Algoma Steel Grp Stock Price, News & Analysis

Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) has provided its fiscal 2023 fourth quarter guidance, projecting total steel shipments between 555,000 and 565,000 tons and Adjusted EBITDA of CDN $25 million to $30 million. CEO Michael Garcia noted the company's operations have stabilized, contributing to improved EBITDA compared to the previous quarter. Current steel prices are at a nine-month high, suggesting a positive market environment. Algoma is also advancing its strategic electric arc furnace project, aiming for startup by mid-2024. The company emphasizes its commitment to producing green steel and enhancing operational efficiency.

Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) announced the immediate resignation of Brian Pratt from its Board of Directors due to personal reasons. Pratt, who joined the board in 2021, contributed significantly to the Operations and Capital Projects, as well as the Human Resources and Compensation Committees. Chairman Andy Harshaw expressed gratitude for Pratt's contributions and support for his decision. This change comes amid Algoma's ongoing transformation, as the company focuses on modernizing its operations and sustainability efforts, including investments in electric arc technology to reduce carbon emissions and enhance its steel production capabilities.

Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) has appointed EllisDon as the Construction Manager for its Electric Arc Furnace (EAF) project, a significant step in Canada's effort to reduce carbon emissions. The project, on track for mid-2024 completion, aims to increase Algoma's steelmaking capacity from 2.8 million tons to 3.7 million tons while cutting carbon emissions by approximately 70%. CEO Michael Garcia emphasized the project's timely progress and EllisDon's role in enhancing operational efficiency. This partnership highlights Algoma's commitment to modernizing its production facilities and leading the green steel initiative in North America.

Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) announced the renewal of its normal course issuer bid (NCIB), approved by the Toronto Stock Exchange. Starting from March 6, 2023, the Company plans to acquire up to 5,178,394 common shares, approximately 5% of the outstanding shares, over 12 months. The aim is to leverage market opportunities and enhance shareholder value as the shares may not reflect their true worth. Additionally, an automatic repurchase plan has been established to facilitate purchases during regulatory restrictions. As of the previous NCIB, Algoma repurchased 3,364,262 shares at an average price of US$8.5146.

Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) will participate in the BMO 32nd Global Metals, Mining & Critical Minerals Conference from February 27-28, 2023. They will share a presentation in the Investors section of their website prior to the event. This announcement emphasizes Algoma's commitment to its modernized operations, focusing on sustainability through electric arc technology and reducing carbon emissions. As a key North American steel producer, Algoma aims to provide a secure steel supply while committing to ecological stewardship and community values.