Latest news with #AlgomaSteelGroupInc
Business Upturn
a day ago
- Business
- Business Upturn
Algoma Steel Releases 2024 Sustainability Report
SAULT STE. MARIE, Ontario, June 04, 2025 (GLOBE NEWSWIRE) — Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) ('Algoma' or 'the Company'), a leading Canadian producer of hot and cold rolled steel sheet and plate products, today announced the release of its 2024 Sustainability Report (the 'Report'), covering a nine-month transition period from April 1 to December 31, 2024. The reporting period aligns with our 2024 financial reporting period, which now corresponds to a calendar year to reflect a consistent approach to our industry peer reporting. Michael Garcia, Algoma's Chief Executive Officer, commented, 'At Algoma, sustainability is not a trend—it's a strategic priority. As we are nearing the completion of our Electric Arc Furnace (EAF) project, we remain focused on operating safely, reliably, and responsibly while delivering high-quality Canadian-made steel. This transformation supports a stronger, low-carbon future for our business, our communities, and Canada's steel industry.' The 2024 Report highlights Algoma's progress across key sustainability areas. The Company advanced enterprise risk management and integrated business planning frameworks strengthening governance, oversight of sustainability performance, and operational reliability. Algoma also reinforced its commitment to workplace safety, inclusion, and community engagement—while making significant strides toward completing Canada's largest industrial decarbonization project. Once operational, the EAF is expected to reduce carbon emissions by approximately 70%, positioning Algoma to be a Canadian producer of green steel. Prepared in alignment with the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-related Financial Disclosures (TCFD), the Report underscores Algoma's ongoing commitment to transparency, accountability, and long-term value creation. The full report is available at Cautionary Statement Regarding Forward-Looking Statements This news release contains 'forward-looking information' under applicable Canadian securities legislation and 'forward-looking statements' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, 'forward-looking statements'), including statements regarding timing of completion of the Company's EAF project and reduction in carbon emissions following completion of the EAF project, Algoma's future as a leading producer of green steel, investment in its people, and processes, and the Company's available liquidity, strategy, plans or future financial or operating performance. These forward-looking statements generally are identified by the words 'believe,' 'project,' 'expect,' 'anticipate,' 'estimate,' 'intend,' 'hope,' 'strategy,' 'future,' 'opportunity,' 'plan,' 'design,' 'pipeline,' 'may,' 'should,' 'will,' 'would,' 'will be,' 'will continue,' 'will likely result,' and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions. Many factors could cause actual future events to differ materially from the forward-looking statements in this document. Readers should also consider the other risks and uncertainties set forth in the section entitled 'Risk Factors' and 'Cautionary Note Regarding Forward-Looking Information' in Algoma's Annual Information Form, filed by Algoma with applicable Canadian securities regulatory authorities (available under the Company's SEDAR+ profile at and with the SEC, as part of Algoma's Annual Report on Form 40-F (available at as well as in Algoma's current reports with the Canadian securities regulatory authorities and SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Algoma assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. About Algoma Steel Group Inc. Based in Sault Ste. Marie, Ontario, Canada, Algoma is a fully integrated producer of hot and cold rolled steel products including sheet and plate. Driven by a purpose to build better lives and a greener future, Algoma is positioned to deliver responsive, customer-driven product solutions to applications in the automotive, construction, energy, defense, and manufacturing sectors. Algoma is a key supplier of steel products to customers in North America and is the only producer of discrete plate products in Canada. Its state-of-the-art Direct Strip Production Complex ('DSPC') is one of the lowest-cost producers of hot rolled sheet steel ('HRC') in North America. Algoma is on a transformation journey, modernizing its plate mill and adopting electric arc technology that builds on the strong principles of recycling and environmental stewardship to significantly lower carbon emissions. Today Algoma is investing in its people and processes, working safely, as a team to become one of North America's leading producers of green steel. As a founding industry in their community, Algoma is drawing on the best of its rich steelmaking tradition to deliver greater value, offering North America the comfort of a secure steel supply and a sustainable future. For more information, please contact: Michael MoracaVice President – Corporate Development & Treasurer Algoma Steel Group Inc.
