Mr. Michael Moraca reports

CORRECTION: DIVIDEND PAYMENT DATE ADJUSTMENT DUE TO CANADIAN STATUTORY HOLIDAY

Algoma Steel Group Inc. informs its shareholders of an adjustment to the previously announced dividend payment date in respect of the previously announced regularly scheduled dividend payable to holders of record of common shares of the company as of the close of business on Feb. 29, 2024. This adjustment is required due to the occurrence of a Canadian statutory holiday on the originally scheduled payment date.

The dividend payment date originally scheduled for March 29, 2024, has been revised to March 28, 2024.

About Algoma Steel 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.

We seek Safe Harbor.