Mr. Michael Garcia reports

ALGOMA STEEL ANNOUNCES 15 DAY EXTENSION

Algoma Steel Group Inc. and the negotiating committee of United Steelworkers Local Union 2251, the union representing Algoma Steel's hourly employees, have agreed to a 15-day extension beyond the July 31, 2022, expiry of the collective agreement for the purpose of continued discussions.

Algoma Steel president and chief executive officer Michael Garcia commented, "This extension demonstrates the willingness of the parties to work towards an agreement that provides fair and equitable improvements to wages and benefits, and supports our collective future under the electric arc transformation."

About Algoma Steel Group Inc.

Based in Sault Ste. Marie, Ont., Canada, Algoma Steel 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 Steel'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 Steel is a key supplier of steel products to customers in Canada and Midwest USA 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 Steel has achieved several meaningful improvements over the last several years that are expected to result in enhanced long-term profitability for the business. Algoma Steel 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 Steel is on a transformation journey. Algoma Steel is 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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