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Algoma Steel Group Inc
Symbol ASTL
Shares Issued 104,103,072
Close 2024-04-10 C$ 11.15
Market Cap C$ 1,160,749,253
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Globe says Algoma Steel Group maintained at "buy"

2024-04-10 09:11 ET - In the News

The Globe and Mail reports in its Wednesday, April 10, edition that Stifel analyst Ian Gillies, in response to the close of Algoma Steel Group's $350-million (U.S.) financing, trimmed his share target by $1 to $15 with a "buy" recommendation (all figures Canadian unless otherwise stated). The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $14.50. Mr. Gillies says in a note: "We view the debt issuance positively given it bolsters Algoma Steel Group's balance sheet to support EAF [electric arc steelmaking] completion and transition, which was one of the four key catalysts we highlighted two months ago. With the company's successful restart of the steel plant, we are now left with two catalysts for the next 12-months that are going to significantly impact the company's stock performance, aside from commodity price changes. This includes: 1) delivering the EAF project in the prescribed cost range of $825-million to $875-million, which we believe is on track; and 2) depicting reasonable profitability during the EAF transition period beginning in 2025." The Globe reported on Feb. 9 that Mr. Gillies rated Algoma "buy." It was then worth $11.03.

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