Algoma Steel Group Inc. Provides Guidance for the First Quarter 2026

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SAULT STE. MARIE, Ontario, March 31, 2026 (GLOBE NEWSWIRE) — Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma” or “the Company”), a leading Canadian producer of steel plate and hot rolled sheet products, today provided guidance for its quarter ended March 31, 2026. Unless otherwise specified, all amounts are in Canadian dollars.

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Total steel shipments for the quarter are expected to be approximately 220,000 tons and Adjusted EBITDA is expected to be in the range of negative $25 million to negative $35 million. The guidance for expected Adjusted EBITDA includes the benefit of a capacity utilization adjustment that is expected to be in the range of $90 million to $95 million. This represents the excess fixed costs incurred in the quarter despite lower production volumes as the Electric Arc Furnace (EAF) ramps up.

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Rajat Marwah, Chief Executive Officer of Algoma, commented, “The first quarter of 2026 marked a defining moment in Algoma’s transformation. With the wind-down of our blast furnace and coke oven operations now complete, we have fully transitioned to EAF steelmaking, the culmination of years of planning and close to $1 billion of investment. Our EAF is running around the clock, producing Volta™, our sustainable low-carbon steel brand, at scale for the Canadian market. While near-term demand softness continues to weigh on shipment volumes, the structural cost improvements inherent to EAF steelmaking are expected to drive meaningful sequential improvement in Adjusted EBITDA. As Canada’s only producer of discrete plate, we are well-positioned to serve growing demand across infrastructure, construction, and defense, and to build on the foundation we have put in place.”

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Cautionary Statement Regarding Forward-Looking Statements

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This news release contains “forward-looking information” under applicable Canadian securities legislation and “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”), including statements regarding anticipated improvements in Adjusted EBITDA, ability to serve growing demand across infrastructure, construction, and defense, expected future demand for steel, Algoma’s transition to EAF steelmaking, the Company’s expected reduction in carbon emissions following completion of the EAF project, Algoma’s future as a leading producer of green steel, t Algoma’s modernization of its plate mill facilities, transformation journey, ability to deliver greater and long-term value, ability to offer North America a secure steel supply and a sustainable future, and investment in its people, and processes, and statements regarding the Company’s strategy, plans or future financial or operating performance. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “hope,” “strategy,” “future,” “opportunity,” “plan,” “design,” “pipeline,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” 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. Readers should also consider the other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Information” in Algoma’s Annual Information Form, filed by Algoma with applicable Canadian securities regulatory authorities (available under the Company’s SEDAR+ profile at www.sedarplus.com) and with the SEC, as part of Algoma’s Annual Report on Form 40-F (available at www.sec.gov), as well as in Algoma’s current reports with the Canadian securities regulatory authorities and the SEC. 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.

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About Algoma Steel Group Inc.

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Based in Sault Ste. Marie, Ontario, Algoma is a leading Canadian producer of high-quality plate and sheet steel products, proudly supporting critical sectors including energy, defense, automotive, shipbuilding, and infrastructure. Guided by a purpose to build better lives and a greener future, Algoma is shaping the next generation of sustainable steelmaking in Canada.

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With the transition to electric arc furnace (EAF) steelmaking and a modernized plate mill, Algoma is redefining how steel is made in Canada. Powered by Ontario’s clean electricity grid, this transformation represents one of the largest industrial decarbonization initiatives in North America and is expected to reduce carbon emissions by approximately 70%. These advancements provide stability for continued investment in diversification projects aligned with Canada’s evolving needs.

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This new chapter also introduces Volta™, the brand for all steel produced through Algoma’s EAF technology. Volta delivers the same trusted performance customers rely on, with significantly lower emissions—produced safely, sustainably, and proudly in Canada.