Yahoo
2 days ago
- Business
- Yahoo
Algoma Steel Releases 2024 Sustainability Report
SAULT STE. MARIE, Ontario, June 04, 2025 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) ('Algoma' or 'the Company'), a leading Canadian producer of hot and cold rolled steel sheet and plate products, today announced the release of its 2024 Sustainability Report (the 'Report'), covering a nine-month transition period from April 1 to December 31, 2024. The reporting period aligns with our 2024 financial reporting period, which now corresponds to a calendar year to reflect a consistent approach to our industry peer reporting. Michael Garcia, Algoma's Chief Executive Officer, commented, 'At Algoma, sustainability is not a trend—it's a strategic priority. As we are nearing the completion of our Electric Arc Furnace (EAF) project, we remain focused on operating safely, reliably, and responsibly while delivering high-quality Canadian-made steel. This transformation supports a stronger, low-carbon future for our business, our communities, and Canada's steel industry.' The 2024 Report highlights Algoma's progress across key sustainability areas. The Company advanced enterprise risk management and integrated business planning frameworks strengthening governance, oversight of sustainability performance, and operational reliability. Algoma also reinforced its commitment to workplace safety, inclusion, and community engagement—while making significant strides toward completing Canada's largest industrial decarbonization project. Once operational, the EAF is expected to reduce carbon emissions by approximately 70%, positioning Algoma to be a Canadian producer of green steel. Prepared in alignment with the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-related Financial Disclosures (TCFD), the Report underscores Algoma's ongoing commitment to transparency, accountability, and long-term value creation. The full report is available at Cautionary Statement Regarding Forward-Looking Statements This news release contains 'forward-looking information' under applicable Canadian securities legislation and 'forward-looking statements' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, 'forward-looking statements'), including statements regarding timing of completion of the Company's EAF project and reduction in carbon emissions following completion of the EAF project, Algoma's future as a leading producer of green steel, investment in its people, and processes, and the Company's available liquidity, strategy, plans or future financial or operating performance. These forward-looking statements generally are identified by the words 'believe,' 'project,' 'expect,' 'anticipate,' 'estimate,' 'intend,' 'hope,' 'strategy,' 'future,' 'opportunity,' 'plan,' 'design,' 'pipeline,' 'may,' 'should,' 'will,' 'would,' 'will be,' 'will continue,' 'will likely result,' and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions. Many factors could cause actual future events to differ materially from the forward-looking statements in this document. Readers should also consider the other risks and uncertainties set forth in the section entitled 'Risk Factors' and 'Cautionary Note Regarding Forward-Looking Information' in Algoma's Annual Information Form, filed by Algoma with applicable Canadian securities regulatory authorities (available under the Company's SEDAR+ profile at and with the SEC, as part of Algoma's Annual Report on Form 40-F (available at as well as in Algoma's current reports with the Canadian securities regulatory authorities and SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Algoma assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. About Algoma Steel Group Inc. Based in Sault Ste. Marie, Ontario, Canada, Algoma is a fully integrated producer of hot and cold rolled steel products including sheet and plate. Driven by a purpose to build better lives and a greener future, Algoma is positioned to deliver responsive, customer-driven product solutions to applications in the automotive, construction, energy, defense, and manufacturing sectors. Algoma is a key supplier of steel products to customers in North America and is the only producer of discrete plate products in Canada. Its state-of-the-art Direct Strip