Quarterly ResultJul 29, 2026, 05:31 PM
Algoma Steel Q2 Adjusted EBITDA $13.8M; Record Plate Sales
AI Summary
Algoma Steel Group Inc. reported Q2 2026 results with Adjusted EBITDA of $13.8 million, a significant improvement from a $32.4 million loss in the prior-year quarter, supported by record plate sales and a $45.0 million insurance settlement. The company posted a net loss of $96.0 million on consolidated revenue of $267.5 million, reflecting lower shipments due to the EAF transition and U.S. Section 232 tariffs. EAF Unit Two construction is nearing completion, with first steel production anticipated in Q3 2026, and the company continues its pivot to a Canada-centric, plate-first strategy. While a joint venture with Roshel Inc. was formed, the MoU with Hanwha Ocean was suspended.
Key Highlights
- Adjusted EBITDA of $13.8 million, compared to a loss of $32.4 million in prior-year quarter.
- Net loss of $96.0 million, compared to a net loss of $110.6 million in prior-year quarter.
- Consolidated revenue of $267.5 million, down from $589.7 million in prior-year quarter.
- Shipments decreased 61.6% to 181,473 tons due to EAF transition and tariffs.
- EAF Unit Two construction nearing completion, first steel production expected in Q3 2026.
- Received $45.0 million final insurance settlement for January 2024 utility corridor incident.
- Formed Roshel Algoma Defence Solutions joint venture for ballistic steel development.
- Memorandum of Understanding with Hanwha Ocean Co. Ltd. has been suspended.
Price Impact
More from ASTL