Mr. Michael Moraca reports

ALGOMA STEEL GROUP ANNOUNCES DIRECTOR RETIREMENT

Algoma Steel Group Inc.'s Andrew Schultz is retiring from the board of directors, effective Dec. 31, 2023.

Mr. Schultz originally joined the board of Algoma Steel Holdings Inc., a predecessor to the company, in connection with its acquisition of the assets of Essar Algoma Steel Inc. in 2018 and continued as a director of Algoma in October, 2021, as it became a public company following the merger with Legato Merger Corp. He served as chair of both the human resources and compensation committee, and the risk committee, and as a valuable member of the audit committee, and operations and capital projects committee.

"On behalf of the board of directors, I would like to thank Andy for his significant contributions to Algoma," said Andy Harshaw, chairman of Algoma's board of directors. "Andy guided Algoma through numerous strategic milestones, helped establish robust governance practices and championed our investment in electric arc steelmaking. During his tenure on the board, Andy played a pivotal role in establishing Algoma as an emerging North America leader in green steel with a strong and sustainable future. We are grateful for his service and wish Andy the very best."

"In my tenure as a director with Algoma, I've witnessed its remarkable journey, from navigating the complex restructuring that led to the acquisition of Algoma's assets to re-emerging as a public company. The strategic move into electric arc steelmaking marks a transformative era for the company, and I am confident the company and its team are prepared for a brilliant future. It has been an honour to contribute to this vision, and I leave with a sense of fulfilment and pride in the accomplishments we've achieved together," said Mr. Schultz.

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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