Mr. Michael Garcia reports

ALGOMA STEEL ANNOUNCES FIRST ARC AND FIRST STEEL PRODUCTION FROM ITS NEW ELECTRIC ARC FURNACE UNIT ONE

Algoma Steel Group Inc. has achieved its first steel production at Unit One of its new, state-of-the-art electric arc furnace (EAF) project. The milestone follows over 10 days of successful electric arc testing and tuning, including individual and tandem tests of all nine Q-One transformer modules.

The first arc and steel production marks a pivotal milestone in Algoma's transformation and positions the company to better meet the evolving needs of its customers through the production of green steel -- with the potential to reduce carbon emissions by up to 70 per cent.

Michael Garcia, president and chief executive officer of Algoma, commented: "We are proud to have reached this critical milestone in what is the largest industrial decarbonization project in Canada. This moment reflects years of careful planning, disciplined execution and extraordinary effort since we broke ground in November, 2021. Bringing the first EAF on-line during a period of trade uncertainty underscores our determination to innovate and lead, opening new opportunities as we begin to realize the full potential of EAF steel production."

Introducing Volta

All steel produced through the company's EAFs will carry the Volta name-delivering the same performance the company's customers rely on, with dramatically lower emissions. Powered by Ontario's clean electricity grid, Volta is expected to reduce our carbon footprint by up to 70 per cent and help fuel the growth of the low-carbon economy. The name Volta pays tribute to Alessandro Volta, who first harnessed electricity in 1800.

Build a better future. Build with Volta.

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 their 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.