Latest news with #SAULT
Toronto Star
29-07-2025
- Business
- Toronto Star
Algoma Steel Group Inc. Reports Financial Results for the Second Quarter 2025
Consolidated Revenue of $589.7 Million Net Loss of $110.6 Million and Adjusted EBITDA Loss of $32.4 Million Achieved First Arc and First Steel Production from Transformative Electric Arc Furnace (EAF) Project SAULT STE. MARIE, Ontario, July 29, 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 results for its second quarter ended June 30, 2025. Unless otherwise specified, all amounts are in Canadian dollars. Business Highlights and Second Quarter 2025 to Second Quarter 2024 Comparisons Consolidated revenue of $589.7 million, compared to $650.5 million in the prior-year quarter. Consolidated loss from operations of $85.1 million, compared to a loss from operations of $12.5 million in the prior-year quarter. Net loss of $110.6 million, compared to net income of $6.1 million in the prior-year quarter. Adjusted EBITDA loss of $32.4 million and Adjusted EBITDA margin of (5.5%), compared to Adjusted EBITDA of $37.7 million and 5.8% in the prior-year quarter (see 'Non-GAAP Measures' below). Cash used in operating activities of $37.9 million, compared to cash generated by operating activities of $12.5 million in the prior-year quarter. Shipments of 472,056 tons, compared to 503,152 tons in the prior-year quarter. Tariffs paid in the quarter totaled $64.1M vs nil in the prior-year quarter. Michael Garcia, the Company's Chief Executive Officer, commented, 'The second quarter of 2025 was a pivotal period for Algoma, during which we completed the preparations for our first production of Volta™—Algoma's trademarked green steel. This milestone was realized in early July with the successful production of our inaugural steel in the first of our two state-of-the-art EAFs. While we delivered operational results for the quarter that were in line with our expectations, our financial performance continued to be impacted by ongoing tariff uncertainty and persistent weak steel market demand and pricing pressures. The uncertain market environment has created headwinds for shipments and pricing across the industry, but we remain focused on executing our strategic transformation.' ARTICLE CONTINUES BELOW Mr. Garcia continued, 'Achieving first arc and producing our first steel from the EAF in early July represents a historic accomplishment that marks the true beginning of our transition from a legacy higher-cost traditional steelmaker to one of the lowest-cost green steel producers in North America. While we can't control market volatility and macro or geopolitical uncertainties, we are focused on what we can control: the safe operation of our assets and the completion of the EAF project, which provides us with a structural cost advantage that will serve us well through market cycles, creating lasting value for all stakeholders.' Second Quarter 2025 Financial Results Second quarter revenue totaled $589.7 million, compared to $650.5 million in the prior-year quarter. As compared with the prior-year quarter, steel revenue was $534.4 million, compared to $597.4 million, and revenue per ton of steel sold was $1,249, compared to $1,293. Lower pricing was due to weakening market conditions, particularly due to the Section 232 Tariffs, which impacted the Company's export sales and resulted in over-supply of the Canadian market at lower prices. Loss from operations was $85.1 million, compared to a loss from operations of $12.5 million in the prior-year quarter. The year-over-year decrease was primarily due to the lower revenues associated with lower prices and volumes, as well as higher cost of sales from tariffs. For the second quarter of 2025, tariff costs were $64.1 million. Net loss in the second quarter was $110.6 million, compared to net income of $6.1 million in the prior-year quarter. The decrease was driven primarily by lower steel shipment volumes, lower realized pricing, and tariff-related costs as detailed above. Adjusted EBITDA in the second quarter was a loss of $32.4 million, compared with Adjusted EBITDA of $37.7 million for the prior-year quarter. This resulted in an Adjusted EBITDA margin of (5.5%). The average realized price of steel net of freight and non-steel revenue was $1,132 per ton, compared to $1,187 per ton in the prior-year quarter. Cost per ton of steel products sold was $1,144 compared to $1,069 in the prior-year quarter. Shipments for the second quarter were 472,056 tons, compared to 503,152 tons in the prior-year quarter. See 'Non-GAAP Measures' below for an explanation of Adjusted EBITDA and Adjusted EBITDA margin and a reconciliation of net (loss) income to Adjusted EBITDA. