Algoma Steel Group Inc. · NASDAQ:ASTL
Algoma Steel — Q2 2026 Earnings Presentation
21 slides from Algoma Steel's earnings presentation, Jul 29, 2026
Slide 1: Earnings Call Presentation
Earnings Call Presentation For the 3 months ended June 30 th , 2026 Published: July 29, 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
Key Performance Q2 2026 Highlights Highlights Q2 2026 – Ended June 30, 2026 181K NT $247M Shipments Steel Revenue Shipping Volume was 181K NT in Q2 2026, down 19% from 224K NT in Q1 2026 and down 62% from 472K NT in Q2 2025. $14M 5.2% Adjusted EBITDA Adjusted EBITDA Margin Steel Revenue was $247 mil
Slide 6: Second Quarter Financial Highlights
Second Quarter Financial Highlights Q2 2026 Q2 2025 Change Q1 2026 Change Shipping volume (‘000s tons) 181 472 ↓ -62% 224 ↓ -19% Net Sales Realization per ton ($/ton) 1,361 1,132 ↑ 20% 1,193 ↑ 14% Steel Revenue ($ million) 247 534 ↓ -54% 267 ↓ -7% Cost of Steel Products Sold 1,411 1,144 ↑ 23% 1,180
Slide 7: 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) $875 $815 $849 $897 $830 $820 $785 $868 $730 $717 $777 $
Slide 8: 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 9: 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. 9
Slide 10: 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 11: 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 $1,400 Economic Indicators – Canada Automotive Industry Dynamics $1,200 Inflation $1,000 Central Bank Policy $/NT Geo
Slide 12: Committed to our Path Forward
Committed to our Path Forward We are positioning Algoma for a new era in steel, well - capitalized to make critical investments that enhance long - term performan ce and create value for our shareholders. STRATEGIC DIRECTION OPERATIONAL & CAPITAL EAF APPROVAL PMM PHASE 1 LSP POWER PLANT PMM PHASE 2
Slide 13: Appendices
Appendices STEEL INC.
Slide 14: Algoma’s 2025 Sustainability Report
Algoma’s 2025 Sustainability Report Algoma Steel is proud to share its 2025 Sustainability Report covering the twelve months ended December 31, 2025. The report outlines our sustainability strategy, highlights progress made over the past year, and details how we are addressing sustainability risks w
Slide 15: Social Updates
Social Updates For more updates follow our social channels: 15
Slide 16: Annex: Steel Revenue and Cost of Sales
Annex: Steel Revenue and Cost of Sales 16 Source: Company Management's Discussion and Analysis prepared for the 3 months ended June 30 th , 2026.
Slide 17: Annex: Adjusted EBITDA Reconciliation
Annex: Adjusted EBITDA Reconciliation Three months ended Six months ended June 30, June 30, millions of dollars 2026 2025 2026 2025 Net loss C$ (96.0) C$ (110.6) C$ (255.4) C$ (135.1) Depreciation of property, plant and equipment and amortization of intangible assets 23.0 38.2 56.4 73.2 Inventory ad
Slide 18: Annex: Selected Quarterly Information
Annex: Selected Quarterly Information 18 Source: Company Management's Discussion and Analysis prepared for the 3 months ended June 30 th , 2026.
Slide 19: 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 20: Term Definition
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 21: Building a Better Future. Build with Steel.
Building a Better Future. Build with . WWW.ALGOMA.COM