Quarterly ResultJul 30, 2026, 06:08 AM
Algoma Steel Q2 Adj. EBITDA $13.8M; EAF Unit Two Nearing Completion
AI Summary
Algoma Steel Group Inc. reported financial results for the three months ended June 30, 2026, with Adjusted EBITDA of $13.8 million, aligning with expectations. The company achieved a second consecutive quarter of record plate sales and is nearing completion of its EAF Unit Two, with first steel production anticipated in the third quarter of 2026. Despite a significant year-over-year decline in revenue to $267.5 million and a net loss of $96.0 million, the company highlighted its strategic pivot to a Canada-centric, plate-first model and the benefit of a $45.0 million insurance settlement.
Key Highlights
- Adjusted EBITDA was $13.8 million, in line with previously announced expectations.
- Consolidated revenue decreased to $267.5 million from $589.7 million in the prior-year quarter.
- Net loss was $96.0 million, an improvement from a net loss of $110.6 million in the prior-year quarter.
- Second consecutive quarter of record plate sales, supporting the plate-first strategy.
- EAF Unit Two construction is nearing completion, with first steel production expected in Q3 2026.
- Received a $45.0 million final insurance settlement related to the January 2024 utility corridor incident.
- Total available liquidity stood at approximately $437 million at June 30, 2026.
- MOU with Hanwha Ocean Co. Ltd. was suspended following the Canadian Patrol Submarine Project outcome.
Price Impact
More from ASTL