Algoma Steel Provides Guidance for the Fourth Quarter of 2025

Executive Summary

• Algoma Steel provided Q4 2025 guidance, projecting total steel shipments of 375,000‑380,000 tons.
• Adjusted EBITDA is expected to be a loss of $95 M to $105 M (CAD).
• The company highlighted ongoing transition to electric arc furnace (EAF) steelmaking, with the first EAF unit now operating six days per week and the second unit on schedule.

Key Details

• Shipments Guidance: 375,000 – 380,000 tons for the quarter ended December 31 2025.
• Adjusted EBITDA Guidance: Negative $95 M to negative $105 M (CAD).
• Operational Update:
• First EAF unit operating six days per week; wind‑down of blast furnace operations expected to conclude in coming days.
• Second EAF unit remains on schedule for start‑up within the current quarter.
• Strategic Focus: Optimizing existing assets, advancing discussions with potential partners to expand finishing capabilities, and aligning the transition with Canada’s national interest in domestic steel capacity and defense supply chains.
• Carbon Reduction Goal: Full transition to EAF expected to cut carbon emissions by ~70% once complete.

Notable Quotes

“Our fourth‑quarter results were in line with expectations, reflecting the continued impact of steel tariffs and the previously announced wind‑down of our blast furnace operations… We are encouraged by the ongoing ramp‑up of the first unit of our Electric Arc Furnace (‘EAF’) project…” – Rajat Marwah, Chief Executive Officer

All amounts are in Canadian dollars.