Algoma Steel Sees Mixed Q3 Earnings Forecast

SAULT STE. MARIE, Ontario, Oct. 01, 2026 /CourierPR/ -- Algoma Steel Group Inc., a leading Canadian producer of steel plate and hot rolled sheet products, has provided guidance for its third quarter 2026 financial performance. The company anticipates total steel shipments for the quarter to be approximately 145,000 tons, with Adjusted EBITDA expected to be in the range of negative $10 million to negative $20 million. The guidance includes a benefit from an expected capacity utilization adjustment of approximately $50 million to $55 million.

In a statement, Rajat Marwah, Chief Executive Officer of Algoma, highlighted the successful installation of a replacement turbine at Lake Superior Power and the subsequent restoration of full power at the plant. He noted that all electrical equipment on EAF Unit Two has been tested, and the company expects to commence production and shipments from Unit Two in the fourth quarter, with first heat expected in the coming days.

Michael Moraca, Chief Financial Officer of Algoma, also provided insight into the quarter's results, explaining that the LSP turbine outage had temporarily constrained EAF production and affected shipment volumes. The company used the outage period to accelerate planned maintenance and advance commissioning activities at EAF Unit Two, which will help reduce future planned downtime.

Algoma Steel Group Inc. is based in Sault Ste. Marie, Ontario, and is a leading Canadian producer of high-quality plate and sheet steel products. The company is guided by a purpose to build better lives and a greener future, and is redefining how steel is made in Canada through the transition to electric arc furnace (EAF) steelmaking. This transformation represents one of the largest industrial decarbonization initiatives in North America, with the potential to reduce carbon emissions by approximately 70% once fully transitioned.

Algoma Steel Group Inc. is well-positioned to continue its transformation journey, with the introduction of Volta™, the brand for all steel produced through its EAF technology. Volta™ delivers the same trusted performance customers rely on, with significantly lower emissions, produced safely, sustainably, and proudly in Canada.

The company's future as a leading producer of green steel is supported by its modernization of the plate mill facilities and continued investment in diversification projects aligned with Canada's evolving needs. Algoma Steel Group Inc. is committed to delivering responsible, Canadian-made steel that helps build a better tomorrow.

Algoma Steel Group Inc. is a leading Canadian producer of steel plate and hot rolled sheet products, with a focus on supporting critical sectors including energy, defense, automotive, shipbuilding, and infrastructure. The company is guided by a purpose to build better lives and a greener future, and is redefining how steel is made in Canada through the transition to electric arc furnace (EAF) steelmaking. This transformation represents one of the largest industrial decarbonization initiatives in North America, with the potential to reduce carbon emissions by approximately 70% once fully transitioned. Algoma Steel Group Inc. is committed to delivering responsible, Canadian-made steel that helps build a better tomorrow.