ASTLW Algoma Steel Group Inc.
Price Chart
Executive Summary
Algoma Steel filed its management information circular for the June 23, 2026 annual meeting, revealing disastrous Fiscal 2025 results: revenue declined 15.3% to $2,085.7M, the company swung to a net loss of $984.9M from a $139.0M loss, and posted negative Adjusted EBITDA of ($261.4M) vs. +$22.4M prior year. The company decommissioned its blast furnaces in January 2026 to transition fully to EAF steelmaking. CEO Michael Garcia retired Dec 31, 2025 with contractual payments; all unvested equity was forfeited. The annual proxy vote is routine governance — the financial carnage is the material event.
Actionable Insight
Algoma's transition from blast furnace to EAF steelmaking may structurally improve costs, but the immediate financial deterioration (revenue -15%, massive net loss, cash burn) signals severe ongoing distress. The $3M market cap on ASTLW warrants extreme caution. Monitor Q1 2026 EAF operating results and liquidity position; the Large Enterprise Tariff Loan carries compensation restrictions suggesting government oversight. Expect continued volatility.
Key Facts
- Consolidated revenue fell 15.3% YoY to $2,085.7M from $2,461.7M
- Net loss widened to $984.9M from a $139.0M loss in the prior year
- Consolidated loss from operations of $1,326.2M vs. $217.8M loss prior year
- Adjusted EBITDA was negative ($261.4M) vs. +$22.4M positive Adjusted EBITDA prior year
- Cash used in operating activities was $66.1M vs. cash generated of $82.3M prior year
- Shipments fell 14% to 1,739,493 tons from 2,023,363 tons
- Blast furnace production ceased and decommissioning commenced January 2026; company now operates exclusively as EAF steel producer
- CEO Michael Garcia retired Dec 31, 2025 with US$765,000 severance payments over 12 months and pro-rated VCIP of US$659,812.50; all unvested equity forfeited
- Executive VCIP payout was only 20% of target for Jan-Mar 2025 and 34.4% for Apr-Dec 2025
- Board elected to receive 100% of retainers in DSUs effective July 2025 as cash preservation tactic
Financial Impact
Revenue decline of $376M (-15.3%), swing to $984.9M net loss, negative $261.4M Adjusted EBITDA, operating cash burn of $66.1M
Risk Factors
- Ongoing US tariffs on Canadian steel imports remain a structural headwind
- EAF transition may take time to achieve cost savings; interim period could see continued losses
- Cash burn of $66.1M in operating activities raises liquidity concerns for a sub-$10M market cap security
- CEO transition and loss of all unvested equity may cause key personnel retention risk
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-235580 |
| Document: d14699d6k.htm | 0001193125-26-235580 |
| Document: d14699dex992.htm | 0001193125-26-235580 |
| Document: 0001193125-26-235580-index-headers.html | 0001193125-26-235580 |
| Document: 0001193125-26-235580-index.html | 0001193125-26-235580 |
| Document: 0001193125-26-235580.txt | 0001193125-26-235580 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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May 22, 2026
23d ago
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6-K
| $0.1001 $0.0498 | ▲ +50.25% | ▲ +51.93% | $0.1001 (−0.00%) |
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May 13, 2026
4w ago
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6-K
| $0.1001 $0.1001 | · 0.00% | ▼ −1.16% | $0.1001 (−0.00%) |
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Apr 10, 2026
9w ago
|
6-K
| $0.1001 $0.1001 | · 0.00% | ▼ −3.30% | $0.1001 (+0.00%) |
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Apr 7, 2026
9w ago
|
6-K
| $0.1001 $0.1001 | · 0.00% | ▼ −3.52% | $0.1001 (+0.00%) |
US Market Status
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