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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, driven by a $503 million non-cash impairment and challenging market conditions, including 50% U.S. tariffs that restricted market access and forced a strategic pivot to Canadian plate and select coil products.
Accelerated transition to electric arc furnace (EAF) steelmaking, with key milestones achieved in 2025 and commissioning expected by early 2026, aiming to reduce annual carbon emissions by 70%.
Liquidity was reinforced by $500 million in government-backed support and an expanded $375 million ABL credit facility, with quarter-end liquidity at $337 million.
CEO succession announced: Rajat Marwah to become CEO and Michael Morocco to become CFO effective January 2026.
Regular quarterly dividend suspended in July 2025 to preserve liquidity.
Financial highlights
Revenue for Q3 2025 was $473 million, down 12.2% year-over-year, with steel shipments of 419,000 net tons, down 12.7% year-over-year.
Adjusted EBITDA loss of $87.1 million (margin of -16.6%); net loss of $485.1 million, including a $503 million impairment.
Cost per ton of steel sold averaged $1,282, up 24.2% year-over-year; revenue per ton increased to $1,250.
Tariff expenses totaled $90 million for the quarter, with Canadian sales prices approximately 40% lower due to tariffs.
Cash used in operations was $117.3 million; quarter-end liquidity stood at $337 million.
Outlook and guidance
EAF ramp-up to be completed a year early, targeting full production by end of 2025 or early 2026, with a five-day operating schedule expected by mid-November 2025.
Expect significant inventory drawdown starting Q4 2025 and accelerating through 2026 as blast furnace and coke oven operations are retired.
Plate production expected to increase sequentially in Q4 as maintenance outages subside.
Anticipate working capital release of $100–$150 million and tax refunds exceeding $100 million in the next year.
Focus on cost controls, operational improvements, and ESG initiatives to drive long-term value.
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?
EAF profitability at domestic market volumes?
Total cash inflows beyond government loans?
Securing future demand from nation building?
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Next Algoma Steel Group earnings date
Q4 20254 Nov, 2025
Next Algoma Steel Group earnings date
Q4 20254 Nov, 2025
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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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