Mr. Gregg Ruhl reports

ALGOMA CENTRAL CORPORATION ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted Algoma Central Corp.'s notice of intention to proceed with the renewal of its normal course issuer bid.

Algoma's board of directors believes that the market price of Algoma's common shares, from time to time, may not reflect the inherent value of the company and purchases of shares pursuant to the NCIB may represent an appropriate and desirable use of funds. Any purchases made under the NCIB will be made by Algoma subject to favourable market conditions at the prevailing market price at the time of acquisition through the facilities of the TSX and/or alternative Canadian trading systems.

Pursuant to the notice, during the 12-month period commencing March 21, 2024, and ending March 20, 2025, Algoma may purchase up to 1,975,857 of its shares, representing approximately 5 per cent of the 39,517,144 shares that were issued and outstanding as of March 7, 2024. Under the NCIB, other than purchases made pursuant to block purchase exemptions, Algoma may purchase up to 2,201 shares on the TSX during any trading day, which represents approximately 25 per cent of the average daily trading volume of the shares on the TSX for the past six calendar months, being 8,807 shares. Any shares purchased under the NCIB will be cancelled.

In conjunction with the renewal of the NCIB, Algoma has entered into a new automatic share purchase plan with a designated broker to allow for the purchase of its shares under the NCIB at times when Algoma normally would not be active in the market due to applicable regulatory restrictions or internal trading blackout periods.

Before the commencement of any particular internal trading blackout period, Algoma may, but is not required to, instruct its designated broker to make purchases of shares under the NCIB during the ensuing blackout period in accordance with the terms of the ASPP. Such purchases will be determined by the broker in its sole discretion based on parameters established by Algoma prior to commencement of the applicable blackout period in accordance with the terms of the ASPP and applicable TSX rules. Outside of these blackout periods, shares will continue to be purchasable by Algoma at its discretion under its NCIB.

The ASPP will commence on the company's behalf during the quarterly blackout period of the company for its first quarter 2024 results commencing March 31, 2024, and will terminate on the earliest of the date on which: (a) the maximum annual purchase limit under the NCIB has been reached; (b) Algoma terminates the ASPP in accordance with its terms; or (c) the NCIB expires. The ASPP constitutes an automatic securities purchase plan under applicable Canadian securities laws.

The company's previous NCIB commenced on March 21, 2023, and expires on March 20, 2024. Under the previous NCIB, the company obtained the approval of the TSX to purchase up to 1,926,915 shares, which represented 5 per cent of the 38,538,301 shares issued and outstanding as at the close of business on March 7, 2023. As of March 7, 2024, the company purchased 568,267 shares at a weighted average trading price of $15.17 per share under the previous NCIB and will continue to purchase additional shares up to the expiry date.

Although Algoma intends to purchase shares under its NCIB, there can be no assurances that any such purchases will be completed.

About Algoma Central Corp.

Algoma Central is a global provider of marine transportation that owns and operates dry and liquid bulk carriers, serving markets throughout the Great Lakes St. Lawrence Seaway and internationally. Algoma is aiming to reach a carbon emissions reduction target of 40 per cent by 2030 and net zero by 2050 across all business units with fuel efficient vessels, innovative technology and alternative fuels.

We seek Safe Harbor.