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Electric Arc Furnace In November 2021, the Company's Board of Directors (the 'Board') authorized the Company to construct two new state of the art EAFs to replace the Company's existing blast furnace and basic oxygen steelmaking operations. Record days of snowfall at the site in late November and early December 2024 impacted project work, but due to the hard work of the entire team to mitigate these impacts, the Company achieved first arc and first steel production in early July. As of June 30, 2025, the cumulative investment was $881 million and the Company continues to expect the completion of the EAF project will be funded with cash-on-hand, cash generated through operations, and available borrowings under the Company's existing credit facility. Following the transformation to EAF steelmaking, Algoma's facility is anticipated to have an annual raw steel production capacity of approximately 3.7 million tons, matching its downstream finishing capacity, which is expected to reduce the Company's annual carbon emissions by approximately 70%. Tariffs On March 4, 2025, the United States imposed tariffs on Canadian imports, including a 25% duty under the International Emergency Economic Powers Act (IEEPA) and a 25% tariff on steel and aluminum products under Section 232 of the Trade Expansion Act. These tariffs were briefly paused on March 6, reinstated on March 12, and further expanded on April 2, when a minimum 10% 'Reciprocal Tariff' was announced on all U.S. imports, excluding Canada. As of June 4, 2025, the Section 232 tariff on steel and aluminum imports was increased to 50%. While Canada remains exempt from the Reciprocal Tariff and overlapping duties do not apply to USMCA-compliant goods, the Company is currently subject to the 50% Section 232 tariff on steel exports to the United States. These measures have caused significant market disruption, with Canadian spot pricing falling below U.S. contract pricing due to increased supply, U.S. imports, and offshore offers. For the three months ended June 30, 2025, Canadian net sales realizations were up to 40% lower than U.S. levels, contributing to an estimated $30 million revenue impact. Tariff-related costs totaled $64.1 million in the second quarter and $74.6 million for the first half of 2025. U.S. shipments represented 54% and 53% of total volumes during those periods, respectively. Given the ongoing uncertainty caused by the U.S. tariffs resulting in a structural imbalance in the Canadian market, the Company is exploring liquidity tools and funding programs that could support its current operations and enable strategic diversification. This includes an application to the federal Large Enterprise Tariff Loan (LETL) program for $500 million, ongoing discussion of potential terms of LETL support and an evaluation of capital investments that align with long-term domestic demand in sectors such as defense and construction, while reinforcing Canada's industrial resilience and low carbon transformation. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Liquidity At quarter end, the Company had cash of $82.5 million and unused availability under its Revolving Credit Facility of $329.1 million. Quarterly Dividend In light of ongoing macroeconomic uncertainty, including increased volatility in steel markets and uncertainty surrounding trade policy and tariffs, the Board of Directors has decided to suspend the regular quarterly dividend on the Company's common shares, totaling approximately US$5.2 million. This decision reflects the Board's prudent approach to capital allocation and its commitment to preserving liquidity and financial flexibility in the face of evolving market conditions. The Board will continue to evaluate future dividend declarations in the context of capital requirements, strategic priorities, and overall financial performance. Conference Call and Webcast Details A webcast and conference call will be held on Wednesday, July 30, 2025 at 11:00 a.m. EDT to review the Company's results for the three months ended June 30, 2025, discuss recent events, and conduct a question-and-answer session. The live webcast and archived replay of the conference call can be accessed on the Investors section of the Company's website at For those unable to access the webcast, the conference call will be accessible domestically or internationally by dialing 877-425-9470 or 201-389-0878, respectively. Upon dialing in, please request to join the Algoma Steel Second Quarter Conference Call. To access the replay of the call, dial 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 13754580. Consolidated Financial Statements and Management's Discussion and Analysis The Company's unaudited condensed interim financial statements for the three and six month periods ended June 30, 2025 and 2024 and Management's Discussion & Analysis thereon are available under the Company's profile on the U.S. Securities and Exchange Commission's ('SEC') EDGAR website at and under the Company's profile on SEDAR+ at These documents are also available on the Company's website, and shareholders may receive hard copies of such documents free of charge upon request by contacting IR@ 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 imposed and threatened tariffs, including the impact, timing and resolution thereof, trends in the pricing of steel, Algoma's transition to EAF steelmaking, including the progress, costs and timing of completion of the Company's EAF project, the Company's expected annual raw steel production capacity and reduction in carbon emissions following completion of the EAF project, Algoma's future as a leading producer of green steel, the potential impacts of inflationary pressures, the Company's ability to access liquidity tools and funding programs, such as the LETL, labor availability, global supply chain disruptions on costs, Algoma's modernization of its plate mill facilities (including annual plate capacity going forward), transformation journey, ability to deliver greater and long-term value, ability to offer North America a secure steel supply and a sustainable future, and investment in its people, and processes, and statements regarding potential borrowings under the Company's credit facilities, and the Company's 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. