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MEDIA RELEASE November 11 , 2021 Algoma Steel Group Announces Fiscal 2022 Second Quarter Results Record Second Quarter Revenue , Adjusted EBITDA and Free Cash Flow Driven by Higher Price Realizations and Cost Containment Initiatives ALGOMA STEEL INC . Business Highlights and Fiscal 2022 to Fiscal 2021 Second Quarter Comparisons Consolidated revenue of $ 1.01 billion , up 168 % from $ 377.0 million in the prior year quarter . Consolidated income from operations of $ 402.1 million , compared to loss of $ 24.7 million in the prior year quarter . Net income of $ 288.2 million , compared to a loss of $ 60.0 million in the prior year quarter . Adjusted EBITDA of $ 430.6 million and Adjusted EBITDA margin of 42.6 % , compared to nil for each in the prior year quarter ( See " Non - IFRS Measures " below ) . Cash flows generated from operations of $ 380.1 million , compared to a use of cash of $ 55.7 million in the prior year quarter . ● ● Shipments of 587,340 tons , compared to 516,294 tons in the prior year quarter . Announcement of fiscal third quarter 2022 guidance . ● SAULT STE . MARIE , ONTARIO ( November 11 , 2021 ) - Algoma Steel Group Inc. ( NASDAQ : ASTL ; TSX : ASTL ) ( " Algoma " or " the Company " ) , a leading Canadian producer of hot and cold rolled steel sheet and plate products , today announced results for its fiscal second quarter ended September 30 , 2021. Unless otherwise specified , all amounts are in Canadian dollars . Michael McQuade , the Company's Chief Executive Officer , said , “ Our financial results for the fiscal second quarter demonstrate continued solid execution by our team , generating record revenue , Adjusted EBITDA , and cash flows due in part to the combination of higher realized steel prices and ongoing cost containment initiatives . These results contributed to our strong liquidity , which has positioned us to make two additional strategic announcements that we believe will increase value to our shareholders and provide competitive strategic growth . " Mr. McQuade continued , “ Calendar 2021 has been an incredible journey , and we expect that the final three months will be a truly transformative period for Algoma . Following our successful return to the public markets in October , we are excited to have announced today , under a separate release , that our board has authorized our investment in electric arc steelmaking . Additionally , the board has approved a plan to retire all of Algoma's outstanding senior secured long - term debt . This US $ 358 million debt reduction will leave us with a stronger balance sheet that we believe enhances our position , both operationally and financially , to make critical investments in our business that we expect will drive sales and create additional long - term value for our stakeholders . " Algoma Steel Inc. | 105 West Street , Sault Ste . Marie , ON , Canada P6A 7B4 | T : 705-945-2351 F : 705-945-2203 | algoma.com YOUR PARTNER IN STEEL . SINCE 1901