<SEC-DOCUMENT>0001193125-21-346038.txt : 20211202
<SEC-HEADER>0001193125-21-346038.hdr.sgml : 20211202
<ACCEPTANCE-DATETIME>20211202080417
ACCESSION NUMBER:		0001193125-21-346038
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20211202
DATE AS OF CHANGE:		20211202

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Algoma Steel Group Inc.
		CENTRAL INDEX KEY:			0001860805
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-260534
		FILM NUMBER:		211464995

	BUSINESS ADDRESS:	
		STREET 1:		105 WEST STREET
		CITY:			SAULT STE. MARIE
		STATE:			A6
		ZIP:			P6A 7B4
		BUSINESS PHONE:		705-945-2351

	MAIL ADDRESS:	
		STREET 1:		105 WEST STREET
		CITY:			SAULT STE. MARIE
		STATE:			A6
		ZIP:			P6A 7B4

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	1295908 B.C. LTD.
		DATE OF NAME CHANGE:	20210505
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>d197420d424b3.htm
<DESCRIPTION>424B3
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<TITLE>424B3</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed Pursuant to Rule 424(b)(3) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-260534</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PROSPECTUS SUPPLEMENT NO. 3 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(to prospectus dated
November&nbsp;5, 2021) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>ALGOMA STEEL GROUP INC. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>129,836,439 Common Shares </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>604,000 Warrants to Purchase Common Shares </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>24,179,000 Common Shares Underlying Warrants </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This prospectus supplement
amends and supplements the prospectus dated November&nbsp;5, 2021, as supplemented or amended from time to time (the &#147;Prospectus&#148;), which forms a part of our Registration Statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT>
(Registration Statement <FONT STYLE="white-space:nowrap">No.&nbsp;333-260534).</FONT> This prospectus supplement is being filed to update and supplement the information included or incorporated by reference in the Prospectus with the information
contained in our Report on Form <FONT STYLE="white-space:nowrap">6-K,</FONT> furnished to the Securities and Exchange Commission on December&nbsp;2, 2021 (the &#147;Form <FONT STYLE="white-space:nowrap">6-K&#148;).</FONT> Accordingly, we have
attached the Form <FONT STYLE="white-space:nowrap">6-K</FONT> to this prospectus supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This prospectus supplement updates and supplements the
information in the Prospectus and is not complete without, and may not be delivered or utilized except in combination with, the Prospectus, including any amendments or supplements thereto. This prospectus supplement should be read in conjunction
with the Prospectus and if there is any inconsistency between the information in the Prospectus and this prospectus supplement, you should rely on the information in this prospectus supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Common Shares and Warrants are listed on The Nasdaq Stock Market (&#147;Nasdaq&#148;) under the symbols &#147;ASTL&#148; and &#147;ASTLW&#148;,
respectively, and on the Toronto Stock Exchange (the &#147;TSX&#148;) under the symbols &#147;ASTL&#148; and &#147;ASTL.WT,&#148; respectively. On December&nbsp;1, 2021, the last reported sales prices of the Common Shares on Nasdaq and the TSX were
$10.48 and C$13.36, respectively, and the last reported sales prices of the Warrants were $2.85 and C$3.70, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>We are a &#147;foreign
private issuer&#148; as defined in the U.S. Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), and are exempt from certain rules under the Exchange Act that impose certain disclosure obligations and procedural requirements
for proxy solicitations under Section&nbsp;14 of the Exchange Act. In addition, our officers, directors and principal shareholders are exempt from the reporting and &#147;short-swing&#148; profit recovery provisions under Section&nbsp;16 of the
Exchange Act. Moreover, we are not required to file periodic reports and financial statements with the U.S. Securities and Exchange Commission as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.