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Non-GAAP Financial Measures To supplement our financial statements, which are prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board ('IASB') ('IFRS Accounting Standards'), we use certain non-GAAP measures to evaluate the performance of Algoma. These terms do not have any standardized meaning prescribed within IFRS Accounting Standards and, therefore, may not be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS Accounting Standards measures by providing a further understanding of our financial performance from management's perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS Accounting Standards. Adjusted EBITDA, as we define it, refers to net income (loss) before amortization of property, plant, equipment and amortization of intangible assets, finance costs, interest on pension and other post-employment benefit obligations, income taxes, foreign exchange loss (gain), finance income, carbon tax, changes in fair value of warrant, earnout and share-based compensation liabilities, share-based compensation related to the Company's Omnibus Long Term Incentive Plan, certain inventory write-downs and legal settlement. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenue for the corresponding period. Adjusted EBITDA is not intended to represent cash flow from operations, as defined by IFRS Accounting Standards, and should not be considered as alternatives to net profit (loss) from operations, or any other measure of performance prescribed by IFRS Accounting Standards. Adjusted EBITDA, as we define and use it, may not be comparable to Adjusted EBITDA as defined and used by other companies. We consider Adjusted EBITDA to be a meaningful measure to assess our operating performance in addition to IFRS Accounting Standards. It is included because we believe it can be useful in measuring our operating performance and our ability to expand our business and provide management and investors with additional information for comparison of our operating results across different time periods and to the operating results of other companies. Adjusted EBITDA is also used by analysts and our lenders as a measure of our financial performance. In addition, we consider Adjusted EBITDA margin to be a useful measure of our operating performance and profitability across different time periods that enhance the comparability of our results. However, these measures have limitations as analytical tools and should not be considered in isolation from, or as alternatives to, net income, cash flow from operations or other data prepared in accordance with IFRS Accounting Standards. Because of these limitations, such measures should not be considered as measures of discretionary cash available to invest in business growth or to reduce indebtedness. We compensate for these limitations by relying primarily on our IFRS Accounting Standards results using such measures only as supplements to such results. See the financial tables below for a reconciliation of net income (loss) to Adjusted EBITDA. 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.
Yahoo
10-06-2025
- Entertainment
- Yahoo
Friendship Breakups Suck. Little Simz Turned Hers Into Gold on ‘Lotus'
Since she was a kid, Simbiatu Ajikawo has had a low tolerance for disloyalty. There are quick quips lambasting snakes throughout her acclaimed discography, and even at eleven years old, she spit, 'I'm Little Simz and I set trends/Don't like liars/I hate fake friends,' when her older sister took her to rap at BBC's Radio 1 Xtra. Her real breakthrough as Little Simz came much later, with 2018's Grey Area, which was nominated for the U.K.'s prestigious Mercury Prize, then 2021's Sometimes I Might Be Introvert, which won it. She followed that with No Thank You, which rebuked the music industry she was by all-appearances thriving in as something much darker and more draining than it looked. Inflo – the musician who's been tapped by Adele and Tyler, The Creator, and who's shaped the mysterious collective SAULT with Simz and his wife, Cleo Sol – produced all three of Simz's last albums. Simz has openly coveted her creative partnership with Inflo, a bond they began building when she was 9 years old. Then, in March, The Guardian reported that she was suing him, born Dean Josiah Cover, for allegedly failing to repay a $2.2 million loan – that went, in part, towards SAULT's only live performance in 2023 – which she says eventually left her unable to pay her taxes and subject to penalties. More from Rolling Stone Little Simz Previews Upcoming Album 'Lotus' With Cinematic 'Flood' Video Coldplay Tap Little Simz, Burna Boy for Hopeful Single 'We Pray' Watch Michael J. Fox Join Coldplay on Guitar at Glastonbury 'Why do you steal? Why do you spill blood and then go hide?' Simz raps on 'Thief,' the jarring opener to Lotus, her sixth album and first without Inflo in seven years. 'Why do you take the rule book from people that hurt you and use it as a guide?