Mr. Michael Garcia reports

ALGOMA STEEL REACHES TENTATIVE AGREEMENT WITH USW LOCAL 2724

Algoma Steel Group Inc. has reached a tentative agreement for a new labour contract with United Steelworkers (USW) Local 2724, the union representing its technical, professional and front-line supervisory employees. The current collective agreement expires July 31, 2022. Ratification votes are scheduled for July 21 through July 25, 2022. The company will not be releasing details of the tentative agreement until after the union has held its information meetings.

Discussions are continuing between the company and the hourly employees represented by USW Local 2251; the company looks forward to reaching an agreement before the contract expires on July 31, 2022, ensuring the continuation of the company's forward momentum.

Algoma president and chief executive officer Michael Garcia commented on the outcome: "We are pleased that we have reached a tentative agreement with our salaried union local that provides an economic package that is acceptable to both parties and sets out the process to transition the work force to electric arc steelmaking. We look forward to continuing our work together as we navigate Algoma's transformation, positioning the company for a secure, sustainable future as a leading producer of green steel."

About Algoma Steel Group Inc.

Based in Sault Ste. Marie, Ont., Canada, Algoma is a fully integrated producer of hot and cold rolled steel products including sheet and plate. With a current raw steel production capacity of an estimated 2.8 million tons per year, Algoma's size and diverse capabilities enable it to deliver responsive, customer-driven product solutions straight from the ladle to direct applications in the automotive, construction, energy, defence and manufacturing sectors. Algoma is a key supplier of steel products to customers in Canada and Midwest United States and is the only producer of plate steel products in Canada. The company's mill is one of the lowest cost producers of hot-rolled sheet steel (HRC) in North America, owing, in part, to its state-of-the-art direct strip production complex (DSPC), which is the newest thin slab caster in North America with direct coupling to a basic oxygen furnace (BOF) melt shop.

Algoma has achieved several meaningful improvements over the past several years that are expected to result in enhanced long-term profitability for the business. Algoma has upgraded its DSPC facility and recently installed its No. 2 ladle metallurgy furnace. Additionally, the company has cost-cutting initiatives under way and is in the process of modernizing its plate mill facilities.

Today, Algoma is on a transformational journey. Algoma is investing in its people and processes, optimizing and modernizing to secure a sustainable future. The company's customer focus, growing capability and courage to meet the industry's challenges head-on, positions the company firmly as your partner in steel.

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