Additionally, Nasdaq rules allow foreign private issuers to follow home country practices in lieu of certain of Nasdaq&#146;s corporate governance rules. As a result, our shareholders may not have the same protections afforded to shareholders of
companies that are subject to all Nasdaq corporate governance requirements. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Investing in our securities
involves a high degree of risk. You should review carefully the risks and uncertainties described under the heading &#147;Risk Factors&#148; beginning on page 7 of the Prospectus, and under similar headings in any amendment or supplements to the
Prospectus. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>None of the Securities and Exchange Commission, any state securities commission or the securities commission of any Canadian province
or territory has approved or disapproved of the securities offered by this prospectus supplement or the Prospectus or determined if the Prospectus or this prospectus supplement is truthful or complete. Any representation to the contrary is a
criminal offense. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The date of this prospectus supplement is December&nbsp;2, 2021. </B></P>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">6-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REPORT OF
FOREIGN PRIVATE ISSUER </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO RULE <FONT STYLE="white-space:nowrap">13a-16</FONT> OR
<FONT STYLE="white-space:nowrap">15d-16</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of December 2021 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File Number <FONT STYLE="white-space:nowrap">001-40924</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>ALGOMA STEEL GROUP INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of Registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>N/A </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Translation of Registrant&#146;s name) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>105 West Street </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Sault
Ste. Marie, Ontario </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>P6A 7B4, Canada </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(705) <FONT STYLE="white-space:nowrap">945-2351</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address and telephone number of registrant&#146;s principal executive offices) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant files or will file annual reports under cover of Form <FONT STYLE="white-space:nowrap">20-F</FONT> or Form <FONT
STYLE="white-space:nowrap">40-F:</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form
<FONT STYLE="white-space:nowrap">20-F&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form</FONT> <FONT STYLE="white-space:nowrap">40-F&nbsp;&nbsp;&#9744;</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form <FONT STYLE="white-space:nowrap">6-K</FONT> in paper as permitted by Regulation <FONT
STYLE="white-space:nowrap">S-T</FONT> Rule 101(b)(1):&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form <FONT
STYLE="white-space:nowrap">6-K</FONT> in paper as permitted by Regulation <FONT STYLE="white-space:nowrap">S-T</FONT> Rule 101(b)(7):&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DOCUMENTS INCLUDED AS PART OF THIS REPORT </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release, dated December&nbsp;2, 2021.</TD></TR>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Algoma Steel Group Inc.</B></P></TD></TR>
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<TD VALIGN="top">Date: December&nbsp;2, 2021</TD>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ John Naccarato</P></TD></TR>
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<TD VALIGN="top">Name: John Naccarato</TD></TR>
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<TD VALIGN="top">Title: Vice President Strategy and General Counsel</TD></TR>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MEDIA RELEASE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December&nbsp;2,
2021 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Algoma Steel Selects Danieli as Technology Provider for New Electric Arc Steelmaking Facility </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">SAULT STE. MARIE, ONTARIO (December 2, 2021) &#150; Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (&#147;Algoma&#148; or &#147;the
Company&#148;), a leading Canadian producer of hot and cold rolled steel sheet and plate products, today announced that it has selected Danieli&nbsp;&amp; C. Officine Meccaniche S.p.A (&#147;Danieli&#148;) as the sole technology provider for their
new electric arc (EAF) steelmaking facility. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">After a rigorous review of world class suppliers, Danieli&#146;s proven AC-Digimelter
technology powered by <FONT STYLE="white-space:nowrap">Q-One</FONT> digital power systems was determined to be the best choice for Algoma&#146;s needs as it transitions away from basic oxygen steelmaking. The transformation is expected to reduce
Algoma&#146;s carbon emissions by approximately 70%, positioning Algoma as one of North America&#146;s leading providers of green steel. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The new green steel shop will have a design capacity of 3.7&nbsp;million tons of liquid steel with two
<FONT STYLE="white-space:nowrap">250-ton</FONT> electric arc furnaces at its core, powered by two <FONT STYLE="white-space:nowrap">Q-One</FONT> digital power systems with a rated capacity in excess of 190 MVA each.
<FONT STYLE="white-space:nowrap">Q-One</FONT> is a patented technology capable of continuously varying the frequency during each of the melting phases, improving energy efficiency and electrode consumption. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The new EAF will be designed to produce high quality liquid steel from recycled steel scrap, with the option for the direct addition of a wide
range of other iron inputs. The new technology is optimized for process quality, low operating costs, and enhanced safety through the extensive application of mechatronic technologies. The design also provides for <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">best-in-class</FONT></FONT> environmental performance with engineered enclosures encapsulating the two furnaces to minimize noise and emissions, and the <FONT STYLE="white-space:nowrap">Q-Melt</FONT> automatic process
control delivering superior energy efficiency. Two new <FONT STYLE="white-space:nowrap">off-gas</FONT> treatment plants including baghouses, and a dedicated recirculating water treatment plant will combine to provide the leading technology for
emission control and filtration, and water conservation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Rounding out the package, the facility design includes an automated scrap yard
featuring automatic cranes, scrap visual recognition, and automatic scrap sorting and charging. A new Danieli Twin-Tank Vacuum Degasser with an oxygen blowing facility will also be added to the process route to deliver advanced grades of steel and
further enhance steel cleanliness and final product quality. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The new electric arc facility is expected to be in operation in early 2024.
