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Algoma Steel Group Inc. reports an unplanned outage at its Lake Superior Power (LSP) generating facility after one turbine unit detected an abnormal condition and was automatically taken offline, while remaining units were unaffected. Because LSP supplies electricity to Algoma’s steelmaking operations, production at the electric arc furnace (EAF) has been temporarily suspended, though downstream finishing and shipping activities continue. Based on current inventory and order positions, Algoma does not expect a significant impact on committed customer delivery dates, but future shipment volumes may be affected and the operational and financial impacts are being assessed. The company is working with the Independent Electricity System Operator on alternative onsite power supply and with GE Vernova to mobilize and commission a contracted spare turbine at the site, and currently expects the EAF outage to last no more than 21 days, with a potential restart in approximately 10 days if an alternative power arrangement is approved.
Algoma Steel Group Inc. has two institutional reporting persons, MMCAP International Inc. SPC and MM Asset Management Inc., jointly reporting beneficial ownership of Algoma’s Common Shares. As of June 30, 2026, they beneficially owned 10,954,738 Common Shares, representing 10.4% of the outstanding class, based on 105,661,468 Common Shares outstanding.
Each reporting person reports shared voting and dispositive power over 10,954,738 shares and no sole voting or dispositive power. The Fund directly holds the shares, while the Adviser, as investment manager, may be deemed to beneficially own the same shares. Each reporting person disclaims beneficial ownership of any shares other than those directly owned.
Algoma Steel Group Inc. reported that institutional investor Donald Smith & Co., Inc., together with DSCO Value Fund, L.P., has filed as a beneficial owner of Algoma’s common shares. The group reports beneficial ownership of 5,277,631 common shares, representing 5.01% of the outstanding class.
Donald Smith & Co., Inc. and DSCO Value Fund, L.P. report sole power to vote 5,176,331 shares and sole power to dispose of 5,277,631 shares, with no shared voting or dispositive power. The filing explains that dividends and sale proceeds ultimately accrue to underlying advisory and fund clients, with no single client holding more than 5% of the class.
Algoma Steel Group Inc. reported second-quarter 2026 revenue of C$267.5 million, down from C$589.7 million a year earlier, as steel shipments fell 61.6% to 181,473 tons amid the shift from blast furnaces to Electric Arc Furnace (EAF) production and the impact of a 50% U.S. Section 232 tariff. Loss from operations widened to C$134.2 million from C$85.1 million, while net loss narrowed to C$96.0 million (C$0.88 per basic share) from C$110.6 million.
Adjusted EBITDA improved to C$13.8 million, a 5.2% margin, versus a C$32.4 million loss and (5.5%) margin in the prior-year quarter, supported by record plate sales, a 20.2% increase in average net sales realization to C$1,361 per ton, and C$45.0 million of insurance proceeds from the 2024 utility corridor collapse. Results include a C$54.7 million capacity utilization adjustment tied to excess fixed costs, expected to decline further and be eliminated by the fourth quarter of 2026. Direct tariff costs were C$18.7 million versus C$64.1 million, as U.S.-bound shipments fell to 23% of total steel shipments from 54%.
At June 30, 2026, Algoma had C$62.6 million of cash and total available liquidity of approximately C$437 million, including undrawn capacity on its revolving credit facility and Large Enterprise Tariff Loan (LETL) Facilities; C$124.5 million of LETL advances were received in the quarter. Shareholders’ equity declined to C$295.6 million from C$491.1 million at December 31, 2025. The first EAF unit is running 24/7, the second unit is nearing completion with first steel expected in the third quarter of 2026, and the transformed facility is expected to provide about 3.7 million tons of annual raw steel capacity and approximately 70% lower carbon emissions compared with pre‑EAF operations.
Algoma Steel Group Inc. plans to release its 2026 second quarter financial results after the market closes on July 29, 2026. A webcast and conference call to review the results, discuss recent events, and hold a Q&A are scheduled for July 30, 2026 at 11:00 a.m. Eastern Time.
Algoma, a Canadian producer of plate and hot rolled sheet steel, is transitioning to electric arc furnace steelmaking and a modernized plate mill, which is expected to reduce carbon emissions by approximately 70% once fully implemented. The company also highlights its Volta™ brand for steel produced through its EAF technology and includes customary cautionary language regarding forward-looking statements.
Algoma Steel Group Inc. issued guidance for its quarter ended June 30, 2026. The company expects total steel shipments between 175,000 and 180,000 tons and projects Adjusted EBITDA between $5 million and $15 million, all in Canadian dollars.
The Adjusted EBITDA guidance includes a $45 million final insurance settlement related to a January 2024 coke-making utility corridor incident and an expected capacity utilization adjustment of approximately $50 million to $55 million. Management highlighted record plate sales, ongoing ramp-up of its first electric arc furnace unit, plans to bring a second unit online in the second half of 2026, and an anticipated carbon emissions reduction of about 70% once the EAF transition is complete.
Algoma Steel Group Inc. reported routine results from its June 23, 2026 annual shareholder meeting. All director nominees listed in the management information circular were elected, each receiving more than 97% of votes cast, indicating strong support for the existing board.
Shareholders approved the appointment of Deloitte LLP as auditor for the 2026 calendar year by an overwhelming majority. They also backed the non-binding advisory resolution on executive compensation, with approximately 98.3% of votes cast in favor, signaling broad shareholder support for the company’s current pay practices.
Algoma Steel Group Inc. filed a Form 6-K to share its 2025 Sustainability Report, covering the 12 months ended December 31, 2025. The report discusses a pivotal year in which Algoma began operating its first Electric Arc Furnace (EAF) and wound down its blast furnace and coke oven operations.
The company highlights the July 2025 commissioning of its first EAF unit, the launch of its lower‑carbon Volta™ steel, and construction of a second EAF unit targeted for 2026. Once fully transitioned, Algoma targets an approximately 70% reduction in carbon emissions intensity, positioning itself as a leading lower‑carbon steel producer. The report is prepared in alignment with SASB and TCFD frameworks, emphasizing transparency and long-term value creation.
Algoma Steel Group Inc. has filed materials for its June 23, 2026 virtual annual shareholders meeting, outlining voting procedures, board nominations, auditor appointment and an advisory “Say on Pay” vote on executive compensation. Shareholders of record on May 4, 2026 may participate and vote online.
The circular highlights Algoma’s strategic shift to Electric Arc Furnace steelmaking, including commissioning its first unit in 2025 and decommissioning legacy blast furnace and coke operations starting January 2026. Management links this transition to lower-carbon production, cost competitiveness, and alignment with Canada’s climate commitments, while detailing a pay-for-performance framework with below-target 2025 bonuses and long-term equity incentives tied to relative total shareholder return.
Algoma Steel Group Inc. reports a Schedule 13G/A showing Maple Rock Capital Partners Inc. and Xavier Majic each beneficially own 15,930,818 common shares, equal to 15.1% of the class as of March 31, 2026. The filing states the 105,388,619 share figure used to calculate the percentage is the number of Common Shares outstanding as of March 31, 2026, reported in an exhibit to a Form 6-K.
The Reporting Persons state Maple Rock Master Fund LP has the right to receive dividends or sale proceeds and that the Manager is Maple Rock Capital Partners Inc., with Xavier Majic serving as Chief Investment Officer. The parties file jointly but expressly disclaim membership in a group.