Algoma Steel Reports Strong Q1 Results

Record Financial Performance Driven by Operational Excellence

Webcast and Conference Call Scheduled for August 14, 2024

SAULT STE. MARIE, Ontario, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (TSX: ASTL) today reported financial results for the first quarter of fiscal 2025, ended June 30, 2024.

Financial Highlights:

• Revenue of $474.52 million, a decrease of $228.89 million or 32.5% compared to the first quarter of fiscal 2024.
• Net earnings of $70.2 million, compared to a net loss of $11.1 million in the first quarter of fiscal 2024.
• Earnings per share of $0.42, compared to a loss per share of $0.07 in the first quarter of fiscal 2024.

Operational Highlights:

• Lost Time Injury Frequency (LTIF) of 0.78, a significant improvement compared to 1.05 in the first quarter of fiscal 2024.
• Record-high production levels at the Hot Strip Mill and Plate Mill.
• Successful implementation of cost-saving initiatives.

"We are very pleased with our strong performance in the first quarter of fiscal 2025," said Michael McQuade, President and CEO of Algoma Steel. "Our team has worked diligently to improve our operations, reduce costs, and deliver value to our shareholders. We believe that we are on track to achieve our long-term financial and operational goals."

Algoma Steel will host a webcast and conference call to discuss the financial results on August 14, 2024, at 11:00 AM EDT. The webcast will be available on Algoma Steel's website at www.algoma.com.

About Algoma Steel Algoma Steel is a fully integrated steel producer based in Sault Ste. Marie, Ontario, with a production capacity of approximately 2.5 million tons per year. The company manufactures a wide range of steel products, including hot and cold rolled sheet and plate, as well as tubular products. Algoma Steel's products are used in various industries, including automotive, construction, shipbuilding, and energy.