Recent Updates — ASTL
Algoma Steel Group Inc. reported a net loss of C$129.6 million, or $1.18 per share, for the third quarter ended September 30, 2026, compared to a net loss of C$485.1 million in the prior-year period. Revenue fell to C$249.4 million from C$523.9 million as shipments dropped 65.5% to 144,527 tons following the permanent halt of blast furnace operations and a transition to electric arc furnace steelmaking. Adjusted EBITDA loss narrowed to C$13.9 million from C$87.1 million, aided by higher steel prices and lower fixed costs, though direct tariff costs remained at C$18.1 million due to U.S. Section 232 duties. The company maintained approximately C$428 million in total available liquidity and commissioned a replacement turbine for its Lake Superior Power facility. Algoma Steel Group Inc. is a leading Canadian producer of steel plate and hot-rolled sheet products.
Algoma Steel Group Inc. announced it will release its financial results for the third quarter of 2026 after the market closes on Wednesday, October 28, 2026. A webcast and conference call to review the results will be held on Thursday, October 29, 2026, at 11:00 a.m. Eastern Time. Algoma Steel Group Inc. is a leading Canadian producer of high-quality plate and sheet steel products.
Algoma Steel Group Inc. provided guidance for the third quarter ended September 30, 2026, expecting total steel shipments of approximately 145,000 tons and an Adjusted EBITDA loss between negative $10 million and negative $20 million in Canadian dollars. The negative EBITDA range includes a benefit from an expected capacity utilization adjustment of approximately $50 million to $55 million. Management cited lower shipment volumes and an unfavorable sales mix due to a temporary outage at the Lake Superior Power turbine, which constrained Electric Arc Furnace production. The company has installed a replacement turbine and is operating at full power, with plans to resume production from EAF Unit Two in the fourth quarter following successful equipment testing. Algoma Steel Group Inc. operates in the steel manufacturing industry, producing plate and hot rolled sheet products.
Algoma Steel Group Inc. announced an unplanned outage at its Lake Superior Power generating facility on August 17, 2026, after a turbine unit detected an abnormal condition and went offline. The company suspended production at its electric arc furnace due to the power loss, though downstream finishing and shipping activities continue. Algoma is working with GE Vernova to commission a contracted spare turbine, expecting repairs to last no more than 21 days, while also exploring alternative power arrangements that could restore operations within approximately 10 days. The company does not anticipate significant impacts on committed customer deliveries but notes future shipment volumes may be affected. Algoma Steel Group Inc. operates in the steel manufacturing industry, producing plate and hot-rolled sheet products.