Mr. Michael Garcia reports

ALGOMA STEEL RELEASES ESG POSITION STATEMENT

Algoma Steel Group Inc. has released its environmental, social, and governance (ESG) position statement. Algoma has been undertaking efforts to enhance its approach to ESG and the company is sharing more detail on this work through the publication of its ESG position statement.

Algoma aims to be a climate change leader and contributor toward a sustainable and environmentally responsible future for Canadian steel production. The ESG position statement describes the foundational role that Algoma's ESG strategy plays in the company's transformation journey and overall corporate strategy, and how ESG practices are embedded into Algoma's business model. The statement outlines the company's ESG commitments and ESG framework, which include its guiding ESG principles.

As part of Algoma's commitment to continue to augment its transparency and accountability on ESG, the company plans to publish its inaugural ESG report in 2023, which will be designed to align with market-leading, investor-preferred ESG disclosure frameworks, such as the Sustainability Accounting Standards Board and the recommendations of the Task Force on Climate-related Financial Disclosures. The ESG report will set out the company's ESG strategy, and its approach to mitigating ESG risks and capturing ESG opportunities, and provide an update on the company's ESG performance.

The full ESG position statement can be found on the company's website.

Michael D. Garcia, Algoma's chief executive officer, stated: "I am very excited to share Algoma's ESG position statement. Given the significance ESG plays in the global steel industry, Algoma is committed to ensuring that ESG factors are incorporated into our core strategic objectives to ensure that we are generating value for our investors, employees, local communities and suppliers, and prioritizing long-term sustainability."

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.

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