Algoma Steel Group Inc. Provides Update on Lake Superior Power Plant Outage (Form 6-K)

Algoma Steel Group Inc. Provides Update on Lake Superior Power Plant Outage

SAULT STE. MARIE, ONTARIO (September 2, 2026) - Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) ("Algoma" or "the Company"), a leading Canadian producer of steel plate and hot-rolled sheet products, today provided an update regarding the previously announced unplanned outage at its Lake Superior Power ("LSP") generating facility.

Since the Company's August 17, 2026 update, Algoma has worked closely with the Independent Electricity System Operator ("IESO") to implement interim operating arrangements that have enabled the Company to resume electric arc furnace ("EAF") production from August 29, 2026 while the affected LSP turbine remains unavailable. The Company is currently maintaining sustained production under these arrangements, including through certain planned work on the provincial electricity system. The Company is currently producing and shipping steel within the parameters of these interim arrangements. The IESO is reviewing upcoming planned power system outages, with the objective of minimizing potential interruptions to the Company's steelmaking operations while maintaining the safety and reliability of the provincial electricity system.

Algoma is pursuing multiple alternatives intended to restore full LSP generating capacity as quickly as possible. These include the repair and return to service of the affected turbine and securing a replacement turbine. The Company is working with GE and other parties to advance these alternatives in parallel and determine the most effective and timely path to restore full LSP generating capacity.

The Company continues to assess the potential impact on production and shipments while actively advancing several mitigation options. The extent of any impact will depend on the timing and implementation of these measures, which are expected to reduce the potential production impact.