Production Complex ('DSPC') is one of the lowest-cost producers of hot rolled sheet steel ('HRC') in North America. Algoma is on a transformation journey, modernizing its plate mill and adopting electric arc technology that builds on the strong principles of recycling and environmental stewardship to significantly lower carbon emissions. Today Algoma is investing in its people and processes, working safely, as a team to become one of North America's leading producers of green steel. As a founding industry in their community, Algoma is drawing on the best of its rich steelmaking tradition to deliver greater value, offering North America the comfort of a secure steel supply and a sustainable future. For more information, please contact: Michael MoracaVice President – Corporate Development & TreasurerAlgoma Steel Group Inc. Phone: 705.945.3300E-mail: IR@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
TSX mixed amid reignited trade fears
-- Canada's main stock indexes were mixed after market open on Monday, following renewed trade tensions between the U.S. and China, as well as U.S. President Donald Trump's raising of steel tariffs from 25% to 50%. By 10:05 ET, the bellwether S&P/TSX 60 index lost 1.7 points or 0.1%, following a fall of 0.1% on Friday. Toronto's S&P/TSX Composite was higher by 3 points or 0.01% following the previous session, in which the index dropped 46.2 points or 0.2%. It seems as if trade tensions are rising between the U.S. and China, following a trade agreement that sent sky-high tariffs between the two nations down. Last week, U.S. Treasury Secretary Scott Bessent said further talks with China had "stalled," and Trump accused China of violating the agreement, saying, "so much for being Mr. NICE GUY!" On Monday, China responded, calling Trump's accusations "groundless," and promised measures to safeguard its interests. Trump also raised tariffs on steel and aluminum stocks from 25% to 50%, coming into effect on Wednesday, sending U.S. steel stocks higher and Canadian steel stocks lower. By 9:45 ET, some Toronto steel staples decreased. Algoma Steel Group Inc (TSX:ASTL) dropped 9.1% and Linamar Corporation (TSX:LNR) fell 1.5%. U.S. stocks lower Trading in U.S. stock indexes was lower on Monday, as investors gauged the heightened tensions and potentially tighter sanctions on the tech sector. As of 9:50 ET, the S&P 500 was down 22.8 points or 0.4%, the NASDAQ Composite was 21.1 points or 0.1% lower, and the Dow Jones Industrial Average fell 208.3 points or 0.5%. In Friday's trading, the S&P dropped 0.1%, the Nasdaq 0.3%, and the Dow gained 0.1%. Chip stocks slipped slightly in premarket trading Monday, as reports came in that the Trump administration is prepping to tighten sanctions on China tech. Bloomberg reported Friday that the sanctions are to be enforced through existing rules but expanded to include subsidiaries of already sanctioned firms. Crude Oil jumps after OPEC+ meeting Oil prices rose strongly Monday after OPEC+ announced plans to increase production in July by the same amount as the prior two months, something of a relief after talk of a bigger increase. By 10:00 ET, Crude Oil WTI Futures bounded up 3.3%, pricing in at $62.81 a barrel, while Brent Oil Futures rose 3% to $64.69 per barrel. The Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, decided on Saturday to raise output by 411,000 barrels per day in July. Gold Futures gain on heightened uncertainty Gold traded higher on Monday, as investors once more turned to the precious metal as a safeguard from U.S. tariff-driven uncertainty. At 10:00 ET, XAU/USD rose 2.5% to $3,373.25/oz, while Gold Futures traded up 2.4%, pricing in at $3,395.56/oz. The precious metal has experienced a downturn in markets lately, as tensions eased slightly. It was previously topping all-time-highs, and looks to continue the trend if uncertainty continues. (Peter Nurse also contributed to this article) Related articles TSX mixed amid reignited trade fears Western Union growth constrained due to U.S. immigration policy: Oppenheimer Jefferies upgrades Rollins on sales hiring surge, sees growth ahead
Yahoo
01-05-2025
- Business
- Yahoo
Algoma Steel Group Inc (ASTL) Q1 2025 Earnings Call Highlights: Navigating Market Challenges ...
