Mr. Michael Garcia reports

ALGOMA STEEL RELEASES 2024 SUSTAINABILITY REPORT

Algoma Steel Group Inc. has released its 2024 sustainability report, covering a nine-month transition period from April 1, 2024, to Dec. 31, 2024. The reporting period aligns with the company's 2024 financial reporting period, which now corresponds with a calendar year to reflect a consistent approach to the company's industry peer reporting.

Michael Garcia, Algoma's chief executive officer, commented: "At Algoma, sustainability is not a trend -- it's a strategic priority. As we are nearing the completion of our electric arc furnace (EAF) project, we remain focused on operating safely, reliably and responsibly while delivering high-quality Canadian-made steel. This transformation supports a stronger, low-carbon future for our business, our communities and Canada's steel industry."

The 2024 report highlights Algoma's progress across key sustainability areas. The company advanced enterprise risk management and integrated business planning frameworks, strengthening governance, oversight of sustainability performance and operational reliability. Algoma also reinforced its commitment to workplace safety, inclusion and community engagement, while making significant strides toward completing Canada's largest industrial decarbonization project. Once operational, the EAF is expected to reduce carbon emissions by approximately 70 per cent, positioning Algoma to be a Canadian producer of green steel.

Prepared in alignment with the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-related Financial Disclosures (TCFD), the report underscores Algoma's continuing commitment to transparency, accountability and long-term value creation.

The full report is available on the company'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.

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