Mr. Michael Moraca reports

ALGOMA STEEL PROVIDES FISCAL 2023 FOURTH QUARTER GUIDANCE

Algoma Steel Group Inc. has provided guidance for its fiscal fourth quarter ending March 31, 2023. Unless otherwise specified, all amounts are in Canadian dollars.

Fiscal 2023 fourth quarter total steel shipments are expected to be in the range of 555,000 to 565,000 tons and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) is expected to be in the range of $25-million to $30-million.

Michael Garcia, Algoma's chief executive officer, commented: "We anticipate that our shipments for the fourth fiscal quarter will align with our earlier projections now that our plate mill has returned to its historical production levels. As expected, our adjusted EBITDA is directionally higher compared to the December quarter, due to lower costs resulting from stable operations and increased productivity.

"We are pleased to note that steel prices are presently at a nine-month high. Attractive market conditions, combined with our consistent operations, are likely to significantly enhance our profitability as we head into fiscal 2024. We are excited about the progress made so far on our strategic electric arc furnace project as the building gets erected shaping the skyline of our steelworks. While this marks a key milestone, we continue to diligently execute the project on time and on budget as we work towards our goal of a mid-2024 start-up," Mr. Garcia concluded.

About Algoma Steel Inc.

Based in Sault Ste. Marie, Ont., Canada, Algoma is a fully integrated producer of hot and cold rolled steel products, including sheet and plate. Driven by a purpose to build better lives and a greener future, Algoma is positioned to deliver responsive, customer-driven product solutions to applications in the automotive, construction, energy, defence and manufacturing sectors. Algoma is a key supplier of steel products to customers in North America and is the only producer of discrete plate products in Canada. Its state-of-the-art direct strip production complex (DSPC) is one of the lowest-cost producers of hot rolled sheet steel (HRC) in North America.

Algoma is on a transformation journey, modernizing its plate mill and adopting electric arc technology that builds on the strong principles of recycling and environmental stewardship to significantly lower carbon emissions. Today, Algoma is investing in its people and processes, working safely, as a team to become one of North America's leading producers of green steel.

As a founding industry in its community, Algoma is drawing on the best of its rich steelmaking tradition to deliver greater value, offering North America the comfort of a secure steel supply and a sustainable future as your partner in steel.

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