Press Release

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.

SAULT STE. MARIE, ON - On February 22, 2021, Algoma Steel celebrated the first arc at its second ladle metallurgy facility (No.2 LMF). This marks another major milestone in the company’s drive towards sustainability and is a key step in commissioning this new steel refining facility, unlocking 100,000 tons of added capacity to deliver advanced grades of steel.

Algoma Steel Inc. (Algoma Steel) welcomes the Canada Border Services Agency’s (CBSA) decision today to initiate an anti-dumping investigation concerning hot-rolled heavy steel plate (Heavy Plate) exported from Chinese Taipei, Germany, South Korea, Malaysia and Turkey. The five countries covered by today’s announcement have sold large volumes of Heavy Plate into Canada at very low prices. On April 6, 2020, Algoma Steel filed a complaint alleging that these goods were illegally dumped and causing injury to Canadian producers and workers. Today's announcement is a critical first step towards protecting the Canadian market from unfairly traded steel plate from these countries.

Algoma Steel Inc. (Algoma Steel) announced today they have signed a new four-year iron ore pellet purchase agreement with United States Steel Corporation. The contract replaces contracts that expire at the end of this year and provides Algoma Steel with surety of supply of quality iron ore pellets through to the close of the 2024 shipping season. Algoma Steel CEO Michael McQuade remarked on the agreement, “This contract provides Algoma Steel with a competitive iron ore supply that will sustain our business through the steel market cycle.”

As a result of COVID-19 market impacts, Algoma Steel Inc. (Algoma Steel) announced today the Company will be adjusting production to match current demand and to curtail costs. A market recovery is not anticipated in the near-term, and market conditions remain unstable. Therefore Algoma Steel is taking appropriate measures to ensure the Company continues to have the financial resilience and resources required, while maintaining reliable supply and product quality for Algoma’s customers.

Algoma Steel Inc. congratulates the Government of Canada on the complete lift of steel tariffs imposed under Section 232 as announced today. This returns Canada and the US to a fair and just steel trade position within a fully integrated North American market. Algoma Steel CEO Mike McQuade commented on today’s announcement, “Today’s announcement provides our customers with the confidence that Algoma Steel remains their partner in steel. I extend our sincere thanks to the current government, who under the leadership of Prime Minister Trudeau and Minister Freeland have recognized the critical role of the steel industry in Canada.”

Algoma Steel Inc. (with its affiliates, "Algoma" or the "Company") is pleased to announce the appointment today of Michael McQuade as Chief Executive Officer of the Company. Mr. McQuade, who is currently a director of Algoma, has more than 35 years of steel industry experience in a number of senior leadership positions. "On behalf of the board of directors, I am pleased to announce the appointment of Michael McQuade as Chief Executive Officer of Algoma" stated Andy Harshaw, Chairman of Algoma. "Mike has the skills and experience to lead Algoma in the next stage of its evolution as a leading Canadian steel company and globally competitive producer. Mike and the other members of Algoma's leadership team will build on the Company's financial and operational strengths and oversee the Company's CDN $300 million facility modernization program. This program will expand the Company's capacity and grade capability and position Algoma to meet the growing demand for advanced grades of steel. As our new Chief Executive Officer, Mike McQuade will work closely with our employees and business partners to build on Algoma's strengths, generate value, and maintain Algoma as the industrial cornerstone of Sault Ste. Marie."