Research analysts who have asked questions during Algoma Steel Group earnings calls.
IG
Ian Gillies
Stifel
8 questions for ASTL
Also covers: STN
DO
David Ocampo
Cormark Securities
7 questions for ASTL
Also covers: ATS
JM
James McGarragle
RBC Capital Markets
4 questions for ASTL
Also covers: CAE
KJ
Katja Jancic
BMO Capital Markets
4 questions for ASTL
Also covers: AA, ARCH, BTU +9 more
KG
Katja Gencic
BMO Capital Markets
1 question for ASTL
Recent press releases and 8-K filings for ASTL.
Algoma Steel and Hanwha Ocean Sign Strategic MOU
ASTL
New Projects/Investments
- Algoma Steel Group Inc. has entered into a binding Memorandum of Understanding (MOU) with Hanwha Ocean Co., Ltd. for a long-term strategic arrangement to support Canada's future submarine program.
- Hanwha Ocean will provide Algoma with up to USD $250 million (approx. CAD $345 million), which includes a USD $200 million cash contribution for the potential development of a structural steel beam mill and up to USD $50 million in anticipated purchases of Algoma products.
- The MOU is contingent on Hanwha Ocean being awarded and entering into an effective contract under the Canadian Patrol Submarine Project (CPSP) and the execution of definitive agreements with Algoma.
- Following the commencement of operations of the beam facility, Algoma will be required to make annual payments to Hanwha Ocean for ten years, equal to 3.0% of the net sales of the beam mill facility, subject to its financial performance.
Jan 27, 2026, 2:01 AM
Algoma Steel and Hanwha Ocean Sign Strategic MOU
ASTL
New Projects/Investments
- Algoma Steel Inc. has entered into a binding Memorandum of Understanding (MOU) with Hanwha Ocean Co., Ltd. for a long-term strategic arrangement to support Canada's future submarine program.
- The arrangement has an aggregate potential value of USD $250 million (approx. CAD $345 million).
- This value comprises a USD $200 million (approx. CAD $275 million) cash contribution from Hanwha Ocean for the potential development of a structural steel beam mill in Sault Ste. Marie, Ontario, and anticipated purchases of Algoma products up to USD $50 million.
- The MOU is contingent on Hanwha Ocean being awarded a contract under the Canadian Patrol Submarine Project (CPSP) and the execution of definitive agreements. Algoma will also make annual payments to Hanwha Ocean equal to 3.0% of the net sales of the beam mill facility for ten years after operations commence.
Jan 26, 2026, 5:30 PM
Algoma Steel Provides Q4 2025 Guidance and EAF Project Update
ASTL
Guidance Update
New Projects/Investments
Profit Warning
- Algoma Steel Group Inc. expects total steel shipments for the quarter ended December 31, 2025, to be in the range of 375,000 to 380,000 tons.
- Adjusted EBITDA for the quarter ended December 31, 2025, is anticipated to be between negative $95 million to negative $105 million.
- The company is continuing the ramp-up of the first unit of its Electric Arc Furnace (EAF) project, which is now operating 6 days per week, and the second unit remains on schedule, with a full transition to EAF steelmaking expected during the current quarter. This transformation is projected to reduce carbon emissions by approximately 70%.
Jan 9, 2026, 12:57 AM
Algoma Steel Provides Q4 2025 Guidance
ASTL
Guidance Update
Profit Warning
New Projects/Investments
- Algoma Steel Group Inc. expects total steel shipments for the quarter ended December 31, 2025, to be in the range of 375,000 to 380,000 tons.
- The company projects Adjusted EBITDA for the quarter ended December 31, 2025, to be between negative $95 million to negative $105 million (Canadian dollars).
- This guidance reflects the continued impact of steel tariffs and the ongoing transition to Electric Arc Furnace (EAF) steelmaking, with the first EAF unit operating 6 days per week.
Jan 8, 2026, 10:30 PM
Algoma Steel Group Inc. secures new loan agreements
ASTL
Debt Issuance
- Algoma Steel Inc., a subsidiary of Algoma Steel Group Inc., entered into secured and unsecured loan agreements on November 14, 2025, with His Majesty The King in Right of Ontario and Canada Enterprise Emergency Funding Corporation.
- A "Liquidity Trigger" is defined in the loan agreements, occurring when the Borrower's Liquidity surpasses $700,000,000.
- The company is required to submit annual audited financial statements within 120 days and unaudited quarterly financial statements within 60 days after the end of each respective fiscal period.
- Events of default under the agreements include failure to make payments on certain debt exceeding $50,000,000 or the delisting of common shares from the TSX or NASDAQ.
