Mr. Michael Moraca reports

ALGOMA STEEL INC. ANNOUNCES PRICING OF US$350 MILLION 9.125 per cent SENIOR SECURED SECOND LIEN NOTES DUE 2029

Algoma Steel Group Inc.'s indirect wholly owned subsidiary, Algoma Steel Inc., has priced its previously announced offering of $350-million (U.S.) aggregate principal amount of 9.125 per cent senior secured second-lien notes due 2029. The notes will be issued at a price of 100 per cent of their face amount for gross proceeds of $350-million (U.S.) and will bear interest at the rate of 9.125 per cent per year. The notes will be guaranteed on a senior secured basis by ASI's immediate parent company and all of ASI's subsidiaries. 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. The offering of the notes is expected to close on or about April 5, 2024, subject to customary closing conditions.

About Algoma Steel Group Inc.

Based in Sault Ste. Marie, Ont., Canada, Algoma Steel 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 Steel is positioned to deliver responsive, customer-driven product solutions to applications in the automotive, construction, energy, defence and manufacturing sectors. Algoma Steel 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.

Algoma Steel 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 Steel 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 Steel 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.