<SEC-DOCUMENT>0001193125-23-005004.txt : 20230110
<SEC-HEADER>0001193125-23-005004.hdr.sgml : 20230110
<ACCEPTANCE-DATETIME>20230109213016
ACCESSION NUMBER:		0001193125-23-005004
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230110
DATE AS OF CHANGE:		20230109

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:		23519540

	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>424B3
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<DESCRIPTION>424B3
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PROSPECTUS SUPPLEMENT NO. 16</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>(to
prospectus dated June 30, 2022)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <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:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-260534</FONT></B></P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</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:18pt; 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:18pt; 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 June&nbsp;30, 2022, 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 January&nbsp;9, 2023 (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 January&nbsp;9, 2023, the last reported sales prices of the Common Shares on Nasdaq and the TSX were
$6.35 and C$8.50, respectively, and the last reported sales prices of the Warrants were $1.15 and C$1.55, 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 6 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="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The date of this prospectus supplement is January&nbsp;9, 2023. </B></P>
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<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 6-K
</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 15d-16 </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 January 2023 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File Number 001-40924 </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 into English) </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 of 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 40-F:
</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;</FONT>
&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form <FONT STYLE="white-space:nowrap">40-F&nbsp;&nbsp;</FONT> &#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 S-8 (Commission
File No.&nbsp;333-264063) 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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<TD VALIGN="top" NOWRAP>99.1</TD>
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<TD VALIGN="top">Press release dated January 9, 2023</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: January 9, 2023</TD>
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<TD VALIGN="top">By:</TD>
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<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">4 </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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<IMG SRC="g389381dsp001.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Algoma Steel Provides Fiscal Third Quarter 2023 Guidance </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January&nbsp;9, 2023 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SAULT STE. MARIE, Ontario, Jan. 09, 2023
(GLOBE NEWSWIRE) &#151; 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
third quarter 2023. Unless otherwise specified, all amounts are in Canadian dollars. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fiscal third quarter 2023 total steel shipments are expected to be
approximately 455,000 tons and Adjusted EBITDA is expected to be in a range of $(35) million to $(45) 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;The sequential decrease in steel shipments and Adjusted EBITDA as compared to the fiscal second quarter 2023 is largely due to lower than expected plate shipments, continued softening in steel pricing, and normal
seasonal maintenance activities ahead of winter, which we discussed on our most recent earnings call on November&nbsp;8, 2022. Despite a return to more typical levels of unfinished plate production, total plate shipments were adversely impacted by
temporary downstream finishing constraints as we ramped up plate production. These impacts to Adjusted EBITDA adversely offset the expected benefit of higher sequential production volumes from the Direct Strip Production Complex operations as
compared to the fiscal second quarter 2023.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Garcia continued, &#147;We expect to produce Adjusted EBITDA of $395&nbsp;million to
$405&nbsp;million for the first nine months of our fiscal 2023. I am pleased that the plate mill has resumed normal production levels. We expect to return to more normalized shipments in calendar 2023, and to apply the lessons learned during phase
one of the Plate Mill Modernization to our future capital projects. This will reflect the more robust earning power of Algoma. We remain laser focused on completion of our transformative electric arc furnace project, which remains on budget and on
track to be producing steel in calendar 2024, as we transition to being one of the greenest producers of steel in North America.&#148; </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 future as a
leading producer of green steel, Algoma&#146;s Adjusted EBITDA guidance, estimated shipments for the third quarter of fiscal 2023, expectations regarding the return to normalized plate shipments 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 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 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>
</DIV></Center>


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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"><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. Having upgraded its DSPC facility and recently installed its No.&nbsp;2 Ladle Metallurgy Furnace, Algoma is on a transformational journey, modernizing its plate mill facilities and transitioning to electric arc steelmaking, securing its
future as a leading producer of green steel. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Today Algoma is 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>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:6pt; 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>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
