SAULT STE. MARIE, February 25, 2021 – Algoma Steel Inc. (“ASI”), a leading North American supplier of value-added steel sheet and plate products, announces that Moody’s Investors Service (“Moody’s”) upgraded ASI’s rating to B3/Stable Outlook, as of January 19, 2021.
In its Rating Action, Jamie Koutsoukis, Moody’s Vice President – Senior Analyst, commented, “The upgrade of Algoma’s ratings reflect an improvement in operating performance and credit metrics due to higher steel prices and the expectation that the company will generate positive free cash
flow”.
Regarding the Moody’s upgrade, Michael McQuade, Chief Executive Officer of Algoma Steel, commented, “We executed extremely well in a challenging environment, steadily driving cost reductions and productivity improvements while making critical investments in our manufacturing processes, evidenced most recently by the start-up of our No.2 Ladle Metallurgy Furnace. Together with long-term competitively priced iron ore supply agreements, these initiatives are positioning Algoma to further benefit from a strong North American steel pricing environment and robust market demand.”
Algoma Steel continues to pursue performance enhancements and targeted allocation of capital to drive improved profitability and cash generation.
Michael McQuade added, “The dedication and sustained efforts of Algoma employees in continuing to identify and implement performance improvement initiatives are contributing significantly to our success.”
About Algoma Steel Inc.:
Based in Sault Ste. Marie, ON Algoma Steel Inc., is a fully integrated steel producer of hot and cold rolled steel products including sheet and plate. With a production capacity of an estimated 2.8 million tons per year, Algoma Steel’s size and diverse capabilities enable it to deliver responsive, customer-driven product solutions straight from the ladle to direct applications in the automotive, construction, energy, defense, and manufacturing sectors.
Today Algoma Steel is on a course of action, returning to its roots as a customer-focused, entrepreneurial company with the courage and growing capability to meet the industry’s challenges head-on. It is investing in its people and processes, optimizing and modernizing so that it might continue to be your partner in steel.
For more information, please call
Brenda Stenta
Manager Communications & Branding
Algoma Steel Inc.
Phone: +1.705.206.1022
E-mail: brenda.stenta@algoma.com