Algoma Steel says EAF ramp-up on track, second furnace to start in H2 2026

Published: Jul 10, 2026 16:39

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Canadian steelmaker Algoma Steel Group issued preliminary second-quarter 2026 guidance confirming that its electric arc furnace (EAF) transition remains on track, with the first EAF unit continuing to ramp up and a second EAF expected online in the second half of 2026, which would complete the company's shift away from blast furnace steelmaking. Algoma projected Q2 total steel shipments of 175,000–180,000 tons and adjusted EBITDA of CAD$5 million to CAD$15 million, a figure that includes a CAD$45 million final insurance settlement related to a January 2024 coke-making utility corridor incident and an estimated CAD$50–55 million capacity-utilization adjustment benefit. The company reported record plate sales during the quarter and has introduced "Volta" as a new brand name for steel produced via its EAF route. Algoma has described the EAF conversion, which began in January 2026 with the decommissioning of Blast Furnace No. 7, as one of the largest industrial decarbonization projects in North America, targeting a roughly 70% cut in carbon emissions once complete. Date: June 30, 2026 (guidance release, with continued trade-press coverage through the reporting week)

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