $18.7M from $64.1M
- Total available liquidity approximately $437M at June 30, 2026
- Capital expenditures reduced to $29.0M from $97.4M
- Capacity utilization adjustment down to $54.7M from $90.2M in Q1
Negative
- Revenue declined to $267.5M from $589.7M year-over-year
- Shipments down 61.6% to 181,473 tons vs 472,056 tons
- Loss from operations widened to $134.2M from $85.1M
- Cash used in operations increased to $79.4M from $37.9M
- Cost per ton rose to $1,411 from $1,144 year-over-year
- Shareholders’ equity fell to $295.6M from $491.1M
- Long-term governmental loans increased to $348.3M from $192.3M
News Explained
Government-loan funding supports EAF completion, but the Hanwha MOU is suspended and June 30, 2026 equity was reported.
Algoma reported second-quarter results and said construction of EAF Unit Two is nearing completion, with first steel expected in the
The Hanwha Ocean memorandum of understanding is suspended. It was conditional on Hanwha receiving and entering an effective submarine-project contract and on the parties negotiating definitive agreements; Canada instead selected Thyssenkrupp Marine Systems on
The insurers reached a full and final settlement of
At
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 12 | Q1 2026 earnings | Negative | +0.2% | Losses widened during EAF transition despite improved pricing and a smaller EBITDA loss. |
| Mar 11 | Q4 2025 earnings | Negative | -14.8% | Quarterly and annual losses expanded amid tariffs, lower volumes, and transition costs. |
| Oct 29 | Q3 2025 earnings | Negative | -6.1% | A large impairment and trade headwinds drove a substantial quarterly net loss. |
| Jul 29 | Q2 2025 earnings | Negative | -3.6% | Tariffs, market disruption, lower shipments, and an EBITDA loss pressured results. |
| Apr 29 | Q1 2025 earnings | Negative | +0.9% | The company reported a net loss and EBITDA loss amid tariff and market challenges. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-matched earnings reactions averaged -4.68%, with three negative reactions aligned with negative earnings coverage and two positive reactions diverging.
Key Terms
adjusted ebitda financial
electric arc furnace technical
section 232 tariff regulatory
non-gaap financial measures financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Adjusted EBITDA of
Second Consecutive Quarter of Record Plate Sales as Plate-First Strategy Scales
EAF Unit Two Construction Nearing Completion, with First Steel Production Expected in the Third Quarter of 2026
SAULT STE. MARIE, Ontario, July 29, 2026 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma” or “the Company”), a leading Canadian producer of steel plate and hot-rolled sheet products, today announced results for the three-month period ended June 30, 2026.
Unless otherwise specified, all amounts are in Canadian dollars.
Business Highlights and Second Quarter 2026 to Second Quarter 2025 Comparisons
Comparisons between Q2 2026 and Q2 2025 were significantly impacted by the transition from legacy blast furnace operations to the Company’s Electric Arc Furnace (“EAF”) platform. In the prior-year quarter, the Company produced steel exclusively from its legacy blast furnace operations, which were permanently halted on January 18, 2026 after the unprecedented
- Consolidated revenue of
$267.5 million , compared to$589.7 million in the prior-year quarter. - Consolidated loss from operations of
$134.2 million , compared to a loss from operations of$85.1 million in the prior-year quarter. - Net loss of
$96.0 million , compared to a net loss of$110.6 million in the prior-year quarter. - Adjusted EBITDA of
$13.8 million and Adjusted EBITDA margin of5.2% , inclusive of a$45.0 million final insurance settlement and a$54.7 million capacity utilization adjustment, compared to an Adjusted EBITDA loss of$32.4 million and Adjusted EBITDA margin of (5.5% ) in the prior-year quarter. See “Non-GAAP Financial Measures” below. - Direct tariff costs of
$18.7 million , compared to$64.1 million in the prior-year quarter. - Cash used in operating activities of
$79.4 million , compared to$37.9 million in the prior-year quarter. - Shipments of 181,473 tons, compared to 472,056 tons in the prior-year quarter, reflecting the transition to EAF-only steelmaking and the continued pivot toward the Canadian plate market.
