Algoma Steel Group Inc. Reports Unplanned Outage at Lake Superior Power Plant

About this update from Algoma Steel Group Inc.

SAULT STE. MARIE, Ontario, Aug. 17, 2026 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) ("Algoma" or "the Company"), a leading Canadian producer of steel plate and hot-rolled sheet products, today announced that it has experienced an unplanned outage at its Lake Superior Power (LSP) generating facility. One of the LSP turbine units detected an abnormal condition and was automatically taken offline. The remaining LSP units were not affected. The Company's technical teams, together with external specialists, are onsite assessing the condition of the affected equipment and evaluating various alternatives available to the Company and developing an appropriate plan to facilitate timely repairs. The Company is also bringing forward previously scheduled LSP and other operating maintenance during this period in order to reduce future planned downtime. Because LSP supplies electricity to Algoma's steelmaking operations, the Company has suspended production at its electric arc furnace (EAF). Downstream finishing and shipping activities continue. Based on current inventory and order positions, the Company does not expect a significant impact on its ability to meet committed customer delivery dates. However, the Company expects future shipment volumes may be affected by the outage. Algoma is engaged with the Independent Electricity System Operator (IESO) to evaluate alternative onsite power supply arrangements that would enable a restart of EAF operations while LSP repairs are underway. Simultaneously, Algoma is working with GE Vernova under its long-term contracted service agreement, which was put in place to provide support in this type of situation, to mobilize and commission its contracted spare turbine at the site, which the Company expects will support a return to normal operating conditions at LSP. The Company is currently assessing the potential duration of the outage and the associated operational and financial impacts. Based on the current assessment, the Company expects the EAF outage to last no more than 21 days, reflecting the anticipated timeline to commission the contracted spare turbine and restore normal operating conditions at LSP. The Company is also pursuing an alternative onsite power supply arrangement with the IESO which, if approved, could enable EAF operations to restart within approximately 10 days. Algoma will provide...

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