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Algoma Steel Group Inc
Symbol ASTL
Shares Issued 104,038,495
Close 2024-01-25 C$ 11.27
Market Cap C$ 1,172,513,839
Recent Sedar Documents

Globe says Algoma Steel Group kept at "buy"

2024-01-25 07:49 ET - In the News

The Globe and Mail reports in its Thursday, Jan. 25, edition that Stifel analyst Ian Gillies has reiterated his "buy" recommendation for Algoma Steel Group. The Globe's David Leeder writes in the Eye On Equities column that Mr. Gillies lowered his share target to $18 from $19. Analysts on average target the shares at $16.31. Mr. Gillies says in a note: "Algoma Steel Group has provided a further update after a structural failure on Saturday, Jan. 20, 2024. As the company tried to restart the blast furnace there was an issue, which is likely to impact production by approximately 20 days in FY4Q24E. We have estimated the EBITDA impact at approximately $80-million, using F3Q23 as a proxy but with higher product pricing. Despite all the noise, we continue to think the ramp-up of the EAF, inclusive of incremental production and better operational reliability, will reward investors." The Globe reported on June 23 and Sept. 19 that Mr. Gillies had reaffirmed his "buy" recommendation for Algoma Steel. The shares could then be had for $9.20 and $9.26. The Globe reported on Jan. 3 that Beacon analyst Ahmad Shaath said he saw limited upside at Algoma Steel, which could then be had for $12.75.

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