Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma” or “the
Company”), a leading Canadian producer of hot and cold rolled steel
sheet and plate products, announced today that the Toronto Stock
Exchange (the “TSX”) has approved the Company’s intention to renew
its normal course issuer bid (“NCIB”) for a portion of its common
shares (“Shares”) and a portion of its warrants (“Warrants”) to
purchase shares as appropriate opportunities arise from time to
time. The Company believes that the market price of the Shares and
Warrants may not, from time to time, fully reflect their value and
accordingly the purchase of Shares and Warrants would be in the
best interests of the Company and an attractive use of available
funds."
Pursuant to the NCIB, the Company may acquire,
from time to time, over a period of 12 months starting September 5,
2024 and ending September 4, 2025, up to a maximum of 5,206,153 of
its Shares, or 5% of its 104,123,072 issued and outstanding Shares,
and up to a maximum of 1,208,950 of its Warrants, or 5% of its
24,179,000 issued and outstanding Warrants, in each case as of
August 26 2024. In accordance with TSX rules, the number of Shares
that can be purchased pursuant to the NCIB is subject to current
daily maximums of 12,066 Shares (which is equal to 25% of 48,264
Shares, being the average daily trading volume from February 1,
2024 to July 1, 2024) and 1,000 Warrants (as 25% of 1,059 Warrants,
being the average daily trading volume from February 1, 2024 to
July 1, 2024, is less than the 1,000 limit), subject to certain
exceptions prescribed by the TSX, including block purchase
exceptions. In addition, all purchases under the NCIB will be
conducted in accordance with applicable U.S. securities laws.
The NCIB commences on September 5, 2024 and will
terminate on the earlier of September 4, 2025, or such earlier time
as the Company completes its purchases pursuant to the NCIB or
provides notice of termination. Purchases under the NCIB will be
made through the facilities of the TSX, NASDAQ, and/or other
exchanges and through alternative Canadian systems and in
accordance with applicable regulatory requirements at a price per
Share or Warrant equal to the market price at the time of
acquisition. All Shares and Warrants purchased under the NCIB will
be cancelled upon their purchase.
In connection with the NCIB, the Company has
entered into an automatic repurchase plan (the "Plan") with its
designated broker. The Plan is intended to allow for the purchase
of Shares and Warrants under the NCIB at times when it would
ordinarily not be permitted to purchase Shares and Warrants due to
regulatory restrictions and customary self-imposed blackout
periods. The Plan is also intended to meet the requirements of
applicable U.S. securities laws. The Plan constitutes an "automatic
securities purchase plan" for purposes of applicable Canadian
securities legislation and has been reviewed by the TSX.
The Company previously maintained a normal
course issuer bid for the twelve-month period commencing on March
6, 2023 and ending on March 5, 2024, under which the Company sought
and received approval from the TSX to purchase up to 5,178,394 of
its Shares, or approximately 5% of its 103,567,884 issued and
outstanding Shares as of February 28, 2023. The Company did not
purchase any common shares under its previous normal course issuer
bid.
Cautionary
Statement Regarding
Forward-Looking Statements
This news release contains “forward-looking
information” under applicable Canadian securities legislation and
“forward-looking statements” within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995 (collectively,
“forward-looking statements”), including statements regarding the
potential purchase and cancellation of Share and Warrants pursuant
to the NCIB and the Plan, Algoma’s transition to electric arc
furnace (EAF) steelmaking, Algoma’s future as a leading producer of
green steel, Algoma’s modernization of its plate mill facilities,
transformation journey, ability to deliver greater and long-term
value, ability to offer North America a secure steel supply and a
sustainable future, and investment in its people, and
processes. These forward-looking statements generally are
identified by the words “believe,” “project,” “expect,”
“anticipate,” “estimate,” “intend,” “strategy,” “future,”
“opportunity,” “plan,” “design,” “pipeline,” “may,” “should,”
“will,” “would,” “will be,” “will continue,” “will likely result,”
and similar expressions. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions. Many
factors could cause actual future events to differ materially from
the forward-looking statements in this document. Readers should
also consider the other risks and uncertainties set forth in the
section entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Information” in Algoma’s Annual Information Form,
filed by Algoma with applicable Canadian securities regulatory
authorities (available under the company’s SEDAR+ profile at
www.sedarplus.com) and with the SEC, as part of Algoma’s Annual
Report on Form 40-F (available at www.sec.gov), as well as in
Algoma’s current reports with the Canadian securities regulatory
authorities and SEC. Forward-looking statements speak only as of
the date they are made. Readers are cautioned not to put undue
reliance on forward-looking statements, and Algoma assumes no
obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise.
About Algoma
Steel Group
Inc.
Based in Sault Ste. Marie, Ontario, Canada,
Algoma is a fully integrated producer of hot and cold rolled steel
products including sheet and plate. Driven by a purpose to build
better lives and a greener future, Algoma is positioned to deliver
responsive, customer-driven product solutions to applications in
the automotive, construction, energy, defense, and manufacturing
sectors. Algoma is a key supplier of steel products to customers in
North America and is the only producer of discrete plate products
in Canada. Its state-of-the-art Direct Strip Production Complex
(“DSPC”) is one of the lowest-cost producers of hot rolled sheet
steel (HRC) in North America.
Algoma is on a transformation journey,
modernizing its plate mill and adopting electric arc technology
that builds on the strong principles of recycling and environmental
stewardship to significantly lower carbon emissions. Today Algoma
is investing in its people and processes, working safely, as a team
to become one of North America's leading producers of green
steel.
As a founding industry in their community,
Algoma is drawing on the best of its rich steelmaking tradition to
deliver greater value, offering North America the comfort of a
secure steel supply and a sustainable future as your partner in
steel.
For more information, please contact:
Michael MoracaVice President –
Corporate Development and TreasurerAlgoma Steel Group Inc.Phone:
705.945-3300E-mail: IR@algoma.com
Algoma Steel (TSX:ASTL)
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