Algoma Steel Group announces approval of Canadian Business Journal regular course issuer bids

Sault Ste. Marie. Marie, Ontario, March 1, 2022 (GLOBE NEWSWIRE) — Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma” or “The Company”) today on the Toronto Stock Exchange (“TSX”) Was announced. Approves our intention to place a regular course issuer bid (“NCIB”) on a portion of our common stock (“Stock”) as appropriate opportunities arise from time to time. We believe that the market price of a stock may not fully reflect its value and therefore the purchase of a stock is in our best interests and an attractive use of available funds. ..

In accordance with NCIB, we may acquire up to 7,397,889 shares, or approximately 5% of 147,957,790 shares, in the 12 months from March 3, 2022 to March 2, 2023. Number of issued shares as of February 18, 2022. In accordance with TSX rules, the number of shares that can be purchased in accordance with NCIB is currently subject to a maximum of 16,586 shares per day (equivalent to 25% of 66,345 shares). Certain exceptions specified by TSX apply, such as average daily trading volume over the last 6 months), block purchase exceptions, and so on. In addition, all purchases under the NCIB will be made in accordance with Rule 10b-18 under the revised Securities Exchange Act of 1934 (“Exchange Act”).

NCIB begins March 3, 2022 and ends early March 2, 2023, or when we complete the purchase in accordance with NCIB or provide a notice of termination. Purchases under NCIB are made at a price per share equal to the market price at the time of acquisition, in accordance with applicable regulatory requirements, through TSX, NASDAQ facilities, or through Canadian alternative systems. All shares purchased under NCIB will be canceled at the time of purchase.

In connection with NCIB, we have entered into an automated repurchase plan (“Plan”) with a designated broker. This plan is intended to allow the purchase of shares under the NCIB if the purchase of shares is normally not permitted due to regulatory restrictions and customary voluntary power outage periods. This plan also aims to meet the requirements of Rule 10b5-1 under the Securities and Exchange Law. This plan constitutes an “automatic securities purchase plan” for the purposes of applicable Canadian securities law and is reviewed by TSX.

For more information on NCIB terms, please refer to our press release issued February 10, 2022. It is available from our profile on SEDAR (

Algoma Steel Group Inc.about

Based in Sucent. Algoma, located in Marie, Ontario, Canada, is a fully integrated producer of hot-rolled and cold-rolled steel products, including sheets and plates. The current raw steel production capacity is estimated at 2.8 million tonnes per year, and due to Algoma’s size and diverse functions, it is used in the ladle to automobile, construction, energy, defense, and manufacturing industries. Algoma is a leading supplier of steel products to customers in Canada and the Midwestern United States and is the only producer of steel sheet products in Canada. The company’s factory is one of the lowest cost producers of hot rolled sheet steel (HRC) in North America, thanks in part to the state-of-the-art direct strip production complex (“DSPC”), the latest thin slab caster. In North America, it has a direct connection to the converter (BOF) Melt Shop.

Algoma has achieved some significant improvements over the last few years and is expected to improve the long-term profitability of its business. Argoma has upgraded its DSPC facility and recently installed a second ladle metallurgical furnace. In addition, we are working to reduce costs and modernize our plate mill equipment.

Today, Argoma is on a journey of transformation, investing in its talent and processes, optimizing and modernizing to ensure a sustainable future. Our customer orientation, ability to grow and the courage to tackle industry challenges head-on make us a solid steel partner.

Precautions regarding forward-looking statements

This news release includes “forward-looking information” under the applicable Canadian Securities Act and “forward-looking statements” in the sense of the Private Securities Litigation Reform Act of 1995 (collectively, “future prospects”. Description “) is included. Purpose. These forward-looking statements are generally “believe,” “plan,” “expect,” “expect,” “estimate,” “intend,” “strategy,” “future,” and “opportunity.” , “Plan”. , “Pipeline”, “may”, “should”, “do”, “do”, “become”, “continue”, “probably result”. Forward-looking statements are forecasts, forecasts, and other statements about future events based on current expectations and assumptions. Due to many factors, actual future events may differ materially from the forward-looking statements in this document. Readers are listed in the “Risk Factors” and “Notes on Forward-Looking Statements” sections of Argoma’s public documents, including the Form S-1 registration statement submitted by Argoma to the Securities and Exchange Commission. Other risks and uncertainties also need to be considered. Prospectus submitted to the Exchange Commission and the Ontario Securities Commission. Forward-looking statements are given only as of the date they were created. Readers should be careful not to place excessive reliance on forward-looking statements. Algoma does not undertake or intend to revise any of these forward-looking statements as a result of new information, future events, etc.

For inquiries from investors, please contact the following.

Michael Moraka
Treasury and Investor Public Relations
Algoma Steel Group Inc.
Phone number: 705.945.3300

For more information, please contact:

Brenda Stenta
Communication & Branding Manager
Algoma Steel Group Inc.
Phone number: +1.705.206.1022

CBJ News Maker

Algoma Steel Group announces approval of Canadian Business Journal regular course issuer bids

Source link Algoma Steel Group announces approval of Canadian Business Journal regular course issuer bids

Related Articles

Back to top button