Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma” or “the
Company”), a leading Canadian producer of hot and cold rolled steel
sheet and plate products, today announced results for its fiscal
third quarter ended December 31, 2021. Unless otherwise specified,
all amounts are in Canadian dollars.
Michael McQuade, the Company’s Chief Executive
Officer, commented, “Continued record pricing for our products, the
construct of our contracted order book, and solid execution by our
employees combined to deliver outstanding revenue growth, record
quarterly Adjusted EBITDA, and robust free cash generation during
our fiscal third quarter 2022. We further enhanced our balance
sheet by repaying all USD $358 million of our outstanding senior
debt at par and commenced construction of our transformative
electric arc furnace project. As a result of our outstanding
calendar 2021 financial results, all 37.5 million of the shares
issuable pursuant to the terms of the earnout rights issued in
connection with our October 2021 merger with Legato Merger Corp.
have been earned. Approximately 35.9 million of these shares will
be issued immediately, with the balance reserved for issuance to
the holders of vested Long-Term Incentive Plan awards.”
Mr. McQuade continued, “Our strong results were
achieved against a backdrop of continued market volatility and in
spite of several previously announced shipping constraints,
including extended customer holiday shutdowns, logistical supply
chain constraints, and COVID-related challenges. Calendar 2021 was
a period of profound change for the company, one that saw us return
to public markets and generate significant cash flow. This allows
us to execute on our organic growth strategy while at the same time
pursuing a capital allocation policy that includes a quarterly
dividend and an NCIB program for potential share repurchases. Armed
with our robust balance sheet, strong projected cash flows, and
funding to support the transformation to electric arc steelmaking,
we are driving the process that is expected to substantially
increase our production capacity while dramatically reducing our
carbon emissions, resulting in additional long-term value for our
stakeholders.”
Third Quarter Fiscal 2022 Financial
Results
Third quarter revenue totaled $1.06 billion, up
147.6% from $430.0 million in the prior-year quarter. As compared
with the prior-year quarter, steel revenue was $1.01 billion, up
163.0% from $383.8 million, and revenue per ton of steel sold was
$1,927, up 145.5% from $785.
Income from operations was $446.1 million,
compared to a loss from operations of $17.7 million in the
prior-year quarter. The year-over-year increase was primarily due
to an increase in the selling price of steel, partially offset by
an increase in the purchase price of inputs, including iron ore,
scrap, natural gas and alloys.
Net income in the third quarter was $123.0
million, compared to a net loss of $73.5 in the prior-year quarter.
The improvement was driven primarily by the factors described above
under income from operations, offset by listing expenses and
transaction costs associated with the merger with Legato Merger
Corp.
Adjusted EBITDA in the third quarter was $457.3
million, compared with $11.7 million for the prior-year quarter.
This resulted in an Adjusted EBITDA margin of 42.9%. Net sales
realizations averaged $1,827 per ton, up 160.6% from $701 per ton
in the prior-year quarter. Cost per ton of steel products sold was
$946, up 46.2% from $647 in the prior-year quarter. Shipments for
the third quarter increased by 0.9% to 552,554 tons, compared to
547,733 tons in the prior-year quarter. See “Non-IFRS Measures”
below for an explanation of Adjusted EBITDA and a reconciliation of
Adjusted EBITDA to Net Income”.
Quarterly Dividend
The Company’s board of directors has instituted
a quarterly dividend, beginning with the payment of a dividend of
USD $0.05 on each common share outstanding, payable on March 31,
2022 to holders of record of common shares of the Corporation as of
the close of business on Feb 28th, 2022. This dividend is
designated as an “eligible dividend” for Canadian income tax
purposes.
NCIB
The Company intends to file with the Toronto
Stock Exchange (“TSX”) a notice of intention to commence a normal
course issuer bid ("NCIB"), as part of its overall capital
allocation strategy.
If accepted by the TSX, the Company would be
permitted under the NCIB to purchase for cancellation, through the
facilities of the TSX, alternative Canadian trading systems or The
NASDAQ Stock Market (“Nasdaq”), up to 5% of the Company's
outstanding common shares as of the commencement of the NCIB during
the 12 months following such TSX acceptance. The exact number of
common shares subject to the NCIB will be determined on the date of
acceptance of the notice of intention by the TSX.
