Algoma Steel Group Inc. reported adjusted EBITDA of $13.8 million for the three months ended June 30, 2026, in line with its previously announced expectations and marking a second consecutive quarter of record plate sales. The result, which compares to an adjusted EBITDA loss of $32.4 million in the prior-year quarter, included a $45.0 million final insurance settlement and a $54.7 million capacity utilization adjustment tied to excess fixed costs from the company's legacy blast furnace operations. Revenue fell to $267.5 million from $589.7 million a year earlier, while net loss narrowed to $96.0 million from $110.6 million, as the company continued its transition to electric arc furnace steelmaking after permanently halting its blast furnace in January 2026. Shipments dropped 61.6% to 181,473 tons, reflecting the deliberate reduction of U.S.-bound volumes under the 50% Section 232 tariff, but average net sales realization per ton rose 20.2% to $1,361. Construction of the second EAF unit is nearing completion, with first steel production expected in the third quarter of 2026, and the company ended the quarter with approximately $437 million in total available liquidity.
Algoma Steel Group IncAdjusted EBITDA of $13.8M, in line with expectations, and record plate sales, despite transition costs.