Algoma Steel Group (ASTL) Registration Filing summary

Company overview and business model

• Fully integrated steel producer of hot and cold rolled steel products, including coiled sheet and plate, with a liquid steel production capacity of approximately 2.8 million tons per year.

• Products serve automotive, construction, energy, defense, and manufacturing sectors.

• Incorporated in British Columbia in 2021 as a holding company; became publicly traded via a business combination in October 2021.

• Principal office in Sault Ste. Marie, Ontario, with operations and assets primarily in Canada.

Financial performance and metrics

• Financial statements prepared in accordance with IFRS and presented in Canadian dollars; functional currency is the U.S. dollar.

• Most recent audited financials and MD&A for the nine months ended December 31, 2024, and year ended March 31, 2024, are incorporated by reference.

• No material changes in share and loan capital since the last interim financial statements; currently in compliance with all debt covenants.

• Fiscal year-end changed from March 31 to December 31, effective December 31, 2024.

Use of proceeds and capital allocation

• Net proceeds, proposed uses, and business objectives for each offering will be detailed in the applicable prospectus supplement.

• Management retains broad discretion in the application of proceeds, which may include short-term investments if not immediately used.