Algoma Steel Extends Iron Ore Purchase Contract with U.S. Steel, Advancing Sustainable Steelmaking

Algoma Steel Group Inc., a leading Canadian producer of hot and cold rolled steel products, has announced a significant two-year extension of its iron ore purchase contract with United States Steel Corporation (U.S. Steel). The agreement also includes an option for Algoma to further extend the contract for a third year at its discretion. This extension is crucial for Algoma’s transition from blast furnace to electric arc furnace (EAF) steelmaking, a move towards more sustainable steel production practices.

Algoma’s Chief Executive Officer, Michael Garcia, expressed excitement about the extended partnership with U.S. Steel, emphasizing the alignment with Algoma’s mission to adopt sustainable steelmaking practices. The agreement ensures a reliable supply chain and uninterrupted access to essential raw materials, enabling Algoma to meet production capacity and serve the demands of its valued customers throughout North America.

The transition to EAF steelmaking is a significant step for Algoma in reducing its carbon footprint and contributing to a greener and more sustainable future. This commitment to innovation and environmental stewardship demonstrates Algoma’s dedication to playing a leading role in the industry’s transition towards a low-carbon economy.

Algoma Steel Group Inc., based in Sault Ste. Marie, Ontario, Canada, is a fully integrated producer of hot and cold rolled steel products. The company aims to deliver customer-driven product solutions to various sectors, including automotive, construction, energy, defense, and manufacturing. Algoma is also the only producer of discrete plate products in Canada.

With its state-of-the-art Direct Strip Production Complex (DSPC), Algoma is one of the lowest-cost producers of hot rolled sheet steel in North America. The company is investing in modernizing its plate mill and adopting electric arc technology to significantly lower carbon emissions. Algoma’s transformation journey focuses on recycling and environmental stewardship, positioning the company as one of North America’s leading producers of green steel.

Algoma Steel Group Inc. is committed to investing in its people and processes, prioritizing safety and teamwork. As a founding industry in their community, Algoma draws on its rich steelmaking tradition to deliver greater value, offering North America a secure steel supply and a sustainable future as a trusted partner in steel production.

For more information, please contact:
Michael Moraca
Treasurer & Investor Relations Officer
Algoma Steel Group Inc.
Phone: 705.945.3300
E-mail: IR@algoma.com