Dec 2, 2025, 9:07 PM
Algoma Steel completes C$500 million government financing transaction
ASTL
Debt Issuance
New Projects/Investments
- Algoma Steel Group Inc. completed a C$500 million financing transaction with the Governments of Canada and Ontario on November 17, 2025.
- The financing includes $400 million from the Canada Enterprise Emergency Funding Corporation (CEEFC) and $100 million from the Province of Ontario.
- As part of the transaction, Algoma issued 6,768,953 common share purchase warrants to CEEFC and Ontario, exercisable at $11.08 per share for a 10-year term.
- These seven-year facilities are intended to strengthen Algoma's balance sheet and provide financial flexibility to advance its Electric Arc Furnace (EAF) transformation.
Dec 1, 2025, 1:30 PM
Algoma Steel Group Inc. Completes $500 Million Government Financing
ASTL
Debt Issuance
New Projects/Investments
- Algoma Steel Group Inc. completed a $500 million financing transaction with the Governments of Canada and Ontario on November 17, 2025.
- The financing comprises $400 million from the Canada Enterprise Emergency Funding Corporation (CEEFC) and $100 million from the Province of Ontario.
- These seven-year facilities are aimed at strengthening Algoma's balance sheet and providing financial flexibility to advance its Electric Arc Furnace (EAF) transformation.
- Algoma issued 6.77 million common share purchase warrants to CEEFC and Ontario, exercisable at $11.08 for a 10-year term, vesting proportionately as unsecured draws are made.
Nov 17, 2025, 2:03 PM
Algoma Steel Group Inc. Reports Q3 2025 Results, Announces Strategic Pivot and Leadership Changes
ASTL
Earnings
Management Change
New Projects/Investments
- Algoma Steel Group Inc. reported a net loss of $485.1 million for Q3 2025, primarily due to a $503 million non-cash impairment loss, and an Adjusted EBITDA loss of $87.1 million.
- The company's Q3 2025 net sales were $473 million on 419,000 net tons shipped, with U.S. 50% tariffs contributing $90 million to tariff costs.
- To bolster liquidity, Algoma secured $500 million in government loan facilities and expanded its ABL credit facility to $375 million.
- The Electric Arc Furnace (EAF) project's cumulative investment reached $910 million as of September 30, 2025, with an expected total cost of $987 million, as the company accelerates its EAF transformation and pivots to focus on the Canadian market.
- Rajat Marwah will assume the role of CEO and Michael Morocco will become CFO, effective January 1, 2026, following the retirement of current CEO Michael Garcia.
Oct 30, 2025, 3:00 PM
Algoma Steel Group Reports Third Quarter 2025 Financial Results
ASTL
Earnings
Profit Warning
Dividends
- Algoma Steel Group Inc. reported a net loss of $485.1 million for the third quarter of 2025, which included a non-cash impairment loss of $503.4 million, compared to a net loss of $106.6 million in the prior-year quarter. Consolidated revenue for the quarter was $523.9 million, and the company recorded an Adjusted EBITDA loss of $87.1 million.
- The company is accelerating its Electric Arc Furnace (EAF) transition, with plans to transition to a five-day-per-week operating schedule in mid-November 2025. To support its operations and strategic transformation, Algoma Steel has secured C$500 million in liquidity support, comprising C$400 million from the Government of Canada and C$100 million from the Province of Ontario.
- U.S. trade actions, including a 50% tariff on steel imports, continued to impact results, leading to a $32 million reduction in Canadian sales revenue and $89.7 million in direct tariff costs for the third quarter of 2025.
- To preserve liquidity and financial flexibility, the Board of Directors has made the decision to suspend the regular quarterly dividend on the company's common shares.
Oct 29, 2025, 11:10 PM
Algoma Steel Group Reports Q3 2025 Financial Results
ASTL
Earnings
Guidance Update
Demand Weakening
- Algoma Steel Group reported consolidated revenue of $523.9 million for the third quarter of 2025, a decrease from $600.3 million in the prior-year quarter, resulting in a net loss of $485.1 million compared to a net loss of $106.6 million in Q3 2024.
- The company recorded a non-cash impairment loss of $503.4 million in Q3 2025, contributing to an Adjusted EBITDA loss of $87.1 million, a significant decline from the Adjusted EBITDA of $3.5 million in the prior-year quarter.
- Algoma is advancing its electric arc furnace (EAF) ramp-up, with plans to transition to a five-day-per-week operating schedule in mid-November 2025, and has strengthened its liquidity with $500 million in government support.
Oct 29, 2025, 9:00 PM
Quarterly earnings call transcripts for Algoma Steel Group.
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