Algoma Steel sees Q2 adjusted EBITDA ($5M)-$5M

Q2 adjusted EBITDA guidance includes the initial recovery of insurance proceeds estimated at approximately $20M. Expects Q2 total steel shipments 510K-520K tons. CEO Michael Garcia stated, “Our operations are performing in line with expectations for the fiscal second quarter, despite operating against a backdrop of challenging market conditions for steel demand and pricing. Operationally we are well-positioned to capitalize on opportunities as market fundamentals improve and demand rebounds. Importantly, we remain on track with our Electric Arc Furnace project with commissioning activities expected to begin by calendar year-end. This milestone will mark the beginning of Algoma Steel’s transformation into one of the most environmentally sustainable steel producers in North America.”