Mr. Michael Garcia reports

ALGOMA STEEL ANNOUNCES EXTENSION OF IRON ORE CONTRACT WITH U. S. STEEL TO SUPPORT TRANSITION TO ELECTRIC ARC STEELMAKING

Algoma Steel Group Inc. has signed a two-year extension of its existing iron ore purchase contract with United States Steel Corp. (U.S. Steel) (NYSE: X), with an option to further extend for a third year solely at Algoma's discretion. The extended purchase contract is anticipated to cover the expected volumes of iron ore required to complete Algoma's transition from blast furnace to electric arc furnace (EAF) steelmaking.

The extension with U.S. Steel represents another strategic milestone for Algoma as it continues on its transformative journey toward sustainable steel production through electric arc steelmaking.

Michael Garcia, Algoma's chief executive officer, commented: "We are excited to extend our partnership with U.S. Steel, which we believe not only reinforces our strong collaboration but also aligns with our broader mission of transitioning to more sustainable steelmaking practices. We believe that the extension of this agreement provides the foundation for a reliable supply chain and uninterrupted access to essential raw materials to meet our production capacity and service the demands of our valued customers throughout North America."

Algoma's transition to EAF steelmaking marks a significant step toward reducing its carbon footprint and contributing to a greener and more sustainable future. This commitment to innovation and environmental stewardship demonstrates Algoma's dedication to playing a leading role in the industry's transition toward a low-carbon economy.

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.

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