Algoma Steel Group Inc. SEC Filings

Algoma Steel Group Inc. Schedule 13G: Donald Smith & Co., Inc. reports beneficial ownership of 6,028,929 shares of Common Stock, representing 5.75% of the class. The filing shows sole voting power of 5,891,220 shares and sole dispositive power of 5,973,190 shares. It separately lists DSCO Value Fund, L.P. with 55,739 shares. The filer states it acts as investment advisor and that the ultimate power to receive dividends and sale proceeds rests with its institutional clients. The filing is signed by Richard L. Greenberg as CEO and Co-CIO on 05/13/2026.

Algoma Steel Group reported a sharply weaker first quarter of 2026 as it completed its transition from coal-based blast furnace operations to electric arc furnace (EAF) steelmaking. Revenue fell to C$296.9 million from C$517.1 million, with steel shipments down 52.4% to 223,681 tons.

The company posted a net loss of C$159.4 million, compared with a C$24.5 million loss a year earlier, driven by lower volumes, a C$90.2 million capacity utilization charge linked to the accelerated transition, and higher tariff costs. Direct U.S. Section 232 tariffs rose to C$27.4 million from C$10.5 million.

Despite lower shipments, pricing and mix improved: average net sales realization increased to C$1,193 per ton from C$986, supported by record plate sales of 116,000 NT and a plate‑first strategy. Adjusted EBITDA was a loss of C$28.7 million, better than the C$46.7 million loss in Q1 2025.

EAF Unit 1 is fully operational, blast furnace production ended January 18, and construction of EAF Unit 2 is nearing completion with steel production expected in the third quarter of 2026. Algoma expects its EAF platform to deliver about 3.7 million tons of annual raw steel capacity and reduce carbon emissions by roughly 70% from pre‑EAF levels.

Liquidity remained substantial, with approximately C$553 million available at March 31, 2026, including C$65.3 million of cash, C$195.1 million of unused revolving credit, and C$292.5 million undrawn under Large Enterprise Tariff Loan facilities. Strategic initiatives include a joint venture, Roshel Algoma Defence, and a binding MOU with Hanwha Ocean with an aggregate potential value of US$250 million.

Algoma Steel Group Inc. will release its 2026 first quarter financial results after the market closes on May 12, 2026. Management will host a webcast and conference call on May 13, 2026 at 11:00 a.m. Eastern Time to review results, discuss recent events, and take questions.

The call will be accessible via the Investors section of Algoma’s website and by dedicated domestic and international dial-in numbers, with a replay available using passcode 13759815. The company also highlights its ongoing transition to electric arc furnace (EAF) steelmaking, which is expected to reduce carbon emissions by approximately 70% once fully implemented, supporting one of the largest industrial decarbonization initiatives in North America.

Algoma Steel Group Inc. has scheduled its Annual Meeting of Security Holders for June 23, 2026. Holders of common shares as of May 4, 2026 will be entitled to receive notice of the meeting and vote. The company will use notice-and-access for both registered and beneficial holders.

Algoma Steel Group Inc. reported the formation of Roshel Algoma Defence Solutions Inc. (RADS), a joint venture with Roshel Inc. to create a Canadian Centre of Excellence for ballistic steel production. The partnership aims to provide sovereign, made-in-Canada ballistic steel and full-cycle defence manufacturing capabilities.

RADS is positioned to support over 500 workers and supply ballistic steel solutions for Canadian defence programs such as Light Utility Vehicles and the Domestic Arctic Mobility Enhancement program, as well as marine, infrastructure, aerospace, and security applications, with potential exports to allied countries.

Algoma Steel Group issued preliminary guidance for its quarter ended March 31, 2026. The company expects total steel shipments of approximately 220,000 tons and Adjusted EBITDA in a range of negative $25 million to negative $35 million, reflecting weaker near-term demand.

The Adjusted EBITDA outlook includes a capacity utilization adjustment of $90 million to $95 million, representing excess fixed costs while its new Electric Arc Furnace ramps up. Management highlights that blast furnace and coke oven operations have been fully wound down after close to $1 billion of investment, completing Algoma’s transition to EAF steelmaking under its low‑carbon Volta™ brand.

The company emphasizes structural cost benefits from EAF technology and notes that, powered by Ontario’s grid, the transition is expected to reduce carbon emissions by approximately 70%, positioning Algoma as a Canadian supplier of lower‑carbon plate and sheet steel to infrastructure, construction, defense, and other sectors.

Algoma Steel Group reported heavy losses for the three and twelve months ended December 31, 2025, while completing its transition to electric arc furnace (EAF) steelmaking. Fourth quarter results were described as in-line with previously announced expectations despite severe trade and transition headwinds.

Fourth quarter revenue was $455.0 million, down from $590.3 million a year earlier, with shipments falling 31.0% to 378,533 tons. Net loss widened to $364.7 million from $66.5 million, driven by Section 232 tariff costs, lower volumes, higher per‑ton costs and transition-related depreciation, stranded inventory and severance.

For 2025, revenue was $2,085.7 million versus $2,461.7 million the prior year, and net loss expanded to $984.9 million from $139.0 million. Adjusted EBITDA swung to a loss of $261.4 million from a $22.4 million gain, reflecting reduced shipments, a large non‑cash impairment and $225.0 million of tariff costs. Cash fell to $77.5 million, though Algoma highlighted $194.5 million of undrawn revolver capacity and $417 million available under a $500 million government-backed liquidity facility as it ramps its new EAF platform and pivots toward higher‑value discrete plate production.

Algoma Steel Group Inc. delivers its Annual Report on Form 40-F, including audited consolidated financial statements for the year ended 2025-12-31 and related governance disclosures. The report states 104,933,802 Common Shares outstanding as of December 31, 2025.

The filing affirms management's evaluation that disclosure controls and internal control over financial reporting were effective as of 2025-12-31, and includes Deloitte LLP's audited reports dated 2026-03-11. It discloses a fiscal year-end change to December 31 and contains forward-looking statements about the Company’s EAF transition, production capacity, emissions reduction, liquidity and other strategic matters.

Algoma Steel Group Inc. reported that it will release its 2025 fourth quarter and full year financial results after the market closes on March 11, 2026. A webcast and conference call to review the results, discuss recent events, and hold a Q&A will follow on March 12, 2026 at 11:00 a.m. Eastern Time.

Based in Sault Ste. Marie, Ontario, Algoma is a leading Canadian producer of plate and sheet steel. The company is transitioning to electric arc furnace steelmaking, which it expects will cut carbon emissions by approximately 70% once fully implemented, and markets its EAF-produced steel under the Volta brand.