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Algoma Steel Group (ASTL) investor relations material
Algoma Steel Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 saw a net loss of $485.1 million and adjusted EBITDA loss of $87.1 million, reflecting steep declines in shipments, revenue, and profitability amid challenging market and operational conditions.
The company accelerated its transition to electric arc furnace (EAF) steelmaking, achieving key milestones and targeting full commissioning in early 2026.
U.S. Section 232 tariffs closed the U.S. market, leading to lower shipments, higher costs, and a strategic focus on Canadian markets and value-added products.
Secured $500 million (CAD 500 million) in government-backed liquidity support and expanded a $375 million ABL credit facility to reinforce financial flexibility.
CEO Michael Garcia announced retirement; Rajat Marwah to become CEO and Michael Moraca to become CFO effective January 2026.
Financial highlights
Revenue for Q3 2025 was $523.9 million, down from $600.3 million year-over-year; steel revenue was $473 million, down 12.2% year-over-year.
Adjusted EBITDA loss of $87.1 million (margin of -16.6%) and net loss of $485.1 million, primarily due to a $503 million non-cash impairment.
Shipments totaled 419,173 tons, down 12.7% year-over-year.
Cash used in operating activities was $117.3 million; quarter-end liquidity at $337 million.
Tariffs expense totaled $89.7 million, with Canadian sales prices down 40% due to tariffs, reducing revenue by $32 million.
Outlook and guidance
EAF transformation is being accelerated, with full transition and commissioning expected in early 2026.
Expect significant inventory drawdown starting Q4 and accelerating through 2026 as transition to EAF-based supply chain continues.
CapEx expected to decrease as Blast Furnace and Coke Batteries shut down, reducing maintenance costs.
Working capital release of $100–150 million expected over the next year.
EAF transformation projected to reduce annual carbon emissions by 70% and match 3.7 million tons annual capacity.
EAF 5-day schedule impact on production mix?
Timeline for tariff exposure reduction?
Conditions for drawing government facilities?
EAF cost targets: Canadian market support 2.5M tons?
Tariffs: Beyond $90M cost, what is revenue impact?
Specific cash inflows extending liquidity runway?
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Next Algoma Steel Group earnings date
Q2 202728 Jan, 2026
Next Algoma Steel Group earnings date
Q2 202728 Jan, 2026
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Frequently asked questions
Algoma Steel Group Inc produces hot and cold rolled steel products, including sheet and plate, for customers in automotive, construction, and manufacturing industries. The company operates an integrated steelworks facility in Ontario. It is headquartered in Sault Ste. Marie, Canada, and its shares are listed on the NASDAQ.
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