Algoma Steel Group Inc
NASDAQ:ASTL
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Algoma Steel Group Inc
NASDAQ:ASTL
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Son La Sugar JSC
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Algoma Steel Group Inc
Algoma Steel Group, Inc. engages in the production of hot and cold rolled steel products. The company is headquartered in Sault Ste. Marie, Ontario. Ltd., is a Canada-based company, which is an integrated producer of hot and cold rolled steel products with its operations located in Canada. The company produces sheet and plate products that are sold primarily to customers in Canada and Midwest United States of America. The firm has a raw steel production capacity of an estimated 2.8 million tons per year. The Company’s mill produces hot rolled sheet steel (HRC) in North America owing in part to its direct strip production complex (DSPC), which is a thin slab caster in North America with direct coupling to a basic oxygen furnace (BOF) melt shop. Algoma delivers its solutions to direct applications in the automotive, construction, energy, defense, and manufacturing sectors. Its subsidiaries include Algoma Steel Holdings Inc., Algoma Steel Inc., Algoma Steel Inc. USA, Algoma Docks GP Inc., Algoma Steel Intermediate Holdings Inc. and Legato Merger Corp.
Algoma Steel Group, Inc. engages in the production of hot and cold rolled steel products. The company is headquartered in Sault Ste. Marie, Ontario. Ltd., is a Canada-based company, which is an integrated producer of hot and cold rolled steel products with its operations located in Canada. The company produces sheet and plate products that are sold primarily to customers in Canada and Midwest United States of America. The firm has a raw steel production capacity of an estimated 2.8 million tons per year. The Company’s mill produces hot rolled sheet steel (HRC) in North America owing in part to its direct strip production complex (DSPC), which is a thin slab caster in North America with direct coupling to a basic oxygen furnace (BOF) melt shop. Algoma delivers its solutions to direct applications in the automotive, construction, energy, defense, and manufacturing sectors. Its subsidiaries include Algoma Steel Holdings Inc., Algoma Steel Inc., Algoma Steel Inc. USA, Algoma Docks GP Inc., Algoma Steel Intermediate Holdings Inc. and Legato Merger Corp.
Tariff impact: A 50% U.S. Section 232 tariff has structurally closed the U.S. market to Algoma, drove a domestic oversupply and cost the company $225 million in direct tariff costs for the year.
Operational pivot: Algoma has accelerated the exit of blast furnace and coke oven operations and is running its first EAF on a full 24-hour schedule, with the second EAF on track.
Financials: Q4 adjusted EBITDA was a loss of $95.2 million (margin -20.9%); full-year adjusted EBITDA was a loss of $261.4 million (margin -12.5%).
Shipments & 2026 outlook: Q4 shipments were 378,000 net tons (down 31% YoY). Management expects 2026 shipments of 1.0–1.2 million tons with Q1 sequentially lower but improving pricing and costs thereafter.
Liquidity & balance sheet: $77 million cash on hand, $195 million available on the revolver, and $417 million available under the tariff loan facility; CAD 500 million government-backed liquidity supports the transformation.
CapEx and EAF spend: Cumulative EAF investment was $920 million as of Dec 31, 2025; final aggregate project cost expected to be approximately $987 million.
Commercial focus: Algoma is refocusing on the Canadian market and high-value plate products (roughly 50/50 plate vs sheet expected), with plate pricing holding materially better than sheet and showing resilience for infrastructure and defense demand.
