Algoma Steel Group Inc. · NASDAQ:ASTL
Algoma Steel — Q3 2026 Earnings Presentation
24 slides from Algoma Steel's earnings presentation, Oct 28, 2026
Slide 1: Earnings Call Presentation
Earnings Call Presentation For the 3 months ended September 30 th , 2026 Published: October 28, 2026
Slide 2: Disclaimer
Disclaimer CAUTIONARY STATEMENT REGARDING Commission (the “SEC”), as part of Algoma’s Annual Report on Form comprehensive (loss) income and accumulated in equity under the FORWARD -LOOKING STATEMENTS 40 - F (available at www.sec.gov), as well as in Algoma’s current reports heading ‘Foreign exchange
Slide 3: Agenda
Agenda Today’s Presentors 01 Safety Performance Rajat Marwah 02 Financial Performance Chief Executive Officer 03 Strategic Update 04 Market Update Michael Moraca 05 Questions & Answers Chief Financial Officer 3 EARNINGS CALL PRESENTATION
Slide 4: Safety Without Compromise
Safety Without Continued Focus and Improvement in Lost Time Injury Frequency Rate (LTIFR) 1 Compromise Health & Safety Performance Employee safety remains our top priority and our 1.00 core value. Ongoing commitment to superior health & safety performance has led to sustained improvement of safety m
Slide 5: Key Performance Highlights Q3 2026
Key Performance Q3 2026 Highlights Highlights Q3 2026 – Ended Sept 30, 2026 145K NT $218M Shipments Steel Revenue Shipping Volume was 145K NT in Q3 2026, down 20% from 181K NT in Q2 2026 and down 65% from 419K NT in Q3 2025. ($14M) (5.6%) Adjusted EBITDA Adjusted EBITDA Margin Steel Revenue was $218
Slide 6: Third Quarter Financial Highlights
Third Quarter Financial Highlights Q3 2026 Q3 2025 Change Q2 2026 Change Shipping volume (‘000s tons) 145 419 ↓ -65% 181 ↓ -20% Net Sales Realization per ton ($/ton) 1,510 1,129 ↑ 34% 1,361 ↑ 11% Steel Revenue ($ million) 218 473 ↓ -54% 247 ↓ -12% Cost of Steel Products Sold 1,492 1,282 ↑ 16% 1,411
Slide 7: Plate-First Strategy in Action
Plate -First Strategy in Steel Revenue by Product (millions) Action $473 Plate Now Leads Steel Revenue Plate represented 81% of steel revenue in Q3 31% 2026, up from 31% in Q3 2025. Plate shipments rose to 105K NT from 97K NT, while sheet fell to 40K NT from 322K NT as U.S. - bound volumes were cut.
Slide 8: Overview of Net Working Capital
Overview of Net Working Capital 1 Structural Step-Down Through the EAF Transition Peak-to-trough inventory swings have compressed and the absolute base has reset as raw-material inventory converts to scrap-based supply Net Working Capital ($M) $815 $849 $897 $830 $820 $785 $868 $730 $717 $777 $742 $
Slide 9: 100% Electric Steel Production
100% Electric Steel Production A New Era After 125 years as an integrated producer, our blast furnace and coke - making operations have been permanently decommissioned Steel production now fully transitioned to Electric Arc Furnace steelmaking Build a better future. Operating Platform Build with . C
Slide 10: Unit Two EAF: First Steel Produced
Unit Two EAF: First Steel Produced First heat of liquid steel from Unit Two on October 9, 2026, following completion of first arc testing in September. Ramp - up pro gressing as expected. Unit Two expected to contribute to production and shipments in Q4 2026. 10 EARNINGS CALL PRESENTATION
Slide 11: Supporting Canada's Priorities and Strategic Partnerships
Supporting Canada’s Priorities and Strategic Partnerships Real - World Impact Algoma is actively supporting projects aligned with Canada’s nation - building priorities across shipbuilding, defence , transportation, and infrastructure. 11
Slide 12: Government Alignment & Buy Canadian Focus
Government Alignment & Buy Canadian Focus Algoma Steel works closely with governments to support policies that strengthen Canada's domestic steel industry, reinforce Buy Canadian objectives, and ensure critical Canadian projects are built with Canadian - made materials. Industry Trade Early Ongoing
Slide 13: Market Update
Market Update Historical Hot Rolled Coil (HRC) and As Rolled Plate Prices (ARP) (US$/ton) $1,800 Macroeconomic Drivers Trade Policy and Tariffs $1,600 Global Supply Chain Disruptions Economic Indicators – Canada $1,400 Automotive Industry Dynamics $1,200 Inflation Central Bank Policy $1,000 US$/NT G
Slide 14: Committed to our Path Forward
Committed to our Path Forward We are positioning Algoma for a new era in steel, focused on making critical investments that enhance long - term performance and create value for our shareholders. STRATEGIC DIRECTION OPERATIONAL & CAPITAL EAF APPROVAL PMM PHASE 1 LSP POWER PLANT PMM PHASE 2 EAF UNIT O
Slide 15: Priorities for the Balance of 2026 and Beyond
Priorities for the Balance of 2026 and Beyond Completing the transition and positioning the business for improved profitability 01 02 03 Ramp EAF steelmaking Focus on cost improvement Scale the plate franchise EAF Unit 2 is part of the regular production Driving towards a structurally lower cost bas
Slide 16: Appendices
Appendices STEEL INC.
Slide 17: Algoma's 2025 Sustainability Report
Algoma’s 2025 Sustainability Report Algoma Steel is proud to share its 2025 Sustainability Report covering the twelve months ended December 31, 2025. The report outlines our sustainability strategy, highlights progress made over the past year, and details how we are addressing sustainability risks w
Slide 18: Social Updates
Social Updates For more updates follow our social channels: 18
Slide 19: Annex: Steel Revenue and Cost of Sales
Annex: Steel Revenue and Cost of Sales 19 Source: Company Management's Discussion and Analysis prepared for the 3 and 9 months ended September 30 th , 2026.
Slide 20: Annex: Adjusted EBITDA Reconciliation
Annex: Adjusted EBITDA Reconciliation 20 Source: Company Management's Discussion and Analysis prepared for the 3 and 9 months ended September 30 th , 2026.
Slide 21: Annex: Selected Quarterly Information
Annex: Selected Quarterly Information 21 Source: Company Management's Discussion and Analysis prepared for the 3 and 9 months ended September 30 th , 2026.
Slide 22: Glossary
Glossary Term Definition Basic Oxygen Vessel used to convert liquid hot metal from a blast furnace Furnace (BOF) into steel. Blast Furnace (BF) Metallurgical furnace combining fuel, ores and flux to smelt iron ore to produce pig iron, which is fed downstream into a BOF. Cogeneration Also known as co
Slide 23: Glossary (continued)
Term Definition Hot Rolled Sheet Carbon steel product commonly used for applications in which dimensional tolerances and surface finish quality is not critical (e.g. automotive accessories, stampings). Iron Ore Pellets Pellets are small balls of iron ore used in the production of steel that are aggl
Slide 24: Building a Better Future. Build with Algoma.
Building a Better Future. Build with . WWW.ALGOMA.COM