Algoma Steel Group Inc. Announces Strong Financial Results

Record Revenue and Profitability Driven by Continued Operational Excellence

Toronto, ON – March 8, 2023 – Algoma Steel Group Inc. (Algoma or the Company) (TSX: ASTL) today announced its financial results for the fiscal first quarter of 2023. The Company reported record revenue and profitability, driven by continued operational excellence and strong market demand.

“We are very pleased with our record financial performance in the first quarter,” said Michael Garcia, Algoma’s President and Chief Executive Officer. “Our team’s dedication to operational excellence and customer service, combined with favorable market conditions, has resulted in strong financial results.

“Looking ahead, we remain optimistic about the future. We continue to execute on our strategic plan, which includes investing in our operations, expanding our product offerings, and growing our customer base. We are confident that we are well-positioned to continue delivering strong financial results and creating value for our shareholders.”

Financial Highlights

• Revenue increased 12.3% to $825.3 million, compared to $735.0 million in the same period last year.
• Net income increased 42.0% to $132.1 million, compared to $93.0 million in the same period last year.
• Adjusted EBITDA increased 17.1% to $214.8 million, compared to $183.6 million in the same period last year.
• Diluted EPS increased 42.6% to $0.68, compared to $0.48 in the same period last year.

Operational Highlights

• Steel shipments increased 5.2% to 592,000 net tons, compared to 562,000 net tons in the same period last year.
• Iron ore production increased 14.6% to 781,000 net tons, compared to 681,000 net tons in the same period last year.

Conference Call

Algoma will host a conference call to discuss its financial results on Thursday, March 9, 2023, at 10:00 am EST. The call will be webcast live on the Company’s website at www.algoma.com.

About Algoma Steel Group Inc. Algoma is a fully integrated steel producer with a proud history spanning over 100 years. The Company produces hot and cold rolled steel products, as well as iron ore pellets. Algoma’s products are used in a wide range of industries, including automotive, construction, and manufacturing. The Company has a strong commitment to sustainability and is continuously investing in new technologies to reduce its environmental footprint.