<SEC-DOCUMENT>0001193125-22-252746.txt : 20220928
<SEC-HEADER>0001193125-22-252746.hdr.sgml : 20220928
<ACCEPTANCE-DATETIME>20220928091159
ACCESSION NUMBER:		0001193125-22-252746
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20220928
FILED AS OF DATE:		20220928
DATE AS OF CHANGE:		20220928

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40924
		FILM NUMBER:		221272900

	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
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<TYPE>6-K
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<FILENAME>d375029d6k.htm
<DESCRIPTION>6-K
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<Center><DIV STYLE="width:8.5in" align="left">
 <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><FONT
STYLE="white-space:nowrap">FORM&nbsp;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
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">RULE&nbsp;13a-16&nbsp;OR&nbsp;15d-16</FONT></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 September 2022 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File <FONT STYLE="white-space:nowrap">Number&nbsp;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><FONT STYLE="white-space:nowrap">(705)&nbsp;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 <FONT STYLE="white-space:nowrap">Form&nbsp;20-F&nbsp;or</FONT> <FONT
STYLE="white-space:nowrap">Form&nbsp;40-F:</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="white-space:nowrap">Form&nbsp;20-F&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Form&nbsp;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
<FONT STYLE="white-space:nowrap">Form&nbsp;6-K&nbsp;in</FONT> paper as permitted by <FONT STYLE="white-space:nowrap">Regulation&nbsp;S-T&nbsp;Rule</FONT> 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 <FONT STYLE="white-space:nowrap">Form&nbsp;6-K&nbsp;in</FONT> paper as permitted by <FONT
STYLE="white-space:nowrap">Regulation&nbsp;S-T&nbsp;Rule</FONT> 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>INCORPORATION BY REFERENCE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exhibit 99.1 of this Form <FONT STYLE="white-space:nowrap">6-K</FONT> is incorporated by reference into the Registration Statement on Form <FONT
STYLE="white-space:nowrap">S-8</FONT> (Commission File <FONT STYLE="white-space:nowrap">No.&nbsp;333-264063)</FONT> of the Registrant, Algoma Steel Group Inc. </P>
 <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>DOCUMENTS INCLUDED AS PART OF THIS REPORT </B></P>
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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d375029dex991.htm">Press Release dated September 27, 2022 </A></TD></TR>
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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="top" COLSPAN="3"><B>Algoma Steel Group Inc.</B></TD></TR>
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<TD VALIGN="top">Date: September 28, 2022</TD>
<TD VALIGN="bottom">&nbsp;</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: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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<IMG SRC="g375029g97n85.gif" ALT="LOGO">
 </P> <P STYLE="font-size:0pt;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"><B>Algoma Steel Provides Fiscal Second
Quarter 2023 Guidance </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SAULT STE. MARIE, Ontario, Sept. 27, 2022 - 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 provided guidance for its fiscal second quarter 2023. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fiscal second quarter 2023 Adjusted EBITDA is expected to be in a range of $75&nbsp;million to $80&nbsp;million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Michael Garcia, the Company&#146;s Chief Executive Officer, commented, &#147;Our projected fiscal second-quarter results largely reflect previously disclosed
operational challenges, as well as the continued decline in prices for our finished products, both of which had a negative impact on overall profitability.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Garcia continued, &#147;In the quarter we experienced a production shortfall due to various operational challenges, resulting in a decline in
shipments to an estimated 415,000 to 425,000 tons for the quarter. The most significant of these challenges was the previously disclosed plate mill modernization commissioning delay. Additionally, volume through our direct strip production complex
(DSPC) was negatively affected by production shortfalls mainly due to temporary workforce availability events. We are implementing various measures to address these issues. We believe most plate mill issues are behind us and we are now operating
above 80% capacity. We continue to work with our vendor on mill automation software to reach our full product lineup and capacity. With respect to the coal conveyor that was damaged by fire in the quarter resulting in higher costs, repair work is
expected to be completed in early October, allowing internal coke production to return to 100% capacity.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Amid the challenges faced in the
quarter, we continue to see steady demand for our products and are advancing the development and construction of our transformative Electric Arc Furnace project, which remains on time and on budget for a
<FONT STYLE="white-space:nowrap">mid-year</FONT> 2024 <FONT STYLE="white-space:nowrap">start-up.</FONT> Additionally, we are pleased to have reached a labour agreement with our unionized workforce that provides labour security for the next five
years. With a robust balance sheet, a continued strong cash generating outlook, and a prudent capital return program, we believe we are well positioned to address these near-term obstacles and deliver long-term value creation for all of our
stakeholders,&#148; Mr.&nbsp;Garcia concluded. </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Algoma Steel
Inc.<B>&nbsp;&nbsp;|&nbsp;&nbsp;</B>105 West Street, Sault Ste. Marie, ON, Canada P6A 7B4<B>&nbsp;&nbsp;|&nbsp;&nbsp;</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&nbsp;&nbsp;</FONT></FONT><B>|&nbsp;&nbsp;</B>algoma.com </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>YOUR
