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Algoma Steel Releases 2024 Sustainability Report

SAULT STE. MARIE, Ontario, June 04, 2025 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (鈥淎lgoma鈥� or 鈥渢he Company鈥�), a leading Canadian producer of hot and cold rolled steel sheet and plate products, today announced the release of its 2024 Sustainability Report (the 鈥淩eport鈥�), covering a nine-month transition period from April 1 to December 31, 2024. The reporting period aligns with our 2024 financial reporting period, which now corresponds to a calendar year to reflect a consistent approach to our industry peer reporting.

Michael Garcia, Algoma鈥檚 Chief Executive Officer, commented, 鈥淎t Algoma, sustainability is not a trend鈥攊t鈥檚 a strategic priority. As we are nearing the completion of our Electric Arc Furnace (EAF) project, we remain focused on operating safely, reliably, and responsibly while delivering high-quality Canadian-made steel. This transformation supports a stronger, low-carbon future for our business, our communities, and Canada鈥檚 steel industry.鈥�

The 2024 Report highlights Algoma鈥檚 progress across key sustainability areas.聽The Company advanced enterprise risk management and integrated business planning frameworks strengthening governance, oversight of sustainability performance, and operational reliability. Algoma also reinforced its commitment to workplace safety, inclusion, and community engagement鈥攚hile making significant strides toward completing Canada鈥檚 largest industrial decarbonization project. Once operational, the EAF is expected to reduce carbon emissions by approximately 70%, positioning Algoma to be a Canadian producer of green steel.

Prepared in alignment with the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-related Financial Disclosures (TCFD), the Report underscores Algoma鈥檚 ongoing commitment to transparency, accountability, and long-term value creation.

The full report is available at www.algoma.com.

Cautionary Statement Regarding Forward-Looking Statements

This news release contains 鈥渇orward-looking information鈥� under applicable Canadian securities legislation and 鈥渇orward-looking statements鈥� within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, 鈥渇orward-looking statements鈥�), including statements regarding timing of completion of the Company鈥檚 EAF project and reduction in carbon emissions following completion of the EAF project, Algoma鈥檚 future as a leading producer of green steel, investment in its people, and processes, and the Company鈥檚 available liquidity, strategy, plans or future financial or operating performance. These forward-looking statements generally are identified by the words 鈥渂elieve,鈥� 鈥減roject,鈥� 鈥渆xpect,鈥� 鈥渁nticipate,鈥� 鈥渆stimate,鈥� 鈥渋ntend,鈥� 鈥渉ope,鈥� 鈥渟trategy,鈥� 鈥渇uture,鈥� 鈥渙pportunity,鈥� 鈥減lan,鈥� 鈥渄esign,鈥� 鈥減ipeline,鈥� 鈥渕ay,鈥� 鈥渟hould,鈥� 鈥渨ill,鈥� 鈥渨ould,鈥� 鈥渨ill be,鈥� 鈥渨ill continue,鈥� 鈥渨ill likely result,鈥� 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 鈥淩isk Factors鈥� and 鈥淐autionary Note Regarding Forward-Looking Information鈥� in Algoma鈥檚 Annual Information Form, filed by Algoma with applicable Canadian securities regulatory authorities (available under the Company鈥檚 SEDAR+ profile at www.sedarplus.com) and with the SEC, as part of Algoma鈥檚 Annual Report on Form 40-F (available at www.sec.gov), as well as in Algoma鈥檚 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 (鈥淒SPC鈥�) is one of the lowest-cost producers of hot rolled sheet steel (鈥淗RC鈥�) 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.

For more information, please contact:

Michael Moraca
Vice President 鈥� Corporate Development & Treasurer
Algoma Steel Group Inc.

Phone: 705.945.3300
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