Mr. Michael Garcia reports

ALGOMA STEEL ISSUES 2024 ESG ANNUAL REPORT

Algoma Steel Group Inc. has published its second annual environmental, social and governance (ESG) report.

Michael Garcia, Algoma's chief executive officer, said: "As detailed in our latest ESG report, we are driving change across our business to ensure that our transformation to become a North American leader in green steel is supported by robust governance processes, strong stakeholder relationships and investments in our people and communities.

"We are now in the final phase of construction of our electric arc furnace steelmaking facilities and plan to start commissioning by the end of the year. As we move closer to this milestone, we are moving closer to a future of sustainable steel making in which we expect to reduce emissions by up to 70 per cent, while enhancing the quality of our product, increasing production and realizing our purpose to build better lives through steel."

Over the past 12 months, in parallel to progress on the construction of the company's electric arc furnace (EAF) steelmaking facilities, Algoma has continued to advance the development and implementation of its ESG strategy. Led by a cross-functional working group, the company conducted reviews of governance and enterprise risk management processes to ensure that ESG and climate change factors are embedded into business processes and aligned with best practice.

In the report, Algoma builds on the benchmarks and reporting frameworks established in its inaugural ESG report, in alignment with the Sustainability Accounting Standards Board (SASB) and the recommendations of the Task Force on Climate-related Financial Disclosures.

The report is available on Algoma Steel's website.

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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