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 March 31, 2026. Unless otherwise specified, all amounts are in Canadian dollars.

Total steel shipments for the quarter are expected to be approximately 220,000 tons and Adjusted EBITDA is expected to be in the range of negative $25 million to negative $35 million. The guidance for expected Adjusted EBITDA includes the benefit of a capacity utilization adjustment that is expected to be in the range of $90 million to $95 million. This represents the excess fixed costs incurred in the quarter despite lower production volumes as the Electric Arc Furnace (EAF) ramps up.

Rajat Marwah, Chief Executive Officer of Algoma, commented, "The first quarter of 2026 marked a defining moment in Algoma's transformation. With the wind-down of our blast furnace and coke oven operations now complete, we have fully transitioned to EAF steelmaking, the culmination of years of planning and close to $1 billion of investment. Our EAF is running around the clock, producing Volta™, our sustainable low-carbon steel brand, at scale for the Canadian market. While near-term demand softness continues to weigh on shipment volumes, the structural cost improvements inherent to EAF steelmaking are expected to drive meaningful sequential improvement in Adjusted EBITDA. As Canada's only producer of discrete plate, we are well-positioned to serve growing demand across infrastructure, construction, and defense, and to build on the foundation we have put in place."