The NCIB will be effected in accordance with the
TSX's NCIB rules and Rule 10b-18 under the U.S. Securities Exchange
Act of 1934, as amended, which contain restrictions on the number
of common shares that may be purchased on a single day, subject to
certain exceptions for block purchases, based on the average daily
trading volumes of the Company’s common shares on the applicable
exchange.
All common shares purchased by the Company under
the NCIB will be purchased at prevailing market prices. The actual
number of common shares that may be purchased, and the timing of
any such purchases, will be determined by the Company, subject to
the applicable terms and limitations of the NCIB (including any
automatic repurchase plan adopted in connection therewith). All
common shares acquired by the Company under the NCIB will be
cancelled.
The Company intends to commence the NCIB two
trading days after TSX acceptance of the NCIB. The NCIB will
terminate one year after its commencement, or earlier if the
maximum number of common shares under the NCIB have been purchased.
Although the Company has a present intention to acquire its common
shares pursuant to the NCIB, the Company will not be obligated to
make any purchases and purchases may be suspended by the Company at
any time. The Company reserves the right to terminate the NCIB
earlier if it determines that it is appropriate to do so.
In connection with the NCIB program, the Company
intends to enter into an automatic repurchase plan with its
designated broker to allow for purchases of its common shares
during certain pre-determined black-out periods, subject to certain
parameters as to price and number of shares. Outside of these
pre-determined black-out periods, shares will be repurchased in
accordance with management's discretion, subject to applicable
law.
The Company reviews all elements of its capital
allocation strategy on an ongoing basis. The Company continues to
focus on supporting its electric arc furnace project; however, the
Company plans to commence the NCIB because it believes that the
market price of its common shares may not, from time to time, fully
reflect their value and accordingly the purchase of common shares
would be in the best interests of the Company and an attractive use
of available funds.
Conference Call and Webcast
Details
A webcast and conference call will be held on
Friday, February 11th, 2022 at 11:00 a.m. Eastern time to review
the Company’s third quarter results, discuss recent events, and
conduct a question-and-answer session.
The live webcast and archived replay of the
conference call can be accessed on the Investors section of the
Company’s website at www.algoma.com. For those unable to access the
webcast, the conference call will be accessible domestically or
internationally by dialing 877-425-9470 or 201-389-0878,
respectively. Upon dialing in, please request to join the Algoma
Steel Third Quarter Conference Call. To access the replay of the
call, dial 844-512-2921 (domestic) or 412-317-6671 (international)
with passcode 13726743.
Consolidated Financial Statements and
Management's Discussion and Analysis
The Company's unaudited condensed interim
consolidated financial statements for the three and nine months
ended December 31, 2021, and Management's Discussion & Analysis
thereon are available under the Company’s profile on the Securities
and Exchange Commission’s EDGAR website at www.sec.gov and under
the Company's profile on SEDAR at www.sedar.com.
Cautionary Statement Regarding
Forward-Looking Statements
This news release contains “forward-looking
information” under applicable Canadian securities legislation and
“forward-looking statements” within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995 (collectively, “forward
looking statements”), including statements regarding Algoma’s
strategic objectives and outlook for the fourth quarter of fiscal
2022. These forward-looking statements generally are identified by
the words “believe,” “project,” “expect,” “anticipate,” “estimate,”
“intend,” “strategy,” “future,” “opportunity,” “plan,” “pipeline,”
“may,” “should,” “will,” “would,” “will be,” “will continue,” “will
likely result,” and similar expressions. Forward-looking statements
are predictions, projections and other statements about future
events that are based on current expectations and assumptions. Many
factors could cause actual future events to differ materially from
the forward-looking statements in this document, including but not
limited to: the risk that the benefits of the recently completed
merger may not be realized; the risks that Algoma will be unable to
realize its business plans and strategic objectives, including its
investment in electric arc steelmaking; the risks associated with
the steel industry generally; and changes in general economic
conditions, including as a result of the COVID-19 pandemic. The
foregoing list of factors is not exhaustive and readers should also
consider the other risks and uncertainties set forth in the section
entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in the prospectus filed by Algoma with
the Ontario Securities Commission in connection with the merger and
Algoma’s registration statement on form F-1 filed with the
Securities and Exchange Commission. Forward-looking statements
speak only as of the date they are made. Readers are cautioned not
to put undue reliance on forward-looking statements, and Algoma
assumes no obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Non-IFRS Financial Measures
To supplement our financial statements, which
are prepared in accordance with International Financial Reporting
Standards as issued by the International Accounting Standards Board
(“IFRS”), we use certain non-IFRS measures to evaluate the
performance of Algoma. These terms do not have any standardized
meaning prescribed within IFRS and, therefore, may not be
comparable to similar measures presented by other companies.
