Algoma Steel Group Inc. · NASDAQ:ASTL
Algoma Steel — Q3 2025 Earnings Presentation
19 slides from Algoma Steel's earnings presentation, Oct 30, 2025
Slide 1: Earnings Call Presentation
Earnings Call Presentation For the Quarter Ended September 30, 2025
Slide 2: Disclaimer
Disclaimer CAUTIONARY STATEMENT REGARDING Commission (the “SECˮ), as part of Algomaʼs Annual Report on Form recognized in other comprehensive (loss) income and accumulated in FORWARD-LOOKING STATEMENTS 40F (available at www.sec.gov), as well as in Algomaʼs current reports equity under the heading ‘
Slide 3: Agenda
Agenda Today’s Presentors 01 Safety Performance Michael D. Garcia, 02 Financial Performance Chief Executive Officer 03 Strategic Update 04 Market Update Rajat Marwah, 05 Questions & Answers Chief Financial Officer Incoming Chief Executive Officer – January 2026 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 Ongoing commitment to superior Health & Safety 1.00 performance has led to sustained improvement of safety metrics over time. Health & safety remains our highest priority
Slide 5: Key Performance Q3 2025 Highlights
Key Performance Q3 2025 Highlights Highlights Q3 2025 – Ended September 30th, 2025 419K NT $473M Shipments Steel Revenue Shipping Volume was 419K NT in Q3 2025, down 11% from 472K NT in Q2 2025 and down 19% from 520K NT in Q3 2024. ($87)M (16.6)% Adjusted EBIDTA Adjusted EBIDTA Margin Steel Revenue
Slide 6: Third Quarter Financial Highlights
Third Quarter Financial Highlights Q3 2025 Q3 2024 Change Q2 2025 Change Shipping volume (‘000s tons) 419 520 ↓ -19% 472 ↓ -11% Net Sales Realization per ton ($/ton) 1,129 1,036 ↑ 9% 1,132 ↓ 0% Steel Revenue ($ million) 473 539 ↓ -12% 534 ↓ -11% Cost of Steel Products Sold 1,282 1,032 ↑ 24% 1144 ↑ 1
Slide 7: Overview of Net Working Capital Seasonality
Overview of Net Working Capital Seasonality1 Net Working Capital ($M) $568 $641 $687 $762 $623 $633 $825 $926 $875 $815 $849 $897 $830 $820 $785 $868 $730 $717 $777 $43M $39M $62M $57M $616M $823M $887M $866M $912M $879M $486M $723M $759M $808M $800M $793M $480M $638M $790M $694M $736M $470M $415M $
Slide 8: Accelerating EAF Transformation
Accelerating EAF Transformation We are accelerating retirement of our blast furnace and coke oven operations as we ramp up EAF production through 2025 and 2026. Water Treatment Plant commissioned Fume Treatment Plant commissioned EAF Electrical Substation tested and energized The Furnace takes its p
Slide 9: Market Update
Market Update Historical Hot Rolled Coil (HRC) and As Rolled Plate Prices (ARP) (US$/ton) Macroeconomic Drivers $1,800 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 $80
Slide 10: 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 performance and create value for our shareholders. STRATEGIC DIRECTION OPERATIONAL & CAPITAL EAF APPROVAL PMM PHASE 1 LSP POWER PLANT PMM PHASE 2 EAF 2
Slide 11: Appendices
Appendices 11
Slide 12: Algoma's 2024 Sustainability Report
Algoma’s 2024 Sustainability Report Algoma Steel is proud to share its 2024 Sustainability Report covering the nine months ended December 31, 2024. The report outlines our sustainability strategy, highlights progress made over the past year, and details how we are addressing sustainability risks whi
Slide 13: Social Updates
Social Updates For more updates follow our social channels: 13
Slide 14: Annex: Steel Revenue and Cost of Sales
Annex: Steel Revenue and Cost of Sales 14 Source: Company Management's Discussion and Analysis prepared for the 3 and 9 months ended September 30, 2025.
Slide 15: Annex: Adjusted EBITDA Reconciliation
Annex: Adjusted EBITDA Reconciliation 15 Source: Company Management's Discussion and Analysis prepared for the 3 and 9 months ended September 30, 2025.
Slide 16: Annex: Selected Quarterly Information
Annex: Selected Quarterly Information (millions of dollars, except where Fiscal year ended Fiscal year ended March 31, otherwise noted) December 31, 2025 ("2025") Nine months ended December 31, 2024 2024 ("2024") 1 As at and for the three months ended Q3 Q2 Q1 Q3 Q2 Q1 Q4 Q3 Financial results Total
Slide 17: 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 com
Slide 18: 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 agglo
Slide 19: Building Better Lives and a Greener Future
Building Better Lives and a Greener Future. WWW.ALGOMA.COM