Mr. Michael Garcia reports

ALGOMA STEEL APPOINTS ELLISDON AS CONSTRUCTION MANAGER FOR ELECTRIC ARC FURNACE PROJECT

Algoma Steel Group Inc. has appointed EllisDon as construction manager for completion of its transformative electric arc furnace (EAF) project. EllisDon brings over 70 years of industrial and civil construction management expertise and experience to the project, bolstering Algoma's internal project team as Algoma's EAF facility continues to progress.

"We are very proud to join Algoma's team in one of Canada's largest electrification projects targeting reduced carbon emissions. We are excited to bring our broad experience, a spirit of profound openness and a determination to help Algoma achieve all of its objectives. This is a partnership with Algoma and a partnership with the environment, and we are very excited to be a part of it," said Geoff Smith, president and chief executive officer, EllisDon.

Michael Garcia, Algoma's chief executive officer, said: "Our transformative electric arc furnace project continues to advance on time and on budget, and as we enter the more complex phases of construction, we are pleased to partner with EllisDon to manage our project with optimal functionality and effectiveness. We continue to expect a successful EAF start-up in mid-2024. Once the project is completed, we expect Algoma will be one of the lowest-cost green-steel production facilities in North America, expanding our annual steelmaking capacity from 2.8 million tons to 3.7 million tons with a significant reduction (estimated at approximately 70 per cent) in carbon emissions. We are proud to be a first-mover in the complete electrification of an integrated steelmaker."

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. 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, defence 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 (DSPC) is one of the lowest-cost producers of hot rolled sheet steel (HRC) 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 its 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 as your partner in steel.

We seek Safe Harbor.