Rajat Marwah, the Company’s Chief Executive Officer, commented, “The second quarter demonstrated the resilience of our transformed business against a stubbornly challenging industry backdrop. We delivered a second consecutive quarter of record plate sales, our first EAF unit continued to ramp up as expected, and transition costs declined meaningfully from the first quarter. With commissioning activities commencing at the second EAF unit and first steel expected in the third quarter, we are entering the final phase of the most significant transformation in Algoma’s history.”
Mr. Marwah continued, “While the
Michael Moraca, the Company’s Chief Financial Officer, commented, “Adjusted EBITDA of
Second Quarter 2026 Financial Results
Second quarter revenue totaled
Loss from operations was
Net loss in the second quarter was
Adjusted EBITDA in the second quarter was
Insurance Settlement
During the second quarter, the Company and its insurers reached a full and final settlement of
Electric Arc Furnace
The second quarter of 2026 was the second full quarter in which all liquid steel production was sourced entirely from the Company’s EAF facility. Ramp-up activities continue to progress in line with expectations. The Unit One EAF furnace and associated melt shop assets are performing as designed, with quality metrics achieved across a range of plate and hot-rolled coil product grades, and operations continue on a full 24-hour-per-day schedule. Construction activities on the second EAF unit are nearing completion, with first steel production expected in the third quarter of 2026.
The capacity utilization adjustment of
As Canada’s only producer of discrete plate, the Company holds a unique competitive position in this segment. Plate demand from infrastructure, construction, and defence end-markets remained healthy during the quarter, supporting a second consecutive quarter of record plate sales, and the Company expects plate production to continue to increase as the EAF ramp-up progresses through 2026.
Following completion of the EAF transformation, Algoma’s facility is expected to have an annual raw steel production capacity of approximately 3.7 million tons and is projected to reduce annual carbon emissions by approximately
Trade Environment and Strategic Response
The
The Canadian steel market remains supply-pressured, with domestic coil pricing held down by oversupply from domestic producers displaced from the U.S. market, the continued presence of U.S. steel in the Canadian market, and import offers priced at less-than-fair-value. Algoma’s strategic response, concentrating production on discrete plate, where it enjoys a pricing premium and a unique market position, is designed to mitigate these dynamics.
On April 7, 2026, the Company announced the formation of Roshel Algoma Defence Solutions, a joint venture with Roshel Inc., a Canadian-owned defence manufacturer of armoured vehicles. The joint venture is expected to support the development of domestic ballistic steel and related manufacturing capabilities in Canada.
Algoma’s Memorandum of Understanding with Hanwha Ocean Co. Ltd. (“Hanwha Ocean”), announced in January 2026, has been suspended. The MOU was subject to Hanwha Ocean being awarded and entering into an effective contract under the Canadian Patrol Submarine Project (“CPSP”) and the negotiation and execution of definitive agreements with the Company. On July 6, 2026, the Government of Canada announced that Thyssenkrupp Marine Systems was selected under the CPSP procurement process.
Liquidity
At June 30, 2026, the Company had cash of
Conference Call and Webcast Details
A webcast and conference call will be held on Thursday, July 30, 2026 at 11:00 a.m. EDT to review the Company’s results for the three-month period ended June 30, 2026, discuss recent events, and conduct a question-and-answer session.
The live webcast and archived replay of the conference call can be accessed on the Investors section of the Company’s website at ir.algoma.com. For those unable to access the webcast, the conference call will be accessible domestically or internationally by dialing 877-425-9470 or 201-389-0878, respectively. Upon dialing in, please request to join the Algoma Steel Second Quarter 2026 Conference Call. To access the replay of the call, dial 844-512-2921 (domestic) or 412-317-6671 (international) and enter passcode 13761609.
Consolidated Financial Statements and Management’s Discussion and Analysis
The Company’s condensed interim consolidated financial statements for the three and six-month periods ended June 30, 2026 and Management’s Discussion & Analysis thereon are available under the Company’s profile on the U.S. Securities and Exchange Commission’s (“SEC”) EDGAR website at www.sec.gov and under the Company’s profile on SEDAR+ at www.sedarplus.ca. These documents are also available on the Company’s website, www.algoma.com, and shareholders may receive hard copies of such documents free of charge upon request by contacting IR@algoma.com.
