Mr. Michael Garcia reports

ALGOMA STEEL NOTIFIED BY USW LOCAL 2724 AGREEMENT RATIFIED

Algoma Steel Group Inc. has been notified by United Steelworkers (USW) Local 2724, the union representing its technical, professional and front-line supervisory employees, that their members have successfully ratified their collective agreement, providing an enhanced economic package for their members and importantly setting out the process to transition the workforce to electric arc steelmaking.

Discussions are continuing between the company and the hourly employees represented by USW Local 2251, and the company continues to work toward reaching an agreement before the contract expires on July 31, 2022.

Algoma president and chief executive officer Michael Garcia commented on the development: "I extend sincere thanks to the negotiating committees for their concerted efforts to work through the issues in a timely manner. Together we have made great strides in Algoma's transformation, and we are on track to position the company for a secure, sustainable future as a leading producer of green steel. We will continue to work as a team, remain committed to the plan, and maintain forward momentum."

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. Algoma'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 last 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, Algoma has cost-cutting initiatives under way and is in the process of modernizing its plate mill facilities.

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

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