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ASTLW

Algoma Steel Group Inc.

ASTLW

Algoma Steel Group Inc. • NASDAQ
$0.16 ▲ 7.24% (+0.01)
Market Cap $16.74 M
52w High $0.26
52w Low $0.14
Dividend Yield 0%
P/E -0.26
Volume 70.45K
Outstanding Shares 104.65M

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 Q4-2025
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 Revenue climbed sharply with the last big up-cycle, then has eased back over the past couple of years as steel prices and volumes normalized. Profitability followed that pattern: very strong operating and net profits during the boom period, then shrinking margins, and most recently a return to losses. The latest year shows pressure right at the gross profit level, suggesting a mix of weaker pricing, higher costs, and temporary inefficiencies tied to the production transition. In short, the income statement tells a story of a cyclical business in the middle of a costly transformation, with near‑term earnings under strain after a very profitable peak.

Balance Sheet

Balance Sheet The balance sheet looks relatively solid for a steel producer in transition. Total assets have grown as the company invests heavily in new technology and capacity. Equity has built up compared with a few years ago, reflecting the profits earned during the strong market period and providing a buffer for the current downturn. Debt, which had been quite low, has moved up but still appears manageable relative to the equity base, suggesting a conservative capital structure by industry standards. Cash is down from earlier highs but not depleted, indicating the company still has financial flexibility, though less room than at the peak of the cycle.

Cash Flow

Cash Flow Cash flow highlights the cost of the strategic overhaul. Operating cash flow was very strong in the boom period but has weakened and recently turned slightly negative as profits dipped and working capital moved against the company. Free cash flow has been negative in most recent years, driven by very heavy capital spending on the new electric arc furnaces and related upgrades. In effect, the company is reinvesting much more cash than it is currently generating from operations, which is typical for a major transformation but not sustainable indefinitely without continued balance sheet support or external funding. The key question is whether these investments convert into stronger, more stable cash generation once the new facilities ramp up.

Competitive Edge

Competitive Edge Algoma’s position is stronger than a typical mid‑sized steel producer, despite the cyclical headwinds. It has a unique role as the only domestic producer of certain plate products in Canada, serving sensitive sectors like defense, infrastructure, and energy. Its location on the Great Lakes offers logistical advantages for both raw materials and distribution into key North American markets. The shift to lower‑emission “green steel” should provide differentiation as customers and regulators push for cleaner supply chains. Government backing for its transition further reinforces its strategic importance. The flip side is that the company still operates in a global, commodity‑driven industry with intense competition and volatile pricing, so its advantages mainly help it be a stronger player within a tough sector rather than removing cyclicality altogether.

Innovation and R&D

Innovation and R&D The company is in the middle of a major technological reset. The move from traditional blast furnaces to modern electric arc furnaces is a step change, not a minor upgrade. It should lower emissions substantially, improve energy efficiency, and give more flexibility in raw materials, supporting the “green steel” Volta brand. The existing thin slab casting complex is another technological asset, enabling faster, more efficient production of high‑quality, light‑gauge steel. Algoma is also focusing on higher‑value segments like high‑strength and ultra‑high‑strength steels and specialized plate products, where performance matters more than lowest price. The main execution risks are the ramp‑up of the new facilities, achieving the expected cost savings, and proving that customers will pay for the green and specialized offerings. If these pieces come together, the innovation program could materially improve the company’s long‑term profile versus traditional steel mills.

Summary

Algoma Steel is a cyclical steel producer going through a large, capital‑intensive transformation. Financially, it moved from a period of very strong profits and cash flow to a phase of weaker results and negative free cash flow as it invests heavily in new technology and navigates a softer steel market. The balance sheet, strengthened by past profits and still anchored by meaningful equity, is currently carrying that load, though leverage and cash usage are rising. Competitively, the company has several structural advantages: unique plate products in Canada, a favorable location, government support, and a credible path to green, more efficient production. The core uncertainty lies in execution and timing—how quickly the new facilities stabilize, how much cost and emissions benefit they actually deliver, and whether the market rewards Algoma for its green and higher‑value steel. Overall, this is a story of a traditional, cyclical business attempting to reinvent itself technologically and environmentally, with near‑term financial pressure in service of potentially stronger long‑term positioning.