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Algoma Steel Inc<B>. | </B>105 West Street, Sault Ste. Marie, ON, Canada P6A 7B4 <B>| </B>T: <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">705-945-2351</FONT></FONT> F: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">705-945-2203</FONT></FONT> <B>| </B>algoma.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>YOUR PARTNER IN STEEL.</B> SINCE 1901 </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Algoma Steel Group Inc. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Based in Sault Ste. Marie, Ontario, Canada, Algoma is a fully integrated producer of hot and cold rolled steel products including sheet and
plate. With a current raw steel production capacity of an estimated 2.8&nbsp;million tons per year, Algoma&#146;s size and diverse capabilities enable it to deliver responsive, customer-driven product solutions straight from the ladle to direct
applications in the automotive, construction, energy, defense, and manufacturing sectors. Algoma is a key supplier of steel products to customers in Canada and Midwest USA and is the only producer of plate steel products in Canada. The
Company&#146;s mill is one of the lowest cost producers of hot rolled sheet steel (HRC) in North America owing in part to its
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">state-of-the-art</FONT></FONT></FONT> Direct Strip Production Complex (&#147;DSPC&#148;), which is the newest thin slab caster in North America with
direct coupling to a basic oxygen furnace (BOF) melt shop. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Algoma has achieved several meaningful improvements over the last several
years that are expected to result in enhanced long-term profitability for the business. Algoma has upgraded its DSPC facility and recently installed its No.&nbsp;2 Ladle Metallurgy Furnace. Additionally, the Company has cost cutting initiatives
underway and is in the process of modernizing its plate mill facilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Today Algoma is returning to its roots as a customer-focused,
entrepreneurial company with the courage and growing capability to meet the industry&#146;s challenges <FONT STYLE="white-space:nowrap">head-on.</FONT> It is investing in its people and processes, optimizing and modernizing so that it might continue
to be your partner in steel. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Danieli&nbsp;&amp; C. Officine Meccaniche S.p.A </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Danieli is an&nbsp;industry-leading <I>full cycle provider</I>&nbsp;from raw materials to finished products in the metals industry. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cautionary Statement Regarding Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This news release contains &#147;forward-looking information&#148; under applicable Canadian securities legislation and &#147;forward-looking
statements&#148; within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, &#147;forward looking statements&#148;), including statements regarding Algoma&#146;s planned EAF transformation and the anticipated
technologic features and benefits of the planned EAF design. These forward-looking statements generally are identified by the words &#147;believe,&#148; &#147;project,&#148; &#147;expect,&#148; &#147;anticipate,&#148; &#147;estimate,&#148;
&#147;intend,&#148; &#147;strategy,&#148; &#147;future,&#148; &#147;opportunity,&#148; &#147;plan,&#148; &#147;pipeline,&#148; &#147;may,&#148; &#147;should,&#148; &#147;will,&#148; &#147;would,&#148; &#147;will be,&#148; &#147;will continue,&#148;
&#147;will likely result,&#148; and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions. Many factors could cause actual future
events to differ materially from the forward-looking statements in this document, including but not limited to: the risks that Algoma will be unable to realize its business plans and strategic objectives, including its investment in electric arc
steelmaking, the timing thereof, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Algoma Steel Inc<B>. </B><B>|</B><B> </B>105 West Street, Sault Ste. Marie, ON, Canada P6A 7B4 <B>| </B>T: 705-945-2351 F: 705-945-2203 <B>|
</B>algoma.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>YOUR PARTNER IN STEEL.</B> SINCE 1901 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
the availability of electric power and related reduction in emissions; the risks associated with the steel industry generally; and changes in general economic conditions, including as a result of
the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic. The foregoing list of factors is not exhaustive and readers should also consider the other risks and uncertainties set forth in the section entitled &#147;Risk Factors&#148; and
&#147;Cautionary Note Regarding Forward-Looking Statements&#148; in Algoma&#146;s public filings, including the registration statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> filed by Algoma with the Securities and Exchange Commission
and the prospectus filed with the Ontario Securities Commission. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Algoma assumes no obligation and
does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Media
Contacts: </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Marco Sattolo </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Danieli </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>m.sattolo@danieli.com</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brenda Stenta </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Algoma Steel Group Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>brenda.stenta@algoma.com </U></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Algoma Steel Inc<B>. </B><B>|</B><B> </B>105 West Street, Sault Ste. Marie, ON, Canada P6A 7B4 <B>| </B>T: 705-945-2351 F: 705-945-2203 <B>|
</B>algoma.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>YOUR PARTNER IN STEEL.</B> SINCE 1901 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
