ASTL Stock Recent News

AIRI, ASTL and BX have been added to the Zacks Rank #5 (Strong Sell) List on February 8, 2023.

Algoma Steel Group Inc. (ASTL) Q3 2024 Earnings Call Transcript

SAULT STE. MARIE, Ontario, Jan. 29, 2024 (GLOBE NEWSWIRE) -- 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, announced today that the Company will release its fiscal 2024 third quarter financial results after the market closes on Tuesday, February 6, 2024. A webcast and conference call will be held on Wednesday, February 7, 2024 at 11:00 a.m. Eastern Time to review the Company's results, discuss recent events, and conduct a question-and-answer session.

Algoma Steel (ASTL) expects challenging third-quarter results due to soft demand, pricing issues from a UAW strike and seasonal maintenance.

Algoma Steel stock is undervalued due to its cost model and ongoing modernization efforts, which will expand production and lower costs. Earnings for the quarter were lower than expected due to UAW strikes and increased commodity input costs. Despite the mediocre earnings, Algoma Steel has made significant progress in de-risking its future prospects through plate mill modernization and the Electric Arc Furnace project.

Algoma Steel Group Inc. is a Canadian steel provider that meets the criteria of being oversold with compelling valuations and a robust balance sheet. The company's shares have been on a downward trend, but there is potential for support at the recent December lows, making it attractive to value investors. Algoma's valuation is significantly lower than the sector average, with cash flow, earnings, and sales all below industry standards.

SAULT STE. MARIE, Ontario, Oct. 23, 2023 (GLOBE NEWSWIRE) -- 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, announced today that the Company will release its fiscal 2024 second quarter financial results after the market closes on Thursday, November 2, 2023. A webcast and conference call will be held on Friday, November 3, 2023 at 10:00 a.m. Eastern Time to review the Company's results, discuss recent events, and conduct a question-and-answer session.

Algoma Steel (ASTL) extends its iron ore purchase contract with U.S. Steel for two years, supporting its transition to electric arc furnace steelmaking and commitment to sustainable steel production.

Algoma Steel is transitioning to Electric Arc Furnace steel production, which will reduce maintenance costs, increase steel production, and improve margins. The company is undergoing a modernization project for its plate mill, which will double production capacity and generate incremental revenue and EBITDA. Algoma Steel has a strong financial position, with enough cash on hand to fund the remaining costs of the EAF project without relying on debt or cash flow.

This analysis issues a Hold recommendation rating for Algoma Steel Group Inc., a Canadian manufacturer and seller of steel products primarily for the US automotive, transportation, and infrastructure sectors. Algoma Steel Group Inc. is well positioned. As a result of its transformative growth plan, it aims to expand steel production and reduce carbon emissions. Shares are not expensive at all compared to growth prospects, but could become even cheaper soon.