Rather, these measures are provided as additional information to
complement those IFRS measures by providing a further understanding
of our financial performance from management’s perspective.
Accordingly, they should not be considered in isolation nor as a
substitute for analysis of our financial information reported under
IFRS.
Adjusted EBITDA, as we define it, refers to net
(loss) income before amortization of property, plant, equipment and
amortization of intangible assets, finance costs, interest on
pension and other post-employment benefit obligations, income
taxes, restructuring costs, impairment reserve, foreign exchange
loss (gain), finance income, carbon tax, changes in fair value of
warrant, earnout and share-based compensation liabilities,
transaction costs, listing expense, share based compensation
related to performance share units and business combination
adjustments. Adjusted EBITDA margin is calculated by dividing
Adjusted EBITDA by revenue for the corresponding period. Adjusted
EBITDA is not intended to represent cash flow from operations, as
defined by IFRS, and should not be considered as alternatives to
net earnings, cash flow from operations, or any other measure of
performance prescribed by IFRS. Adjusted EBITDA, as we define and
use it, may not be comparable to Adjusted EBITDA as defined and
used by other companies. We consider Adjusted EBITDA to be a
meaningful measure to assess our operating performance in addition
to IFRS measures. It is included because we believe it can be
useful in measuring our operating performance and our ability to
expand our business and provide management and investors with
additional information for comparison of our operating results
across different time periods and to the operating results of other
companies. Adjusted EBITDA is also used by analysts and our lenders
as a measure of our financial performance. In addition, we consider
Adjusted EBITDA margin to be a useful measure of our operating
performance and profitability across different time periods that
enhance the comparability of our results. However, these measures
have limitations as analytical tools and should not be considered
in isolation from, or as alternatives to, net income, cash flow
from operations or other data prepared in accordance with IFRS.
Because of these limitations, such measures should not be
considered as measures of discretionary cash available to invest in
business growth or to reduce indebtedness. We compensate for these
limitations by relying primarily on our IFRS results using such
measures only as supplements to such results. See the financial
tables below for a reconciliation of the non-IFRS financial
measures reported herein.
About Algoma Steel Group
Inc.
Based in Sault Ste. Marie, Ontario, Canada,
Algoma is a fully integrated producer of hot and cold rolled steel
products including sheet and plate. With a current raw steel
production capacity of an estimated 2.8 million tons per year,
Algoma’s size and diverse capabilities enable it to deliver
responsive, customer-driven product solutions straight from the
ladle to direct applications in the automotive, construction,
energy, defense, and manufacturing sectors. Algoma is a key
supplier of steel products to customers in Canada and Midwest USA
and is the only producer of plate steel products in Canada. The
Company’s mill is one of the lowest cost producers of hot rolled
sheet steel (HRC) in North America owing in part to its
state-of-the-art Direct Strip Production Complex (“DSPC”), which is
the newest thin slab caster in North America with direct coupling
to a basic oxygen furnace (BOF) melt shop.
Algoma has achieved several meaningful
improvements over the last several years that are expected to
result in enhanced long-term profitability for the business. Algoma
has upgraded its DSPC facility and recently installed its No. 2
Ladle Metallurgy Furnace. Additionally, the Company has cost
cutting initiatives underway and is in the process of modernizing
its plate mill facilities.
Today Algoma is on a transformation journey,
investing in its people and processes, optimizing and modernizing
to secure a sustainable future. Our customer focus, growing
capability and courage to meet the industry’s challenges head-on,
position us firmly as your partner in steel.
