[Algoma Steel confirms EAF ramp-up on track in Q2 2026 guidance]

Published: Jul 13, 2026 18:49

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Canada's Algoma Steel Group issued guidance for its second quarter ended June 30, 2026, projecting total steel shipments of 175,000–180,000 tons and adjusted EBITDA of CAD$5–15 million, a figure boosted by a CAD$45 million insurance settlement tied to a January 2024 coke-making incident and an expected CAD$50–55 million capacity-utilization benefit. The company reported record plate sales and said its first electric arc furnace continued ramping up as expected following the completed shutdown of its last blast furnace in January 2026; a second EAF unit is expected online in the second half of 2026, completing the transition and cutting carbon emissions by roughly 70%. Algoma also introduced "Volta" as its new low-emissions steel brand produced via the EAF route.

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