Algoma Steel Provides Guidance for the Third Quarter 2025 and Announces Board Update

Executive Summary

• Algoma Steel provided Q3 2025 guidance, projecting steel shipments of ~415‑420 k net tons and Adjusted EBITDA of a negative $80 M to $90 M.
• The company achieved its first arc and first steel from the new electric arc furnace (EAF) in July, marking a key step toward low‑carbon steelmaking.
• Board of Directors member David Sgro resigned for personal reasons; the board thanked him for his contributions.

Key Details

• Guidance – Shipments: 415,000 – 420,000 net tons for the quarter ended September 30, 2025.
• Guidance – Adjusted EBITDA: Expected range of ‑$80 M to ‑$90 M (CAD).
• Operational Milestone: First arc and first steel produced from the EAF in July 2025, supporting Algoma’s transformation to low‑carbon production.
• Financial Flexibility: Enhanced by federal and provincial support programs (details not disclosed).
• Strategic Focus: Prioritizing Canadian market demand with a plate and coil product mix.
• Board Resignation: David Sgro stepped down; his roles included Chair of the Human Resources & Compensation Committee and member of Operations & Capital Projects Committee.
• Comments – CEO Michael Garcia: Emphasized progress on EAF, trade headwinds, and confidence in long‑term value creation.
• Comments – Board Chair Andy Harshaw: Recognized Sgro’s contributions to the transformation journey.

Notable Quotes

“Despite ongoing trade headwinds, we achieved first arc and first steel from our electric arc furnace (EAF) in July—marking a critical milestone in our transformation to low‑carbon steelmaking.” – Michael Garcia, CEO

“We thank David for his lasting impact and valuable contributions during his tenure.” – Andy Harshaw, Chair of the Board