Mr. Mike Moraca reports

ALGOMA STEEL ANNOUNCES FILING OF BASE SHELF PROSPECTUS

Algoma Steel Group Inc. has filed a base shelf prospectus dated June 21, 2023, with the Ontario Securities Commission, relying on the "well-known seasoned issuer" exemption, and a corresponding shelf registration statement on Form F-10 with the United states Securities and Exchange Commission (the SEC). These filings will allow the company, if it chooses, to make offerings of common shares, preferred shares, debt securities, subscription receipts, units and warrants of the company, or any combination thereof, in all of the provinces and territories of Canada (other than Quebec) and in the United States for a period of 25 months.

The company has filed the base shelf prospectus and registration statement to maintain financial flexibility, but has no present intention to pursue a capital raise in the near future. The company does intend to use the registration statement for the potential exercises of currently outstanding warrants of the company and the potential resale of certain securities of the company that had previously been registered for resale. There is no certainty any securities will be sold under the base shelf prospectus and/or registration statement within the 25-month effective period.

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 their 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.