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ASTL

Algoma Steel Group Inc.

ASTL

Algoma Steel Group Inc. • NASDAQ
$4.27 ▲ 9.49% (+0.37)
Market Cap $448.07 M
52w High $10.78
52w Low $3.02
Dividend Yield 0.05%
P/E -4.15
Volume 2.20M
Outstanding Shares 104.93M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $589.7M ▲ $31M ▲ $-110.6M ▼ -18.755% ▼ $-1.02 ▼ $-87.6M ▲
Q4-2025 $517.1M ▼ $30.9M ▼ $-24.5M ▲ -4.738% ▲ $-0.23 ▲ $-93.5M ▲
Q3-2025 $590.3M ▼ $37.7M ▲ $-66.5M ▲ -11.265% ▲ $-0.61 ▲ $-94.9M ▼
Q2-2025 $600.3M ▼ $36.7M ▼ $-106.6M ▼ -17.758% ▼ $-1.25 ▼ $-63.6M ▼
Q1-2025 $650.5M $38.7M $6.1M 0.938% $0.071 $56.2M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $82.5M ▼ $2.946B ▼ $1.653B ▲ $1.293B ▼
Q4-2025 $226.5M ▼ $3.09B ▼ $1.607B ▼ $1.483B ▼
Q3-2025 $266.9M ▼ $3.186B ▲ $1.678B ▼ $1.508B ▲
Q2-2025 $452M ▼ $3.096B ▼ $1.682B ▲ $1.414B ▼
Q1-2025 $493.4M $3.123B $1.58B $1.543B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $-110.6M ▼ $-37.9M ▼ $-82.4M ▲ $-12.7M ▼ $-144M ▼ $-135.3M ▼
Q4-2025 $-24.5M ▲ $92.1M ▲ $-127M ▼ $-5.3M ▲ $-40.4M ▼ $-34.9M ▲
Q3-2025 $-66.5M ▲ $-76.9M ▼ $-112.4M ▼ $-17M ▼ $172.2M ▲ $-189.3M ▼
Q2-2025 $-106.6M ▼ $25.5M ▲ $-61.5M ▲ $900K ▼ $-41.4M ▼ $-63.9M ▲
Q1-2025 $6.1M $12.5M $-98.3M $479.9M $395.5M $-85.8M

Revenue by Products

Product Q3-2025
Freight
Freight
 $140.00M ▲
Non Steel
Non Steel
 $30.00M ▲
Slab
Slab
 $0 ▲
Steel Plate
Steel Plate
 $320.00M ▲
Steel Sheet and Strip
Steel Sheet and Strip
 $1.35Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Algoma’s income statement shows a classic steel cycle amplified by a big strategic transition. Revenue surged a few years ago and has since drifted down, reflecting softer steel prices and volumes. Profitability was very strong at the peak of the cycle, but margins have steadily compressed and most recent results show losses at the gross profit, operating income, and net income levels. Earnings have swung from solidly positive to clearly negative, which underscores how exposed the company is to both market conditions and the near‑term costs and disruptions of its large transformation program.

Balance Sheet

Balance Sheet The balance sheet looks like a company in heavy investment mode. Total assets have grown meaningfully as the new electric arc furnace and related projects are built. Equity has risen compared with the period around the SPAC listing, giving the firm a thicker capital base. Cash is materially lower than at its previous high point, but not as thin as in the early years. Debt, which had been kept quite low for a time, has risen again, suggesting the company is leaning more on borrowing to fund its build‑out. Overall, the balance sheet is still equity‑supported but with a clear uptick in leverage and project risk.

Cash Flow

Cash Flow Algoma’s cash flow tells the story of the transition more clearly than the income statement. Operating cash flow was strong in the boom year and stayed positive for a while, but has recently slipped slightly into the red, pointing to pressure from weaker markets and ramp‑up costs. Free cash flow has been negative in most years except the boom period, mainly because investment spending has been very heavy. The company is effectively trading today’s cash for tomorrow’s capacity and cost savings, which raises execution risk and makes it more dependent on external funding until the new assets start to pay off.

Competitive Edge

Competitive Edge Competitively, Algoma is trying to move from being a traditional cyclical steel producer to a differentiated “green steel” player in North America. Its location on the Great Lakes gives it logistical advantages to key industrial customers. Government backing for the low‑carbon transition and a long‑term ore supply agreement add support. Being Canada’s only discrete plate producer and a low‑cost hot‑rolled sheet producer provides product and cost advantages. However, the steel market remains highly competitive and cyclical, so Algoma’s edge will depend on how well it converts its green positioning and specialty products into durable customer relationships and pricing power.

Innovation and R&D

Innovation and R&D Innovation is centered on the shift to electric arc furnaces and the Volta‑branded low‑carbon steel lineup. This technology is designed to cut emissions sharply, lower operating costs, and boost capacity, while enabling more flexible raw material use. The company also has advanced strip casting technology and a focus on higher‑strength and specialty steels for automotive, construction, heavy equipment, and defense. The key innovation risk is execution: the benefits depend on bringing the new facilities online smoothly, achieving the expected cost savings, and successfully marketing premium “green” grades and long‑term contracts.

Summary

Algoma is in the middle of a major transformation: financially pressured in the near term, but aiming for a structurally stronger, lower‑carbon, and more specialized business model. Recent results show weaker revenues, shrinking margins, and a swing back into losses, while the balance sheet carries more debt and the cash flow statement reflects substantial ongoing investment. On the strategic side, the move to electric arc furnaces, government support, unique plate capabilities, and a growing focus on green and specialty steels could enhance the company’s long‑term competitive position if executed well. The central questions are whether the new assets will deliver the promised cost and product advantages, and how quickly that will translate into steadier profits and healthier cash generation through the steel cycle.

NEWS

November 17, 2025 · 8:00 AM UTC

Algoma Steel Completes $500 Million Government Financing Transaction

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October 29, 2025 · 5:00 PM UTC

Algoma Steel Group, Inc. Announces Leadership Transition

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October 20, 2025 · 5:30 PM UTC

Algoma Steel Group Inc. to Announce 2025 Third Quarter Results October 29, 2025

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October 1, 2025 · 5:30 PM UTC

Algoma Steel Provides Guidance for the Third Quarter 2025 and Announces Board Update

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September 29, 2025 · 6:06 PM UTC

Support for Algoma Steel a start but Steelworkers want guarantees and transparency

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