Algoma Steel Group Inc.

Algoma Steel Group Inc. Reports Financial Results for the Three Months Ended September 30, 2026

Algoma Steel reported Q3 2026 revenue of $249.4 million, down 52% from $523.9 million a year ago, with shipments down 65.5% as all production now comes from its ramping EAF platform amid 50% U.S. Section 232 tariffs. Profitability improved markedly: Adjusted EBITDA loss narrowed to $13.9 million (in line with guidance) from $87.1 million, and net loss shrank to $129.6 million from $485.1 million, helped by a 33.7% jump in net sales realization per ton to $1,510. EAF Unit Two produced first steel on October 9, power was fully restored at Lake Superior Power, and the company ended the quarter with roughly $428 million in liquidity including $124.5 million of new government loan advances. U.S.-bound shipments fell to 24% of total from 50% a year ago as tariffs persist, though the Canada-centric plate-first strategy and government steel support measures underpin the pivot toward profitability.

•11d ago

Algoma Steel Group Inc. Provides Update on Lake Superior Power Plant Outage

Algoma has resumed electric arc furnace production as of August 29, 2026 under interim operating arrangements agreed with Ontario's grid operator IESO, while the affected turbine at its Lake Superior Power facility remains unavailable. The company is pursuing repair of the damaged turbine and procurement of a replacement turbine in parallel with GE and other parties, with no timeline yet disclosed for restoring full LSP generating capacity. The impact on production and shipments is still being assessed, though Algoma says the mitigation measures now in place are expected to reduce the potential production impact.

•2mo ago

Algoma Steel Group Inc. Provides Guidance for the Second Quarter 2026

Algoma Steel guided Q2 2026 Adjusted EBITDA to CAD $5–15 million on steel shipments of 175,000–180,000 tons. The EBITDA range includes a CAD $45 million final insurance settlement from the January 2024 coke-making utility corridor incident and an approximately CAD $50–55 million capacity utilization adjustment benefit, meaning underlying operating EBITDA is deeply negative when these items are excluded. CEO Rajat Marwah highlighted record plate sales and continued ramp-up of the first electric arc furnace unit, with the second EAF expected online in H2 2026, while noting tariffs remain a structural headwind and broader market conditions pressured shipment volumes. The EAF transformation is expected to reduce carbon emissions by approximately 70% once fully complete, with Volta™ branding for all EAF-produced steel.

•4mo ago

Algoma Steel Group Inc. Reports Financial Results for the Three Months Ended March 31, 2026

globenewswire.com•5mo ago

Algoma Steel Group Inc. to Announce 2026 First Quarter Results May 12, 2026

globenewswire.com•6mo ago

Algoma Steel Group Inc. Provides Guidance for the First Quarter 2026

globenewswire.com•7mo ago