Mr. Michael Moraca reports

ALGOMA STEEL INC. ANNOUNCES PROPOSED OFFERING OF US$350 MILLION OF SENIOR SECURED SECOND LIEN NOTES DUE 2029

Algoma Steel Group Inc.'s indirect wholly owned subsidiary, Algoma Steel Inc. (ASI), intends to offer for sale $350-million (U.S.) aggregate principal amount of senior secured second-lien notes due 2029. The notes will be guaranteed on a senior secured basis by ASI's immediate parent company and all of ASI's subsidiaries. Pricing and consummation of the offering of the notes are subject to market and other conditions. ASI intends to use the net proceeds from the offering of the notes for general corporate purposes, adding strength and flexibility to its balance sheet.

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 is one of the lowest-cost producers of hot rolled sheet steel in North America.

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