Algoma Steel Group Inc. Provides Guidance for the Third Quarter 2026
Key Highlights
- ➤Q3 shipments approximately 145,000 tons
- ➤Q3 Adjusted EBITDA expected negative $10 million to negative $20 million
- ➤Capacity utilization adjustment expected to benefit Adjusted EBITDA by approximately $50 million to $55 million
- ➤EAF Unit Two first heat expected in coming days, with production and shipments targeted for Q4
- ➤Lake Superior Power replacement turbine installed; plant operating at full power
Expert Statements
Rajat Marwah, Chief Executive Officer of Algoma Steel Group Inc.
“We have successfully installed a replacement turbine at Lake Superior Power and the plant is now operating at full power. We appreciate the support and responsiveness of the Independent Electricity System Operator and Hydro One as we worked to restore reliable power and maintain operational continuity during this period. All electrical equipment on EAF Unit Two has been tested. We expect first heat in the coming days as we progress toward production and shipments from Unit Two in the fourth quarter.”
Michael Moraca, Chief Financial Officer of Algoma Steel Group Inc.
“As previously communicated, the LSP turbine outage temporarily constrained EAF production and was expected to affect shipment volumes. Our third-quarter results reflect those impacts, including lower shipment volumes and a less favourable sales mix. Consistent with our earlier updates, we used the outage period to accelerate planned maintenance and advance commissioning activities at EAF Unit Two, which will help reduce future planned downtime.”
Rajat Marwah, Chief Executive Officer of Algoma Steel Group Inc.
“With power fully restored, planned outages behind us, our second furnace nearing commercial operation and steel prices improving, we believe that we are well-positioned as we enter the final phase of our transformation.”
SAULT STE. MARIE, Ontario, Oct. 01, 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 September 30, 2026. Unless otherwise specified, all amounts are in Canadian dollars.
Total steel shipments for the quarter are expected to be approximately 145,000 tons and Adjusted EBITDA is expected to be in the range of negative $10 million to negative $20 million. Note that the guidance for Adjusted EBITDA includes the benefit of an expected capacity utilization adjustment of approximately $50 million to $55 million.
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