Algoma Steel Reports Lower Q2 Revenue as EAF Ramp-Up Continues

SEATTLE (Scrap Monster): Algoma Steel Group Inc. reported weaker financial results for the second quarter ended June 30, 2026, as the Canadian steelmaker continued its transition to electric arc furnace (EAF) production amid challenging market conditions.

The company posted revenue of C$267.5 million, down sharply from C$589.7 million recorded in the same period last year. Steel sales also declined to C$247.0 million, mainly because shipments dropped to 181,473 tons from 472,056 tons a year earlier as production shifted entirely to the first operational EAF unit.

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Algoma Steel's Q2 2026 operating loss widened to C$134.2 million, compared with C$85.1 million in the prior-year quarter. However, net loss improved to C$96 million from C$110.6 million. Despite lower revenue, the company generated adjusted EBITDA of C$13.8 million. Also, average net sales per ton increased more than one-fifth year over year. The company ended the quarter with approximately C$437 million in available liquidity.

Commenting on the quarterly results, CEO Rajat Marwah said Algoma achieved a second straight quarter of record plate sales. It continued the planned ramp-up of its first EAF facility. Meanwhile, Marwah stated that the second EAF unit has entered commissioning, with first steel production expected during the third quarter of the year.