Press release
Algoma Steel Group Reports Fiscal Fourth Quarter and Full Year 2022 Financial Results
Record Full-Year Revenue, Adjusted EBITDA and Free Cash Flow Performance Electric Arc Furnace Construction Advancing as Planned Announces Intention to Launch
About this update from Algoma Steel Group Inc.
[{"type":"text","content":"Record Full-Year Revenue, Adjusted EBITDA and Free Cash Flow Performance Electric Arc Furnace Construction Advancing as Planned Announces Intention to Launch US$400 Million Substantial Issuer Bid in June as Part of Its Capital Allocation Strategy SAULT STE. MARIE, Ontario, June 14, 2022 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma” or “the Company”), a leading Canadian producer of hot and cold rolled steel sheet and plate products, today announced results for its fiscal fourth quarter and full year ended March 31, 2022. Unless otherwise specified, all amounts are in Canadian dollars. Business Highlights and Fiscal 2022 to Fiscal 2021 Fourth Quarter Comparisons Consolidated revenue of $941.8 million, up 47.5% from $638.5 million in the prior-year quarter.Consolidated income from operations of $310.6 million, compared to $130.0 million in the prior-year quarter.Net income of $242.9 million, compared to $100.1 million in the prior-year quarter.Adjusted EBITDA of $334.4 million and Adjusted EBITDA margin of 35.5%, compared to $166.9 million and 26.1% in the prior-year quarter (See “Non-IFRS Measures” below).Cash flows generated from operations of $443.8 million, compared to $133.9 million in the prior-year quarter.Shipments of 547,217 tons, down from 621,843 tons in the prior-year quarter.Paid first quarterly dividend of US$0.05/share.Launched Normal Course Issuer Bid in March. Fiscal 2022 to Fiscal 2021 Full Year Comparisons Consolidated revenue of $3,806.0 million, up 112.0% from $1,794.9 million the prior-year.Consolidated income from operations of $1,411.0 million, up from $84.8 million the prior-year.Net income of $857.7 million, compared to a net loss of $76.1 million the prior-year.Adjusted EBITDA of $1,503.2 million and Adjusted EBITDA margin of 39.5%, compared to $199.2 million and 11.1% the prior-year (See “Non-IFRS Measures” below).Cash flows generated from operations of $1,263.4 million, compared to $8.1 million the prior-year.Shipments of 2,297,159 tons, compare to 2,102,086 tons the prior-year. Michael Garcia, the Company’s Chief Executive Officer, commented, “Our strong results for the fiscal fourth quarter capped off an incredible year at Algoma, one that produced record revenues, profitability and cash flows. Relentless execution by the entire team delivered these strong results acr...