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Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) will release its fiscal 2022 fourth quarter and full-year financial results on June 14, 2022. A conference call is scheduled for June 15, 2022, at 11:00 a.m. ET to discuss the results and engage in a Q&A session. Algoma, based in Sault Ste. Marie, Ontario, produces hot and cold rolled steel products, with a capacity of 2.8 million tons annually. The company is focused on modernization efforts and ongoing cost-cutting initiatives to enhance long-term profitability.
Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) has awarded a structural building contract for its electric arc steelmaking facility to Walters Group Inc. This fixed-priced contract involves the use of Algoma's steel products in the construction, with assembly expected to start in fall 2022 and complete within a year. CEO Michael McQuade emphasized the significance of local partnerships in the project, aimed at driving a reduction in carbon emissions and enhancing Algoma's position as a leading green steel producer in Canada.
Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) announced the appointment of Michael Garcia as CEO, effective June 1, 2022. He replaces Michael McQuade, who will continue on the Board. The new leadership comes during a pivotal time as Algoma transitions to electric arc steelmaking, aiming to enhance sustainability and operational efficiency. Garcia brings extensive industry experience from notable companies, including Alcoa and Gerdau. Chairman Andy Harshaw emphasized the significance of this leadership change in driving long-term value.
Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) has welcomed Ontario's Northern Ontario Energy Advantage Program (NEAP), aimed at supporting its transition to electric arc furnace (EAF) steelmaking. This initiative is crucial for Algoma's modernizing efforts in Sault Ste. Marie and is expected to enhance the region’s economic activity while contributing to climate change goals. The company's commitment to EAF positions it as a potential leader in green steel production in North America, aligning with Ontario's clean energy vision.
Algoma Steel Group Inc. (NASDAQ: ASTL) has provided guidance for its fiscal fourth quarter 2022, expecting shipments between 540,000 to 550,000 tons and Adjusted EBITDA of CAD$310 million to CAD$320 million. A slight decrease in shipments is attributed to supply chain challenges and a work stoppage at Canadian Pacific Railway. Despite this, the company anticipates generating significant cash flow and plans to execute a normal course issuer bid for share repurchases. A quarterly dividend of US$0.05 per common share is also scheduled for payment on March 31, 2022.
Algoma Steel Group Inc. announced a normal course issuer bid (NCIB) for up to 7,397,889 of its common shares, representing approximately 5% of its outstanding shares. The NCIB, effective from March 3, 2022, allows Algoma to repurchase shares as market conditions permit, to reflect their value better. Purchases will occur through TSX and NASDAQ, with shares canceled post-acquisition. An automatic repurchase plan has been set up to facilitate purchases during regulatory restrictions.
Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) announced its participation in the BMO 31st Global Metals & Mining Conference on March 1, 2022, at 9:30 a.m. ET. Interested parties can access a live audio webcast of the presentation on Algoma’s website, with a replay available afterward. The company, based in Sault Ste. Marie, Ontario, has a raw steel production capacity of 2.8 million tons per year and is a key supplier in the automotive, construction, and manufacturing sectors. Algoma is focused on transformation, investing in modernization and cost-cutting initiatives to enhance profitability.
Algoma Steel Group reported a strong financial performance for Q3 fiscal 2022, with revenue of $1.06 billion, a 147.6% increase from $430 million year-over-year. The company posted net income of $123 million, reversing a loss of $73.5 million in the prior year, and achieved an Adjusted EBITDA of $457.3 million, with a margin of 42.9%. Cash flows from operations reached $318.4 million. Algoma also initiated a quarterly dividend of $0.05 per share and plans to begin a Normal Course Issuer Bid to repurchase shares, enhancing its capital allocation strategy.
Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) will release its fiscal 2022 third quarter financial results on February 10, 2022. A conference call is scheduled for February 11, 2022, at 11:00 a.m. ET to discuss the results and recent developments. Algoma, based in Sault Ste. Marie, Ontario, has a raw steel production capacity of 2.8 million tons per year and is a leading producer of hot and cold rolled steel products. The company is modernizing its facilities and implementing cost-cutting initiatives aimed at enhancing profitability and sustainability.
Algoma Steel Group has awarded GE Gas Power a contract to upgrade its natural gas combined cycle power plant. This upgrade, including the installation of two LM6000 gas turbines, aims to enhance electricity generation capacity essential for its transition to electric arc furnace (EAF) steelmaking. Completion is expected by spring 2023, increasing capacity from 34 MW to 110 MW. CEO Michael McQuade emphasized the project’s significance for green steel production and local community engagement.