/I'm lucky that I got out now, it's a shame though, I really feel sorry for your wife.' The song thrashes like 1990s grunge and Simz is absolutely cutthroat on it, evoking the eerie menace of Kendrick Lamar's whopping Drake diss 'Euphoria.' The public nature of her fallout with Inflo and how readily she tackles it on Lotus makes it a distinctly personal entry to her oeuvre – listening feels more like living in her skin than any project she's done before. There's a meta-allusion to the way she refuses to bury her truth under convoluted poetic flourishes when she tells Wretch 32 not to do the same on 'Blood,' where she and her fellow British rapper trade bars as they portray siblings in a fight. Lotus is an excellent album, in part because songs like 'Thief' and 'Blood' are so uncomfortable, like peering at a nasty accident on the side of the highway and feeling more alive because of it. In the aftermath of an imploded childhood friendship, Lotus is a rigorous ode to the trauma and wisdom of truly growing up. Lotus is also an excellent album because of its deeply textured and expansive production, a satisfying victory given the circumstances. On 'Lonely,' she frets, 'Lonely making an album is tackling all doubt/I'm used to making it with [there's censor beep instead of a name], can I do it without?' Yet, under new producer Miles Clinton James, all the album's instrumentals are crisp, careful, and raw, whether they're the rugged rock of the 'Thief,' 'Flood,' 'Young,' 'Enough,' and 'Lotus,' the jazzy R&B of 'Lonely' and 'Free,' the stripped down acoustics of 'Peace,' the softly orchestral lament of 'Hallow,' the vintage Afrobeat of 'Lion,' or buoyant bossa nova of 'Only.' Where Lotus is fun, it's unforced, and where it is grave, it's understated. The album does retain some of the airy, gentle essence of Simz's prior work with Inflo, Cleo Sol, and Sault, a band in which the latter two women were the defining voices amongst mostly shrouded collaborators. The similarities, though, feel like Simz staking her claim to a sound she was integral in pushing forward. Little Simz's hard-earned sense of self-worth courses through the album. Much of her best rapping here blossomed from hardship – that, in fact, is what a lotus is, a flower that can bloom out of mud. 'I know my mind is a textbook they can learn from even though I ain't got a diploma,' she says on 'Blue,' in the middle of a calm but relentless flow full of empathetic reflections on poverty, incarceration, family, and death. 'Free' is a particularly moving trove of wisdom, expertly crafted with subtle foreshadowing between a cunning first verse on what love really is and a second on how fear threatens it. 'I think that shit is a lethal weapon,' she says. Though Lotus finds Simz rapping as victim and survivor, it's filled with empathy for just how hard the human experience is, even for her tormentor, whose own pain she acknowledges. 'I don't expect you're not flawed person/But thought you was good at the core person,' she says on 'Hallow,' before reiterating an idea from 'Thief,' that the real resolution she needs is internal: 'I'm tryna forgive myself,' she says there. 'I don't need to forgive you so I can heal.' Best of Rolling Stone The 50 Greatest Eminem Songs All 274 of Taylor Swift's Songs, Ranked The 500 Greatest Albums of All Time
Time Out
09-06-2025
- Entertainment
- Time Out
All Points East has announced Cleo Sol as its next 2025 headliner
Festival season is in full swing, folks. Things kicked off a few weeks back with Field Day and Gala Festival, shortly followed by Mighty Hoopla and LIDO. And there's much, much more to look forward to. Among the festivals still to come is All Points East, which returns to Vicky Park in August. RAYE and Chase & Status are among the headliners that have already been announced for the multi-weekend event. Now, it's been revealed that acclaimed soul singer Cleo Sol will be topping the bill on the festival's opening night, in her biggest headline slot to date. On the same day, there'll be an opportunity to witness an incredibly rare performance from the mysterious multi-genre collective SAULT (led by Cleo herself and producer Inflo). Here's all the information you need to make sure you don't miss out. When is Cleo Sol playing All Points East? Cleo Sol is headlining the festival on Friday, August 15. Who else is on the lineup? Cleo will be joined by reggae artist Chronixx and anonymous collective SAULT, in what will be their second ever live performance following an appearance at Drumsheds in 2023. All Points East has promised that more names will be announced in the lead up to the festival. When do tickets go on sale? Tickets for Cleo Sol's headline show will go on general sale at 10am on Thursday, June 12. They'll be up for grabs here. Is there a presale? If you want tickets before anyone else you can sign up to the APE Presale here before 9.59pm on Tuesday, June 10. Those tickets will go live at 10am on Wednesday, June 11. There's also an American Express early sale that's live right now and open until Thursday for anyone who owns an American Express Card. How much will tickets cost? Based on presale, tickets for Cleo Sol, SAULT and Chronixx start from £89.95 (plus service fees). Tickets for the other All Points East dates have started from £64.95. Who else is headlining All Points East 2025? Chase & Status are headline on August 15, joined by Overmono, Sammy Virji and Nia Archives. Edinburgh producer and DJ Barry Can't Swim will headline on August 22, joined by Confidence Man, Shygirl. The next day, pop superstar RAYE will top the bill, supported by the likes of Doechii, Tyla and JADE. August 24 will see the return of the Maccabees, bolstered by a support bill that includes Bombay Bicycle Club, CMAT and Black Country, New Road.