Algoma Steel Group Inc. Condensed Interim
Consolidated Statements of Financial Position
(Unaudited) |
|
|
As at, |
December 31,2021 |
March 31,2021 |
expressed in millions of Canadian
dollars |
|
|
Assets |
|
|
Current |
|
|
Cash |
$587.5 |
|
$21.2 |
|
Restricted cash |
3.9 |
|
3.9 |
|
Taxes receivable |
2.9 |
|
- |
|
Accounts receivable, net |
452.1 |
|
274.6 |
|
Inventories, net |
615.6 |
|
415.3 |
|
Prepaid expenses and deposits |
116.0 |
|
74.6 |
|
Margin payments |
19.0 |
|
49.4 |
|
Other assets |
5.7 |
|
3.8 |
|
Total current
assets |
$1,802.7 |
|
$842.8 |
|
Non-current |
|
|
Property, plant and equipment, net |
$713.6 |
|
$699.9 |
|
Intangible assets, net |
1.6 |
|
1.5 |
|
Parent company promissory note receivable |
- |
|
2.2 |
|
Other assets |
2.8 |
|
7.5 |
|
Total non-current
assets |
$718.0 |
|
$711.1 |
|
Total
assets |
$2,520.7 |
|
$1,553.9 |
|
Liabilities and Shareholder's
Equity |
|
|
Current |
|
|
Bank indebtedness |
$- |
|
$90.1 |
|
Accounts payable and accrued liabilities |
281.1 |
|
163.8 |
|
Taxes payable and accrued taxes |
125.9 |
|
27.2 |
|
Current portion of other long-term liabilities |
0.2 |
|
- |
|
Current portion of long-term debt |
- |
|
13.6 |
|
Current portion of governmental loans |
7.5 |
|
- |
|
Current portion of environmental liabilities |
4.9 |
|
4.5 |
|
Derivative financial instruments |
19.4 |
|
49.4 |
|
Warrant liability |
87.7 |
|
- |
|
Earnout liability |
501.6 |
|
- |
|
Total current
liabilities |
$1,028.3 |
|
$348.6 |
|
Non-current |
|
|
Long-term debt |
$- |
|
$439.3 |
|
Long-term governmental loans |
85.2 |
|
86.4 |
|
Accrued pension liability |
115.1 |
|
170.1 |
|
Accrued other post-employment benefit obligation |
309.7 |
|
297.8 |
|
Other long-term liabilities |
3.4 |
|
2.5 |
|
Environmental liabilities |
33.0 |
|
35.4 |
|
Deferred income tax liabilities |
93.7 |
|
- |
|
Total non-current
liabilities |
$640.1 |
|
$1,031.5 |
|
Total
liabilities |
$1,668.4 |
|
$1,380.1 |
|
Shareholder's
equity |
|
|
Capital stock |
$943.9 |
|
$409.5 |
|
Accumulated other comprehensive income |
90.8 |
|
9.5 |
|
Deficit |
(156.5 |
) |
(249.3 |
) |
Contributed surplus |
(25.9 |
) |
4.1 |
|
Total shareholder's
equity |
$852.3 |
|
$173.8 |
|
Total liabilities and shareholder's
equity |
$2,520.7 |
|
$1,553.9 |
|
|
|
|
Algoma Steel Group Inc. Condensed Interim
Consolidated Statements of Net Income (Loss)
(Unaudited) |
|
Three months endedDecember 31, 2021 |
Nine months endedDecember 31, 2021 |
Three months endedDecember 31, 2020 |
Nine months endedDecember 31, 2020 |
expressed in millions of Canadian
dollars |
|
|
|
|
Revenue |
$1,064.9 |
|
$2,864.2 |
|
$430.0 |
|
$1,156.4 |
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
Cost of sales |
$599.9 |
|
$1,688.8 |
|
$432.2 |
|
$1,161.7 |
|
Administrative and selling expenses |
18.9 |
|
75.0 |
|
15.5 |
|
39.9 |
|
Income (loss) from
operations |
$446.1 |
|
$1,100.4 |
|
($17.7 |
) |
($45.2 |
) |
|
|
|
|
|
Other income and
expenses |
|
|
|
|
Finance income |
($0.1 |
) |
($0.1 |
) |
($0.3 |
) |
($1.1 |
) |
