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Algoma Steel Group Inc - astlw STOCK NEWS

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

Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect Algoma Steel Group's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.

Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of Algoma Steel Group's position in the market.

Rhea-AI Summary
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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-1.04%
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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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3.18%
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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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-0.63%
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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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2.78%
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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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3.03%
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Algoma Steel Group Inc. extends iron ore purchase contract with U.S. Steel, supporting transition to electric arc furnace steelmaking.
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-1.35%
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Algoma Steel Group Inc. provides guidance for its fiscal second quarter, expecting total steel shipments of 540,000 to 550,000 tons and Adjusted EBITDA of $75 million to $85 million. Plate Mill modernization project reaches key milestone. Work stoppages at North American auto manufacturing facilities affecting steel markets and realized pricing. Annual steel making vessel reline and seasonal maintenance planned for fiscal third quarter. Electric Arc Furnace project progressing as expected.
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-2.86%
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Algoma Steel Group Inc. announced the results of voting at its annual meeting of shareholders. All nominees were elected as directors of the Company. The appointment of Deloitte LLP as the Company's auditors for the 2023 fiscal year was also passed. No significant positive or negative business takes affecting stock price were identified.
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2.07%
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Algoma Steel Group Inc. announces a C$120,000 donation to United Way's Harvest Algoma project, supporting food rescue and distribution in Sault St. Marie.
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2.22%
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Algoma Steel Group Inc

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