Cautionary Statement Regarding Forward-Looking Statements
This news release contains “forward-looking information” under applicable Canadian securities legislation and “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”), including statements regarding imposed and threatened tariffs, including the impact, timing and resolution thereof, trends in the pricing of steel, Algoma’s transition to EAF steelmaking and the expected benefits thereof, the expected timing of completion of construction and commencement of production at the Company’s second EAF unit, the expected timing and amount of reduction and elimination of capacity utilization adjustments and other costs associated with the EAF ramp-up, expected growth in the Company’s plate production and shipment volumes, the Company’s expected annual raw steel production capacity and reduction in carbon emissions, Algoma’s future as a leading producer of green steel, the potential impacts of inflationary pressures, the Company’s ability to preserve and strengthen near-term liquidity and financial flexibility, the availability and receipt of governmental funding and support, the potential benefits of the Roshel Algoma Defence joint venture and sovereign ballistic steel capabilities, labor availability, global supply chain disruptions on costs, and the Company’s strategy, plans or future financial or operating performance. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including those set forth in “Risk Factors” and “Cautionary Note Regarding Forward-Looking Information” in Algoma’s Annual Information Form, filed under the Company’s SEDAR+ profile at www.sedarplus.ca and with the SEC as part of Algoma’s Annual Report on Form 40-F at www.sec.gov. Forward-looking statements speak only as of the date they are made. Algoma assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Non-GAAP Financial Measures
To supplement our financial statements, which are prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board (“IASB”) (“IFRS Accounting Standards”), we use certain non-GAAP measures to evaluate the performance of Algoma. These terms do not have any standardized meaning prescribed within IFRS Accounting Standards and, therefore, may not be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS Accounting Standards measures by providing a further understanding of our financial performance from management’s perspective.
EBITDA refers to net income or loss before depreciation of property, plant, equipment and amortization of intangible assets, finance costs, interest on pension and other post-employment benefit obligations and income taxes. Adjusted EBITDA refers to EBITDA before foreign exchange loss (gain), finance income, carbon tax, changes in fair value of IPO and LETL Warrants, earnout rights, share-based compensation liabilities, share-based compensation related to the Company’s Omnibus Long Term Incentive Plan, derivatives, certain inventory adjustments, impairment loss, legal settlements and legacy contracts, severance costs, stranded inventory and capacity utilization. Legal settlements and legacy contracts includes costs associated with the resolution of claims, settlements, legacy contractual matters and related legal costs. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenue for the corresponding period. Adjusted EBITDA is not intended to represent cash flow from operations, as defined by IFRS Accounting Standards. We consider Adjusted EBITDA to be a meaningful measure to assess our operating performance in addition to IFRS Accounting Standards. See the financial tables below for a reconciliation of net loss to Adjusted EBITDA.
About Algoma Steel
Based in Sault Ste. Marie, Ontario, Algoma is a leading Canadian producer of high-quality plate and sheet steel products, proudly supporting critical sectors including energy, defence, automotive, shipbuilding, and infrastructure. Guided by a purpose to build better lives and a greener future, Algoma is shaping the next generation of sustainable steelmaking in Canada.
With the transition to electric arc furnace (EAF) steelmaking and a modernized plate mill, Algoma is redefining how steel is made in Canada. Powered by Ontario’s clean electricity grid, this transformation represents one of the largest industrial decarbonization initiatives in North America and is expected to reduce carbon emissions by approximately
This new chapter also introduces Volta™, the brand for all steel produced through Algoma’s EAF technology. Volta delivers the same trusted performance customers rely on, with significantly lower emissions—produced safely, sustainably, and proudly in Canada.
Building on more than a century of steelmaking expertise, Algoma continues to invest in its people, processes, and technologies to strengthen domestic supply chains and deliver responsible, Canadian-made steel that helps build a better tomorrow.
For more information, please contact:
Michael Moraca
Chief Financial Officer
Algoma Steel Group Inc.
