Algoma Steel sees 2023 Q4 adjusted EBITDA C$25M-C$30M

Sees 2023 steel shipments 555,000-565,000 tons. CEO Michael Garcia commented, "We anticipate that our shipments for Q4 will align with our earlier projections now that our plate mill has returned to its historical production levels. As expected, our Adjusted EBITDA is directionally higher compared to the December quarter, due to lower costs resulting from stable operations and increased productivity. We are pleased to note that steel prices are presently at a nine-month high. Attractive market conditions, combined with our consistent operations, are likely to significantly enhance our profitability as we head into fiscal 2024. We are excited about the progress made so far on our strategic electric arc furnace project as the building gets erected shaping the skyline of our steelworks. While this marks a key milestone, we continue to diligently execute the project on time and on budget as we work towards our goal of a mid-2024 start up.".