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.
Key figures
- Revenue
- 249.4
- Guidance
- Adjusted EBITDA loss of $13.9M in line with previously announced expectations; Unit Two expected to contribute to production and shipments in Q4 2026
- Revenue Yoy
- -52%
- Cash
- 152400000
- Capex
- 67700000
- Cost per ton
- 1492
- Shipments yoy
- -65.5%
- Shipments tons
- 144527
- Realization yoy
- +33.7%
- Lelt loan advances
- 124500000
- Prior year revenue
- 523900000
- Direct tariff costs
- 18100000
- Cash from operations
- 78600000
- Us share of shipments
- 24%
- Adjusted ebitda margin
- -5.6%
- Total available liquidity
- 428000000
- Net sales realization per ton
- 1510
- Capacity utilization costs excluded
- 53100000
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