Phone: 705.945.3300
E-mail: IR@algoma.com
| Algoma Steel Group Inc. Condensed Interim Consolidated Statements of Financial Position (Unaudited) | ||||||
| As at, | June 30, 2026 | December 31, 2025 | ||||
| expressed in millions of Canadian dollars | ||||||
| Assets | ||||||
| Current | ||||||
| Cash | $62.6 | |||||
| Restricted cash | - | 0.1 | ||||
| Taxes receivable | 217.8 | 206.9 | ||||
| Accounts receivable, net | 213.3 | 192.7 | ||||
| Inventories | 449.0 | 569.3 | ||||
| Prepaid expenses and deposits | 30.2 | 30.4 | ||||
| Other assets | 6.3 | 5.5 | ||||
| Total current assets | $979.2 | |||||
| Non-current | ||||||
| Property, plant and equipment, net | $1,082.5 | |||||
| Intangible assets, net | 0.2 | 0.3 | ||||
| Other assets | 1.8 | 3.3 | ||||
| Total non-current assets | $1,084.5 | |||||
| Total assets | $2,063.7 | |||||
| Liabilities and Shareholders' Equity | ||||||
| Current | ||||||
| Bank indebtedness | $73.4 | |||||
| Accounts payable and accrued liabilities | 211.3 | 203.9 | ||||
| Taxes payable and accrued taxes | 45.6 | 32.7 | ||||
| Current portion of other long-term liabilities | 3.8 | 5.8 | ||||
| Current portion of governmental loans | 0.3 | 14.0 | ||||
| Current portion of environmental liabilities | 4.5 | 4.7 | ||||
| Severance cost liability | 36.5 | 45.8 | ||||
| IPO Warrant liability | 0.9 | 2.5 | ||||
| Earnout liability | 3.5 | 3.7 | ||||
| Share-based payment compensation liability | 13.4 | 14.1 | ||||
| Total current liabilities | $393.2 | |||||
| Non-current | ||||||
| Senior secured lien notes | $495.0 | |||||
| Long-term governmental loans | 348.3 | 192.3 | ||||
| Accrued pension liability | 105.7 | 153.0 | ||||
| Accrued other post-employment benefit obligation | 194.9 | 193.0 | ||||
| Other long-term liabilities | 179.3 | 70.7 | ||||
| Environmental liabilities | 34.2 | 34.3 | ||||
| LETL Warrant liability | 17.5 | 7.5 | ||||
| Total non-current liabilities | $1,374.9 | |||||
| Total liabilities | $1,768.1 | |||||
| Shareholders' equity | ||||||
| Capital stock | $982.3 | |||||
| Accumulated other comprehensive income | 465.7 | 414.4 | ||||
| Deficit | (1,153.3 | ) | (897.9 | ) | ||
| Contributed surplus (deficit) | 0.9 | (0.9 | ) | |||
| Total shareholders' equity | $295.6 | |||||
| Total liabilities and shareholders' equity | $2,063.7 | |||||
| Algoma Steel Group Inc. Condensed Interim Consolidated Statements of Net Loss (Unaudited) | |||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||
| expressed in millions of Canadian dollars, except for per share amounts | |||||||||||||
| Revenue | $267.5 | $564.4 | |||||||||||
| Operating expenses | |||||||||||||
| Cost of sales | $372.8 | $796.3 | |||||||||||
| Administrative and selling expenses | 28.9 | 31.0 | 55.8 | 61.9 | |||||||||
| Loss from operations | ($134.2 | ) | ( | ) | ($287.7 | ) | ( | ) | |||||
| Other (income) and expenses | |||||||||||||
| Finance income | ($0.5 | ) | ( | ) | ($1.1 | ) | ( | ) | |||||
| Finance costs | 21.4 | 18.5 | 32.9 | 36.3 | |||||||||
| Interest on pension and other post-employment benefit obligations | 3.5 | 3.9 | 7.1 | 7.9 | |||||||||
| Foreign exchange (gain) loss | (18.8 | ) | 31.5 | (33.1 | ) | 32.4 | |||||||