Finance costs |
14.5 |
|
44.3 |
|
16.4 |
|
52.6 |
|
Interest on pension and other post-employment benefit
obligations |
2.9 |
|
8.7 |
|
4.3 |
|
12.9 |
|
Foreign exchange loss (gain) |
2.0 |
|
(2.0 |
) |
35.4 |
|
66.6 |
|
Transaction costs |
12.3 |
|
21.5 |
|
- |
|
- |
|
Listing expense |
235.6 |
|
235.6 |
|
- |
|
- |
|
Change in fair value of warrant liability |
(6.8 |
) |
(6.8 |
) |
- |
|
- |
|
Change in fair value of earnout liability |
(33.6 |
) |
(33.6 |
) |
- |
|
- |
|
Change in fair value of share-based compensation liability |
(2.9 |
) |
(2.9 |
) |
- |
|
- |
|
|
$223.9 |
|
$264.7 |
|
$55.8 |
|
$131.0 |
|
Income (loss) before
income taxes |
$222.2 |
|
$835.7 |
|
($73.5 |
) |
($176.2 |
) |
Income tax
expense |
99.2 |
|
221.6 |
|
- |
|
- |
|
Net Income
(loss) |
$123.0 |
|
$614.1 |
|
($73.5 |
) |
($176.2 |
) |
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share |
|
|
|
|
Basic |
$1.15 |
|
$7.36 |
|
($1.02 |
) |
($2.46 |
) |
Diluted |
$0.92 |
|
$6.75 |
|
($1.02 |
) |
($2.46 |
) |
|
|
|
|
|
Algoma Steel Group Inc. Condensed Interim
Consolidated Statements of Cash Flows (Unaudited) |
|
|
|
|
|
Three months endedDecember 31, 2021 |
Nine months endedDecember 31, 2021 |
Three months endedDecember 31, 2020 |
Nine months endedDecember 31, 2020 |
expressed in millions of Canadian
dollars |
|
|
|
|
Operating
activities |
|
|
|
|
Net Income (loss) |
$123.0 |
$614.1 |
($73.5) |
($176.2) |
Items not affecting
cash: |
|
|
|
|
Amortization of property, plant and equipment and intangible
assets |
21.5 |
64.3 |
22.8 |
65.5 |
Deferred income tax expense |
9.0 |
105.5 |
- |
- |
Pension expense in excess of funding (pension funding in excess of
expense) |
4.0 |
0.7 |
(7.6) |
(23.0) |
Post-employment benefit funding in excess of expense |
(1.6) |
(5.1) |
(2.1) |
(6.2) |
Unrealized foreign exchange loss (gain) on: |
|
|
|
|
accrued pension liability |
0.5 |
(0.3) |
14.3 |
28.6 |
post-employment benefit obligations |
1.4 |
(2.8) |
14.8 |
30.2 |
Finance costs |
14.5 |
44.3 |
16.4 |
52.6 |
Interest on pension and other post-employment benefit
obligations |
2.9 |
8.7 |
4.3 |
12.9 |
Accretion of governmental loans and environmental liabilities |
3.1 |
9.1 |
2.4 |
7.8 |
Unrealized foreign exchange loss (gain) on government loan
facilities |
0.4 |
(0.8) |
3.7 |
7.9 |
Changes in fair value of warrant liability |
(6.8) |
(6.8) |
- |
- |
Changes in fair value of earnout liability |
(33.6) |
(33.6) |
- |
- |
Changes in fair value of share-based compensation liability |
(2.9) |
(2.9) |
- |
- |
Listing expense |
235.6 |
235.6 |
- |
- |
Other |
3.4 |
4.5 |
1.6 |
4.0 |
|
$374.4 |
$1,034.5 |
($2.9) |
$4.1 |
Net change in non-cash operating working capital |
(54.5) |
(212.0) |
(45.2) |
(128.1) |
Environmental liabilities paid |
(1.4) |
(2.9) |
(1.3) |
(1.8) |
Cash generated by
(used in) operating activities |
$318.4 |
$819.6 |
($49.4) |
($125.8) |
Investing
activities |
|
|
|
|
Acquisition of property, plant and equipment |
($29.6) |
($73.6) |
($18.9) |
($49.7) |
Acquisition of intangible asset |
