Algoma Steel Group (TSE:ASTL) has released an update.
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Algoma Steel Group Inc. has announced the renewal of its normal course issuer bid (NCIB), signaling its plans to repurchase up to 5% of its common shares and warrants over the next year, a move reflecting the company’s belief that its market price does not fully represent the underlying value. The repurchase program, which includes an automatic plan for regulatory compliance, will commence on September 5, 2024, and is seen as an attractive investment of the company’s funds. With no shares bought back in the previous bid, Algoma demonstrates confidence in its future financial performance and potential.
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