Adjusted EBITDA: Loss of $46.7 million, reflecting an adjusted EBITDA margin of 9%. Cash Generated by Operating Activities: $92.1 million. Cash and Liquidity: $226 million in cash and total liquidity of $587 million. Shipments: 470,000 tons, up 4.2% versus the prior year quarter. Net Sales Realization: $986 per ton, down from $1260 per ton in the prior year period. Steel Revenue: $463 million, down 18.5% versus the prior year period. Cost per Ton of Steel Products Sold: $1,137, up 4% versus the prior year period. Tariff Costs: $10.5 million included in the cost of sales due to a 25% tariff on outbound steel shipments to the US. Net Loss: $24.5 million compared to net income of $28 million in the prior year quarter. Insurance Proceeds: $150 million receivable recorded as other income. Inventory Levels: Declined by $138 million compared to the prior quarter and by $185 million since December 31, 2024. Warning! GuruFocus has detected 6 Warning Signs with ASTL. Release Date: April 30, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Algoma Steel Group Inc (NASDAQ:ASTL) maintained a strong balance sheet with over $226 million in cash and total liquidity of $587 million at the end of the quarter. The company is advancing its Electric Arc Furnace (EAF) project, with first steel production expected in the second quarter of 2025, and no material change to project costs or production expectations. Plate shipments increased to approximately 91,000 tons, up from previous quarters, with expectations for further increases in the next quarter. Algoma Steel Group Inc (NASDAQ:ASTL) is participating in the Canadian defense supply chain, which is expected to support future demand for its plate products. The company successfully reduced inventory levels by $138 million compared to the prior quarter, enhancing working capital efficiency. The company faced challenging market conditions with lower realized pricing and higher production costs due to tariff uncertainty and Canadian trade policy. Adjusted EBITDA was a loss of $46.7 million, reflecting a challenging market environment and higher input costs. Algoma Steel Group Inc (NASDAQ:ASTL) is subject to a 25% tariff on all outbound steel shipments to the United States, impacting cost of sales. Net sales realization decreased to $986 per ton compared to $1260 per ton in the prior year period, reflecting weakening market conditions. The harsh winter conditions led to higher utility costs, impacting the company's cost structure. Q: How should we think about shipments given the challenging environment? A: Rajat Marwah, CFO, stated that shipments are expected to be higher on a quarter-over-quarter basis. While the environment remains challenging, they anticipate a higher trajectory from previous shipments, particularly in plate production, which is expected to increase. Q: How is pricing currently in the Canadian plate market compared to the US? A: Michael Garcia, CEO, explained that while the Canadian market is oversupplied, making it challenging, the pricing remains attractive. However, it is lower than US pricing due to competition from foreign imports and the need for protective trade policies. Q: Can you provide more commentary on the sheet pricing discount and its impact on operations? A: Michael Garcia, CEO, noted that the Canadian market price for sheet and coil is at a 25% discount compared to the US, making it challenging to decide between servicing orders in the US or Canada. This is due to oversupply and foreign competition in the Canadian market. Q: What are the critical path issues for the EAF project, and when is the second furnace expected to start? A: Michael Garcia, CEO, mentioned that weather-related delays have impacted the timeline, but they expect the first furnace to be operational in Q2 2025. The second furnace is anticipated to start by the end of 2025, with learnings from the first furnace applied to the second. Q: Are there any plans to take on incremental debt or utilize government loan programs? A: Rajat Marwah, CFO, stated that while they are reviewing all scenarios, they currently have sufficient liquidity and are optimizing working capital. They are also engaged with government programs but do not see an immediate need for additional debt. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Winnipeg Free Press
30-04-2025
- Business
- Winnipeg Free Press
Algoma Steel reports loss as tariffs, pricing weigh on results
SAULT STE. MARIE – Algoma Steel Group Inc. says Canada's steel market is under increasing pressure from weakening prices brought on by tariffs and imports, but that its major retrofit of its furnace system should help with costs ahead. The steel maker says Canadian producers are limited in what tariff costs they can pass on to customers in part because the market is based mostly on spot sales, which saw prices down over 20 per cent in the first quarter compared with last year. The lower pricing, and tariff costs that totaled $10.5 million in the quarter, helped lead Algoma to a $139.9 million loss from operations for the quarter compared with a $3.1 million profit last year. The company says harsh winter conditions in the quarter delayed work on its electric arc furnace, but that it expects the first steel produced from the new system in the second quarter. Algoma says the transformative shift from the old blast furnaces to electric will fundamentally improve its cost structure, enhance its resilience in turbulent market conditions, and set it up to deliver long-term value. The roughly $800 million electric arc furnace project, supported by up to $420 million in federal funding, is expected to cut emissions by more than three million tonnes a year by 2030. During Elections Get campaign news, insight, analysis and commentary delivered to your inbox during Canada's 2025 election. This report by The Canadian Press was first published April 30, 2025. Companies in this story: (TSX:ASTL)
