Algoma Steel flags Q3 shipments, EBITDA loss

• Total steel shipments are expected at about 145,000 tons.
• Adjusted EBITDA is seen between negative C$10 million and negative C$20 million.
• Algoma said a replacement turbine at Lake Superior Power is installed and the plant is at full power.
• The company expects first heat from EAF Unit Two in the coming days.

Algoma Steel Group said its quarter ended September 30, 2026 should include about 145,000 tons of total steel shipments. It expects adjusted EBITDA of negative C$10 million to negative C$20 million, including an expected capacity utilization adjustment of about C$50 million to C$55 million.

Algoma Steel flags Q3 shipments, EBITDA loss

Operations

Chief executive Rajat Marwah said the company installed a replacement turbine at Lake Superior Power and the plant is now operating at full power. He said all electrical equipment on EAF Unit Two has been tested, and first heat is expected in the coming days.

Chief financial officer Michael Moraca said the turbine outage temporarily constrained EAF production and was expected to affect shipment volumes. He said third-quarter results reflect lower shipment volumes and a less favourable sales mix.

Moraca said Algoma used the outage period to accelerate planned maintenance and advance commissioning activities at EAF Unit Two. He said that work will help reduce future planned downtime.

Outlook

Marwah said power is fully restored, planned outages are behind the company and its second furnace is nearing commercial operation. He also said steel prices are improving, and that Algoma believes it is well-positioned as it enters the final phase of its transformation.