| Other income | (47.8 | ) | - | (47.9 | ) | (50.0 | ) | ||||||
| Change in fair value of Initial Public Offering ("IPO") and Large Enterprise | |||||||||||||
| Tariff Loan ("LETL") Warrant liabilities | 2.1 | 4.6 | 7.8 | (34.5 | ) | ||||||||
| Change in fair value of earnout liability | - | 1.3 | - | (3.1 | ) | ||||||||
| Change in fair value of share-based compensation liability | (0.1 | ) | 5.1 | - | (10.3 | ) | |||||||
| ($40.2 | ) | ($34.3 | ) | ( | ) | ||||||||
| Loss before income taxes | ($94.0 | ) | ( | ) | ($253.4 | ) | ( | ) | |||||
| Income tax expense (recovery) | 2.0 | (36.9 | ) | 2.0 | (63.3 | ) | |||||||
| Net loss | ($96.0 | ) | ( | ) | ($255.4 | ) | ( | ) | |||||
| Net loss per common share | |||||||||||||
| Basic | ($0.88 | ) | ( | ) | ($2.34 | ) | ( | ) | |||||
| Diluted | ($0.88 | ) | ( | ) | ($2.34 | ) | ( | ) | |||||
| Algoma Steel Group Inc. Condensed Interim Consolidated Statements of Cash Flows (Unaudited) | |||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||
| expressed in millions of Canadian dollars | |||||||||||||
| Operating activities | |||||||||||||
| Net loss | ($96.0 | ) | ( | ) | ($255.4 | ) | ( | ) | |||||
| Items not affecting cash: | |||||||||||||
| Depreciation of property, plant and equipment and intangible assets | 23.0 | 38.2 | 56.4 | 73.2 | |||||||||
| Deferred income tax expense (recovery) | - | 0.5 | - | (1.5 | ) | ||||||||
| Pension funding in excess of expense | (3.1 | ) | (3.3 | ) | (6.7 | ) | (5.1 | ) | |||||
| Post-employment benefit funding in excess of expense | (2.2 | ) | (1.7 | ) | (4.1 | ) | (3.4 | ) | |||||
| Unrealized foreign exchange (gain) loss on: | |||||||||||||
| accrued pension liability | (2.3 | ) | 9.1 | (4.7 | ) | 9.3 | |||||||
| post-employment benefit obligations | (3.7 | ) | 10.8 | (7.0 | ) | 11.0 | |||||||
| Finance costs | 21.4 | 18.5 | 32.9 | 36.3 | |||||||||
| Loss on disposal of property, plant and equipment | 0.3 | - | 0.4 | - | |||||||||
| Interest on pension and other post-employment benefit obligations | 3.5 | 3.9 | 7.1 | 7.9 | |||||||||
| Other income | (47.8 | ) | - | (47.9 | ) | (50.0 | ) | ||||||
| Accretion of governmental loans and environmental liabilities | 5.6 | 5.1 | 3.4 | 9.1 | |||||||||
| Unrealized foreign exchange (gain) loss on government loan facilities | (7.0 | ) | 8.1 | (12.0 | ) | 8.3 | |||||||
| Increase (decrease) in fair value of IPO and LETL Warrant liabilities | 2.1 | 4.6 | 7.8 | (34.5 | ) | ||||||||
| Increase (decrease) in fair value of earnout liability | - | 1.3 | - | (3.1 | ) | ||||||||
| (Decrease) increase in fair value of share-based compensation liability | (0.1 | ) | 5.1 | - | (10.3 | ) | |||||||
| Other | 0.8 | 7.7 | (1.4 | ) | 12.3 | ||||||||
| ($105.5 | ) | ( | ) | ($231.2 | ) | ( | ) | ||||||
| Net change in non-cash operating working capital | 26.2 | (70.1 | ) | 133.2 | 95.3 | ||||||||
| Environmental liabilities paid | (0.1 | ) | (0.1 | ) | (0.1 | ) | (0.5 | ) | |||||
| Insurance proceeds for operating expenses | - | 35.0 | 6.5 | 35.0 | |||||||||
| Cash (used in) generated by operating activities | ($79.4 | ) | ( | ) | ($91.6 | ) | |||||||
| Investing activities | |||||||||||||
| Acquisition of property, plant and equipment | ($29.0 | ) | ( | ) | ($49.4 | ) | ( | ) | |||||