PARTNER IN STEEL. </B>SINCE 1901<B> </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Algoma Steel Inc. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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">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">Today Algoma is on a transformation journey, investing in its people and processes, optimizing and modernizing to secure a sustainable future. Our customer
focus, growing capability and courage to meet the industry&#146;s challenges <FONT STYLE="white-space:nowrap">head-on,</FONT> position us firmly as your partner in steel. </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">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 Adjusted EBITDA guidance, estimated shipments for the second quarter
of fiscal 2023, expectations regarding the timing to return the facility hosting the coal conveyor to full production and expectations of enhanced long-term profitability for the business, Algoma&#146;s ability to deliver long-term value creation
for all of its stakeholders and the timeline for completion of the transformation to Electric Arc Furnace steelmaking. 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 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Algoma Steel
Inc.<B>&nbsp;&nbsp;|&nbsp;&nbsp;</B>105 West Street, Sault Ste. Marie, ON, Canada P6A 7B4<B>&nbsp;&nbsp;|&nbsp;&nbsp;</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&nbsp;&nbsp;</FONT></FONT><B>|&nbsp;&nbsp;</B>algoma.com </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>YOUR
PARTNER IN STEEL. </B>SINCE 1901<B> </B></P>
 <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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investment in and transition to electric arc steelmaking; risks relating to short-term absenteeism affecting production due to reduced available operations workforce, as well as challenges of
commissioning new technology in an operating mill which, through delays and other challenges, may impact volumes; 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, inflation and the ongoing conflict in Ukraine. 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 Annual Report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> filed with the SEC (available at www.sec.gov), and the Ontario
Securities Commission (&#147;OSC&#148;) (available under Algoma&#146;s SEDAR profile at www.sedar.com), and in Algoma&#146;s other public filings with the SEC and the OSC. 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:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-IFRS</FONT> Financial Measures </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To supplement our financial statements, which are prepared in accordance with International Financial Reporting Standards as issued by the International
Accounting Standards Board (&#147;IFRS&#148;), we use certain <FONT STYLE="white-space:nowrap">non-IFRS</FONT> measures to evaluate the performance of Algoma. These terms do not have any standardized meaning prescribed within IFRS and, therefore,
may not be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing a further understanding of our financial performance from
management&#146;s perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Adjusted EBITDA, as we define it, refers to net (loss) income before amortization of property, plant, equipment and amortization of intangible assets, finance
costs, interest on pension and other post-employment benefit obligations, income taxes, foreign exchange loss (gain), finance income, carbon tax, changes in fair value of warrant, earnout and share-based compensation liabilities, transaction costs
and share based compensation related to performance share units. Adjusted EBITDA is not intended to represent cash flow from operations, as defined by IFRS, and should not be considered as alternatives to net earnings, cash flow from operations, or
any other measure of performance prescribed by IFRS. Adjusted EBITDA, as we define and use it, may not be comparable to Adjusted EBITDA as defined and used by other companies. We consider Adjusted EBITDA to be a meaningful measure to assess our
operating performance in addition to IFRS measures. It is included because we believe it can be useful in measuring our operating performance and our ability to expand our business and provide management and investors with additional information for
comparison of our operating results across different time periods </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Algoma Steel Inc.<B>&nbsp;&nbsp;|&nbsp;&nbsp;</B>105 West Street, Sault Ste. Marie, ON, Canada P6A 7B4<B>&nbsp;&nbsp;|&nbsp;&nbsp;</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&nbsp;&nbsp;</FONT></FONT><B>|&nbsp;&nbsp;</B>algoma.com </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>YOUR PARTNER IN STEEL. </B>SINCE 1901<B> </B></P>
 <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">
and to the operating results of other companies. Adjusted EBITDA is also used by analysts and our lenders as a measure of our financial performance. However, Adjusted EBITDA has limitations as an
analytical tool and should not be considered in isolation from, or as an alternative to, net income, cash flow from operations or other data prepared in accordance with IFRS. Because of these limitations, Adjusted EBITDA should not be considered as
a measure of discretionary cash available to invest in business growth or to reduce indebtedness. We compensate for these limitations by relying primarily on our IFRS results using Adjusted EBITDA only as a supplement to such results. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For more information, please contact: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Michael Moraca
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Treasurer&nbsp;&amp; Investor Relations Officer </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Algoma
Steel Group Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Phone: 705.945.3300 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap">E-mail:</FONT> IR@algoma.com </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Algoma Steel
Inc.<B>&nbsp;&nbsp;|&nbsp;&nbsp;</B>105 West Street, Sault Ste. Marie, ON, Canada P6A 7B4<B>&nbsp;&nbsp;|&nbsp;&nbsp;</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&nbsp;&nbsp;</FONT></FONT><B>|&nbsp;&nbsp;</B>algoma.com </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>YOUR
PARTNER IN STEEL. </B>SINCE 1901<B> </B></P>
 <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">4 </P>

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