News & Insights

SAULT STE. MARIE, September 23, 2021 – Algoma Steel Inc. today announced they are supporting the Soo Pee Wee Hockey League and the Sault Female Hockey Association through a new multi-year investment program to help defer costs for families and ensure that programs, awards, coaching, and training remain strong, promoting healthy active living for our youth.

SAULT STE. MARIE, September 17, 2021 – Algoma Steel Inc. today applauded recent statements by Sonny Spina, the Conservative candidate for Sault Ste. Marie, affirming the Conservative Party’s endorsement of the $420 million of federal financial commitments to facilitate Algoma Steel’s proposed transition to electric arc furnace (EAF) steelmaking.

SAULT STE. MARIE, September 16, 2021 – Algoma Steel Inc. today announced a donation of $10,000 to St. Vincent Place to support their Lunches for Learning program. Lunches for Learning provides children in the Sault Ste. Marie area who are food insecure with healthy meals.

SAULT STE. MARIE, ONTARIO (August 19, 2021) – Today Algoma Steel Inc. (the “Company”) reported strong first quarter results for the fiscal quarter ended June 30, 2021, setting the stage for its parent company, Algoma Steel Group Inc. (“Algoma”) to become a public company later in 2021. Unless otherwise specified, all amounts are in Canadian dollars.

SAULT STE. MARIE, ONTARIO (August 13, 2021) – Algoma Steel Inc. (“Algoma” or the “Company”) and its merger partner Legato Merger Corp. (LEGO, LEGOU, LEGOW), announced today that Algoma will release its financial results for its fiscal first quarter ended June 30, 2021 on Thursday, August 19, 2021, after the close of the market.

SAULT STE. MARIE, ONTARIO (July 5, 2021) – Algoma Steel Inc.’s (“Algoma Steel”) potential to become the “greenest” flat-rolled steel producer in Canada marked another significant milestone today with the Government of Canada’s commitment of up to $420 million in financial support. Unless otherwise specified, all amounts are in Canadian dollars. For the fourth quarter, Algoma Steel reported a net income of $114 million, up from a loss of $73.5 million in the prior quarter and up from $19 million in the fourth quarter of fiscal 2020.

SAULT STE. MARIE, ONTARIO (June 17, 2021) – Algoma Steel Inc.’s (“Algoma Steel” or the “Company”) transformation journey is on track, as signaled today with the strong financial results reported for the fiscal year ended March 31, 2021. Unless otherwise specified, all amounts are in Canadian dollars. For the fourth quarter, Algoma Steel reported a net income of $114 million, up from a loss of $73.5 million in the prior quarter and up from $19 million in the fourth quarter of fiscal 2020.

NEW YORK and SAULT STE MARIE, ONTARIO, CANADA–(CISION)—The Canadian parent company of privately held Algoma Steel Inc. (“Algoma”), a leading independent steel producer with extensive steelmaking and finishing operations in Sault Ste. Marie, Ontario, Canada, and Legato Merger Corp. (NASDAQ: LEGO, LEGOU, LEGOW), a special purpose acquisition company (“Legato”), today jointly announced that they have entered into a definitive merger agreement that will result in Algoma becoming a publicly listed company with its common shares traded on the Nasdaq Stock Market. Algoma also intends to apply to list its common shares on the Toronto Stock Exchange.

SAULT STE. MARIE, February 25, 2021 – Algoma Steel Inc. (“ASI”), a leading North American supplier of value-added steel sheet and plate products, announces that Moody’s Investors Service (“Moody’s”) upgraded ASI’s rating to B3/Stable Outlook, as of January 19, 2021.

SAULT STE. MARIE, ON – On February 22, 2021, Algoma Steel celebrated the first arc at its second ladle metallurgy facility (No.2 LMF). This marks another major milestone in the company’s drive towards sustainability and is a key step in commissioning this new steel refining facility, unlocking 100,000 tons of added capacity to deliver advanced grades of steel.

Algoma Steel Inc. (Algoma Steel) welcomes the Canada Border Services Agency’s (CBSA) decision today to initiate an anti-dumping investigation concerning hot-rolled heavy steel plate (Heavy Plate) exported from Chinese Taipei, Germany, South Korea, Malaysia and Turkey. The five countries covered by today’s announcement have sold large volumes of Heavy Plate into Canada at very low prices. On April 6, 2020, Algoma Steel filed a complaint alleging that these goods were illegally dumped and causing injury to Canadian producers and workers. Today’s announcement is a critical first step towards protecting the Canadian market from unfairly traded steel plate from these countries.

Algoma Steel Inc. (Algoma Steel) announced today they have signed a new four-year iron ore pellet purchase agreement with United States Steel Corporation. The contract replaces contracts that expire at the end of this year and provides Algoma Steel with surety of supply of quality iron ore pellets through to the close of the 2024 shipping season. Algoma Steel CEO Michael McQuade remarked on the agreement, “This contract provides Algoma Steel with a competitive iron ore supply that will sustain our business through the steel market cycle.”

As a result of COVID-19 market impacts, Algoma Steel Inc. (Algoma Steel) announced today the Company will be adjusting production to match current demand and to curtail costs. A market recovery is not anticipated in the near-term, and market conditions remain unstable. Therefore Algoma Steel is taking appropriate measures to ensure the Company continues to have the financial resilience and resources required, while maintaining reliable supply and product quality for Algoma’s customers.

Algoma Steel Inc. congratulates the Government of Canada on the complete lift of steel tariffs imposed under Section 232 as announced today. This returns Canada and the US to a fair and just steel trade position within a fully integrated North American market. Algoma Steel CEO Mike McQuade commented on today’s announcement, “Today’s announcement provides our customers with the confidence that Algoma Steel remains their partner in steel. I extend our sincere thanks to the current government, who under the leadership of Prime Minister Trudeau and Minister Freeland have recognized the critical role of the steel industry in Canada.”

Algoma Steel Inc. (with its affiliates, “Algoma” or the “Company”) is pleased to announce the appointment today of Michael McQuade as Chief Executive Officer of the Company. Mr. McQuade, who is currently a director of Algoma, has more than 35 years of steel industry experience in a number of senior leadership positions. “On behalf of the board of directors, I am pleased to announce the appointment of Michael McQuade as Chief Executive Officer of Algoma” stated Andy Harshaw, Chairman of Algoma. “Mike has the skills and experience to lead Algoma in the next stage of its evolution as a leading Canadian steel company and globally competitive producer. Mike and the other members of Algoma’s leadership team will build on the Company’s financial and operational strengths and oversee the Company’s CDN $300 million facility modernization program. This program will expand the Company’s capacity and grade capability and position Algoma to meet the growing demand for advanced grades of steel. As our new Chief Executive Officer, Mike McQuade will work closely with our employees and business partners to build on Algoma’s strengths, generate value, and maintain Algoma as the industrial cornerstone of Sault Ste. Marie.”

ALGOMA STEEL INC. Algoma Steel Inc. has a rich 100-plus year steelmaking tradition here in…

In honour of the season, Algoma Steel Inc. (“Algoma Steel” or the “Company”) is pleased to announce they have partnered with Millennium Crane Rentals to resurrect the Christmas Star. The Star was crafted back in the 1980’s by members of Algoma’s Central Trades group. Measuring 29 feet across, the steel framed star was wired with lights and hoisted high in the sky to shine bright over the Steelworks, bestowing goodwill and best wishes to the residents of Sault Ste. Marie.

Welcome to the all-new Algoma Steel Inc.! As of November 30th, 2018, Algoma Steel Inc….