Algoma Steel Group Business Summary

Algoma Steel Group Inc. (ASTL) is a vertically integrated Canadian steel manufacturer that generates revenue through the production and sale of hot and cold rolled steel sheet and plate products. Operating primarily within a single business segment of basic steel production, the company serves diverse industrial end-markets including automotive, construction, energy, defense, and manufacturing. Algoma is currently executing a multi-year strategic shift from traditional blast furnace operations to electric arc furnace (EAF) steelmaking, aiming to become a leading North American producer of sustainable, low-carbon "green" steel. Its competitive landscape includes major industry players such as Stelco, U.S. Steel, Nucor, and Steel Partners; Algoma distinguishes itself as the sole producer of discrete plate products in Canada and a critical supplier of high-strength steel for North American infrastructure and defense projects. The current leadership team is headed by Chief Executive Officer Rajat Marwah, who assumed the role on January 1, 2026, after serving as CFO since 2014 and holding various strategic positions within the company since 2008. He is supported by Chief Financial Officer Michael Moraca, a 20-year veteran of the firm who previously served as Vice President of Corporate Development and Treasurer. The company’s modern corporate structure was established following its 2021 merger with Legato Merger Corp., a transaction led by former CEO Michael McQuade and Legato’s David Sgro, both of whom remain on the Board of Directors. Notable institutional investors and board members include representatives from Maple Rock Capital Partners, MM Asset Management, and D.E. Shaw & Co., alongside Board Chair Andy Harshaw, a former ArcelorMittal executive with extensive operational expertise in the steel sector.