(0.2) |
(0.4) |
- |
- |
Recovery (issuance) of parent company promissory note
receivable |
2.2 |
2.2 |
- |
(1.1) |
Cash used in investing
activities |
($27.6) |
($71.8) |
($18.9) |
($50.8) |
Financing
activities |
|
|
|
|
Bank indebtedness advanced (repaid), net |
$- |
($86.9) |
$70.1 |
($49.9) |
Repayment of Secured Term Loan |
(380.0) |
(381.8) |
(0.9) |
(2.9) |
Repayment of Algoma Docks Term Loan Facility |
(70.7) |
(75.9) |
(2.1) |
(6.2) |
Governmental loans issued, net of benefit |
- |
- |
0.4 |
6.6 |
Interest paid |
(14.8) |
(36.2) |
(1.3) |
(4.2) |
Interest cost paid on right-of-use assets |
- |
- |
(0.2) |
(0.5) |
Proceeds from issuance of shares |
393.5 |
393.5 |
- |
- |
Other |
(1.9) |
(1.9) |
(0.1) |
(0.2) |
Cash (used in)
generated by financing
activities |
($73.9) |
($189.2) |
$65.9 |
($57.3) |
Effect of exchange
rate changes on cash |
$4.0 |
$7.7 |
($0.8) |
($11.4) |
Cash |
|
|
|
|
Change |
220.9 |
566.3 |
(3.2) |
(245.3) |
Opening balance |
366.6 |
21.2 |
22.9 |
265.0 |
Ending
balance |
$587.5 |
$587.5 |
$19.7 |
$19.7 |
|
|
|
|
|
Algoma Steel Group Inc. Reconciliation of
Net Income (Loss) to Adjusted EBITDA |
|
|
|
|
|
|
October 1 to December 31 |
|
April 1 to December 31 |
millions of dollars |
FY 2022 |
FY 2021 |
|
FY 2022 |
FY 2021 |
Net income (loss) |
$123.0 |
($73.5) |
|
$614.1 |
($176.2) |
|
|
|
|
|
|
Amortization of property, plant and equipment and amortization of
intangible assets |
21.5 |
22.8 |
|
64.3 |
65.5 |
Finance costs |
14.5 |
16.4 |
|
44.3 |
52.6 |
Interest on pension and other post-employment benefit
obligations |
2.9 |
4.3 |
|
8.7 |
12.9 |
Income taxes |
99.2 |
- |
|
221.6 |
- |
Foreign exchange loss (gain) |
2.0 |
35.4 |
|
(2.0) |
66.6 |
Finance income |
(0.1) |
(0.3) |
|
(0.1) |
(1.1) |
Inventory write-downs (amortization on property, plant and
equipment in inventory) |
- |
(2.0) |
|
- |
0.3 |
Carbon tax |
0.1 |
8.6 |
|
(1.0) |
11.6 |
Change in fair value of warrant liability |
(6.8) |
- |
|
(6.8) |
- |
Change in fair value of earnout liability |
(33.6) |
- |
|
(33.6) |
- |
Change in fair value of share-based compensation liability |
(2.9) |
- |
|
(2.9) |
- |
Transaction costs |
12.3 |
- |
|
21.5 |
- |
Listing expense |
235.6 |
- |
|
235.6 |
- |
Share-based compensation |
(10.4) |
- |
|
5.0 |
- |
Adjusted EBITDA
(i) |
$457.3 |
$11.7 |
|
$1,168.7 |
$32.2 |
Net Income (Loss)
Margin |
11.5% |
-17.1% |
|
21.4% |
-15.2% |
Net Income (Loss) /
ton |
$222.57 |
($134.19) |
|
$350.93 |
($119.03) |
Adjusted EBITDA Margin
(ii) |
42.9% |
2.7% |
|
40.8% |
2.8% |
Adjusted EBITDA /
ton |
$827.60 |
$21.36 |
|
$667.84 |
$21.75 |
|
|
|
|
|
|
(i) See "Non-IFRS Financial
Measures" in this Press Release for information regarding the
limitations of using Adjusted EBITDA. (ii) Adjusted EBITDA Margin
is Adjusted EBITDA as a percentage of revenue. |
|
|
|
|
|
For more information, please contact:
Michael MoracaTreasurer & Investor
Relations OfficerAlgoma Steel Group Inc.
Phone: 705.945.3300E-mail: IR@algoma.com
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