| Insurance proceeds for property damage | - | 15.0 | - | 15.0 | |||||||||
| Cash used in investing activities | ($29.0 | ) | ( | ) | ($49.4 | ) | ( | ) | |||||
| Financing activities | |||||||||||||
| Bank indebtedness advanced (repaid), net | $4.4 | ($99.4 | ) | ||||||||||
| Restricted cash | - | - | 0.1 | - | |||||||||
| Governmental loans received | 127.6 | 16.3 | 255.1 | 16.3 | |||||||||
| Repayment of governmental loans | - | (6.2 | ) | (0.1 | ) | (12.5 | ) | ||||||
| Interest paid | (26.2 | ) | (23.4 | ) | (29.9 | ) | (24.5 | ) | |||||
| Dividends paid | - | (14.8 | ) | - | (14.8 | ) | |||||||
| Other | (1.1 | ) | (0.7 | ) | (1.8 | ) | 1.5 | ||||||
| Cash generated by (used in) financing activities | $104.7 | ( | ) | $124.0 | ( | ) | |||||||
| Effect of exchange rate changes on cash | $1.0 | ( | ) | $2.1 | ( | ) | |||||||
| Cash | |||||||||||||
| Decrease in cash | (2.7 | ) | (144.0 | ) | (14.9 | ) | (184.4 | ) | |||||
| Opening balance | 65.3 | 226.5 | 77.5 | 266.9 | |||||||||
| Ending balance | $62.6 | $62.6 | |||||||||||
| Algoma Steel Group Inc. Reconciliation of Net Loss to EBITDA and Adjusted EBITDA | |||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||
| millions of dollars | 2026 | 2025 | 2026 | 2025 | |||||||||
| Net loss | ($96.0 | ) | ( | ) | ($255.4 | ) | ( | ) | |||||
| Depreciation of property, plant and equipment and amortization of intangible assets | 23.0 | 38.2 | 56.4 | 73.2 | |||||||||
| Inventory adjustments(depreciation on property, plant & equipment in inventory) | (0.5 | ) | 0.5 | (8.2 | ) | 1.5 | |||||||
| Finance costs | 21.4 | 18.5 | 32.9 | 36.3 | |||||||||
| Finance income | (0.5 | ) | (2.5 | ) | (1.1 | ) | (5.3 | ) | |||||
| Interest on pension and other post-employment benefit obligations | 3.5 | 3.9 | 7.1 | 7.9 | |||||||||
| Income tax expense (recovery) | 2.0 | (36.9 | ) | 2.0 | (63.3 | ) | |||||||
| EBITDA (ii) | ($47.1 | ) | ( | ) | ($166.3 | ) | ( | ) | |||||
| Foreign exchange (gain) loss | (18.8 | ) | 31.5 | (33.1 | ) | 32.4 | |||||||
| Carbon tax | 7.5 | 10.4 | 13.5 | 13.9 | |||||||||
| Change in fair value of financial instruments (i) | 2.0 | 11.0 | 7.8 | (47.9 | ) | ||||||||
| Share-based compensation | 4.3 | 3.6 | 7.0 | 7.4 | |||||||||
| Legal settlements and legacy contracts | 11.2 | - | 11.2 | - | |||||||||
| Capacity utilization | 54.7 | - | 144.9 | - | |||||||||
| Adjusted EBITDA (ii) | $13.8 | ( | ) | ($15.0 | ) | ( | ) | ||||||
| Net Loss Margin | (35.9 | %) | (18.8 | %) | (45.3 | %) | (12.2 | %) | |||||
| Net Loss / ton | ($529.0 | ) | ( | ) | ($630.4 | ) | ( | ) | |||||
| Adjusted EBITDA Margin (iii) | 5.2 | % | (5.5 | %) | (2.7 | %) | (7.1 | %) | |||||
| Adjusted EBITDA / ton | $76.0 | ( | ) | ($37.0 | ) | ( | ) | ||||||
| (i) Financial instruments at fair value are comprised of IPO and LETL Warrant liabilities, earnout liability, share-based payment compensation liability and derivatives. | |||||||||||||
| (ii) See "Non-GAAP Financial Measures" in this Press Release for information regarding the limitations of using EBITDA and Adjusted EBITDA. | |||||||||||||
| (iii) Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. | |||||||||||||
