$ASTL.TO

Algoma Steel Group Maintained at Buy at Stifel Canada Following Q1 Results; Price Target Kept at C$11.50

Stifel Canada on Wednesday maintained its buy rating on the shares of Algoma Steel Group (ASTL.TO) and its C$11.50 price target after the company released first-quarter results."Algoma's 2Q26 adj. EBITDA (prior to capacity utilization adjustments) of -$111 mm was modestly better than our forecast of -$122 mm. Importantly, net debt exiting 1Q26 was $892 mm, 7.2% below our estimate of $961 mm. Liquidity exiting the quarter was $553 mm, and our FCF forecast between 2Q26E and 4Q26E is $13 mm due to a large tax refund expected in 3Q26E. We continue to believe the company has ample liquidity to last through the next Federal Election in the U.S. (potential tariff relief), and to retain its status as a "champion" that will benefit from Canadian defense spending," analyst Ian Gillies wrote.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $7.36, Change: $+0.50, Percent Change: +7.29%

Algoma Steel Adds Transition from Blast Furnace/Basic Oxygen Furnace to Electric Arc Furnace Steelmaking Complete

Algoma Steel Says EAF Unit 1 Fully Operational

Algoma Steel Record Plate Sales of 116,000 NT with Further Upside Expected as Plate-First Strategy Scales

Algoma Steel Q1 Adjusted EBITDA In Line with Previously Disclosed Guidance

Algoma Steel Q1 Consolidated revenue of $296.9M, compared to $517.1M in the prior-year quarter

Algoma Steel Q1 Net loss of $159.4M, Compared to a Net Loss of $24.5M in the prior-year quarter

Algoma Steel Group Maintained at Buy at Stifel Canada Following Investor Meetings; Price Target Kept at C$11.50

Stifel Canada on Monday maintained its buy rating on the shares of Algoma Steel Group (ASTL.TO) and its C$11.50 price target after hosting the company's management for investor meetings."We hosted Rajat Marwah (CEO) and Michael Moraca (CFO) for investor meetings, which we would define as generally positive in the context of the company's current financial outlook. The company is working towards transitioning itself to being a Canadian champion for steel products, including the addition of (1) a beam mill; and (2) broadening its plate opportunity. We believe the company will be a direct and indirect beneficiary of the Canadian Federal Government's spending focus on defense and infrastructure. Valuation remains largely irrelevant given the company is forecast to generate only $35 mm of EBITDA in 2027E, but there are a number of catalysts in 2026E that could positively impact that outcome (particularly CUSMA negotiations). We remain optimistic on the turnaround story, thus retain our BUY rating and $11.50/sh target price," analyst Ian Gillies wrote.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $6.34, Change: $-0.16, Percent Change: -2.46%