Algoma Steel Provides Fiscal 2023 Fourth Quarter Guidance

SEATTLE (Scrap Monster): Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma” or “the Company”), a leading Canadian producer of hot and cold rolled steel sheet and plate products, today provided guidance for its fiscal fourth quarter ending March 31, 2023. Unless otherwise specified, all amounts are in Canadian dollars.

Fiscal 2023 fourth quarter total steel shipments are expected to be in the range of 555,000 to 565,000 tons and Adjusted EBITDA is expected to be in the range of CDN $25 million to $30 million.

Michael Garcia, Algoma’s Chief Executive Officer commented, “We anticipate that our shipments for the fourth fiscal quarter will align with our earlier projections now that our plate mill has returned to its historical production levels. As expected, our Adjusted EBITDA is directionally higher compared to the December quarter, due to lower costs resulting from stable operations and increased productivity.”

“We are pleased to note that steel prices are presently at a nine-month high. Attractive market conditions, combined with our consistent operations, are likely to significantly enhance our profitability as we head into fiscal 2024. We are excited about the progress made so far on our strategic electric arc furnace project as the building gets erected shaping the skyline of our steelworks. While this marks a key milestone, we continue to diligently execute the project on time and on budget as we work towards our goal of a mid-2024 start up.”, Mr. Garcia concluded.

 Courtesy: www.globalnewswire.com