Mr. Michael Garcia reports

ALGOMA ADDRESSES CASTHOUSE INCIDENT

At approximately 10 p.m. on Wednesday, Feb. 7, 2024, there was an incident at the north casthouse of the blast furnace complex, where Algoma Steel Group Inc. believes slag made contact with moisture in the hot iron trough. Twelve workers were impacted by the incident and five were treated at Sault Area Hospital. All five were treated and released.

Michael Garcia, the company's chief executive officer, commented: "The hazards associated with working with molten metal are well known to us and we have comprehensive training and procedures to ensure the safety of our operations. Our investigation is ongoing to fully understand what happened. Our first and primary concern is the health and safety of our employees, and we are thankful for the rapid and professional response of our first responders."

This incident had no impact on the blast furnace recovery and the return to full production remains on track.

As previously disclosed, Algoma experienced issues at the blast furnace as an unexpected consequence of an incident on Saturday, Jan. 20, 2024, when a structure supporting utilities piping collapsed. The company continues to advance on-site repair work as well as a comprehensive investigation into the Jan. 20, 2024, incident.

About Algoma Steel Group Inc.

Based in Sault Ste. Marie, Ont., Canada, Algoma is a fully integrated producer of hot-rolled 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.