Los Angeles Times
06-04-2025
- Entertainment
- Los Angeles Times
Enigmatic, British singer Cleo Sol makes her long-awaited L.A. debut at Hollywood Bowl
After years of quietly releasing center stage-worthy music yet averting the spotlight, British singer-songwriter Cleo Sol made her long-awaited debut on Friday night at the Hollywood Bowl. The concert took place just days after she performed stateside for the first time during a three-show run at New York City's Radio City Music Hall. The energy inside the 17,000-capacity, sold-out amphitheater was palatable as attendees, both new and old, understood two things: This was a rare opportunity to witness the prolific R&B singer perform, and that her deeply healing music was going to move them emotionally and spiritually. (Before the show started, several people in the crowd near me said they were ready to cry — and so was I.) Backed by an 11-member band including five background singers — all of whom had distinguishable tones and felt like they'd been handpicked by Cleo Sol herself — she opened the show at 9 p.m. with the introspective 'Rewind' from 2020's 'Rose in the Dark,' before effortlessly flowing into the project's next track, 'Rose in the Dark.' Clad in a gold-toned silk dress, Cleo Sol smiled brightly and playfully danced across the stage as she ran through other fan favorites from 'Rose in the Dark' including the seductive and jazzy 'When I'm in Your Arms,' romantic 'Sideways' and the yearning 'I Love You' and encouraging 'Young Love.' Without the aid of a back track, her soulful and silky voice carried throughout the large venue as she riffed and showed off her impressive vocal range. In between songs, she sipped on an electrolyte-filled drink, which she joked was helping her get through the night. Cleo Sol, who is also the lead vocalist for the equally elusive U.K.-based collective SAULT, could've easily dipped into their robust catalog — which spans 11 studio albums and two EPs — during Friday night's set. Instead, she chose to stick to her solo offerings, pulling from 2021's 'Mother' and her 2023 releases 'Heaven' and 'Gold,' which arrived two weeks apart. (She gave a shout out to her husband, Inflo — her producer and the mastermind behind SAULT — who was in attendance.) During her song 'Heart Full of Love,' which she dedicated to her son, Cleo Sol joined her background vocalists and sat on a stool. As they sang the lyrics, 'Thank you for sending me an angel straight from Heaven / When my hope was gone, you made me strong,' the crowd lit up the venue by holding their cellphones in the air and rocking from side to side. 'This is making me emotional, I'm gonna cry,' she said to the audience. 'It looks beautiful from up here.' More than halfway through the nearly two-hour show, Cleo Sol briefly left the altar and resurfaced in the stands, toward the middle of the venue to sing 'Know That You Are Loved.' She performed the deeply affirmative track that feels like both a mantra and a lullaby in the same fashion that she did during her viral Royal Albert Hall show in 2023 — getting closer to her fans, touching their hands and singing to them directly. Her tender vocal performance felt like a gigantic hug from a loved one. She then returned to the stage to perform the powerful 'Life Will Be,' which felt like a perfect ending, before running back out yet again to sing an electrifying encore of 'Why Don't You' from her 'Rose in the Dark' project. 'OK, one more!' she said, laughing. Much like her R&B predecessors, Sade and D'Angelo, who are also known for being reclusive and charting their own territory, Cleo Sol's performance on Friday proved that when you truly love what you do and the music comes first, you don't have to play into the industry's never-ending rat race. Cleo Sol follows the divine timing of her life and does what feels right for her, which has paid off in the long run. She's a testament to the fact that although fans might not want to wait for new music or to see her perform live, they'll excitedly show up for her whenever she's ready.
