Algoma Steel Group (NASDAQ:ASTL) reported third-quarter financial results on Thursday. The transcript from the company’s third-quarter earnings call has been provided below.
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Summary
Algoma Steel Group reported third-quarter results in line with guidance, with adjusted EBITDA at negative $14 million, showing a $19 million improvement from the previous quarter despite lower shipment volumes.
The company highlighted an 11% increase in net sales realization to $1,510 per tonne due to higher steel prices, particularly in the plate segment, which constitutes 73% of total shipments.
Algoma successfully restored full generating capability at Lake Superior Power and began ramping up production at EAF Unit 2, aiming for substantial volume increases in the fourth quarter and improved EBITDA performance.
The company anticipates a 25-35% increase in shipments for the fourth quarter as both EAF units become fully operational, with a target to reach 1.5 to 1.6 million tons production rate by the end of 2027.
Algoma’s strategic focus remains on a Canada-centric, plate-first strategy, supported by favorable market conditions, government policies, and diversification initiatives.
Full Transcript
OPERATOR
A brief question and answer session will follow the formal presentation. Should anyone require operator assistance during the conference, please press Star-0 on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Laura Devoni, VP of Human Resources and Corporate Affairs. Thank you. You may begin.
Laura Devoni (Vice President of Human Resources and Corporate Affairs)
Good morning everyone and welcome to Algoma Steel Group’s third quarter 2026 earnings conference call. My name is Laura Devoni, Vice President of Human Resources and Corporate Affairs, and I will be moderating today’s call. Leading the prepared remarks are Rajat Marwa, our Chief Executive Officer, and Mike Maraca, our Chief Financial Officer. As a reminder, this call is being recorded and will be made available for replay later today in the Investors section of Algoma Steel’s corporate website at ir.algoma.com.
I would like to remind you that comments made on today’s call may contain forward-looking statements within the meaning of applicable securities laws, which involve assumptions and inherent risks and uncertainties. Actual results may differ materially from statements made today. In addition, our financial statements are prepared in accordance with IFRS, which differs from U.S. GAAP, and our discussion today includes references to certain non-IFRS financial measures.
Reconciliations of these measures to the most direct comparable IFRS measures are included in our press release, MD&A, and earnings presentation. Last evening we posted an earnings presentation to accompany today’s prepared remarks. The slides for today’s call can be found in the Investors section of our corporate website. With that in mind, I would ask everyone on today’s call to read the legal disclaimers on Slide 2 of the accompanying earnings presentation and to also refer to the risks and assumptions outlined in Algoma Steel’s third quarter 2026 Management’s Discussion and Analysis.
Please note that our financial statements are prepared using the U.S. dollar as our functional currency and the Canadian dollar as our presentation currency. Please also note that amounts referred to on today’s call are in Canadian dollars unless otherwise noted. Following our prepared remarks, we will conduct a question and answer session. I will now turn the call over to our Chief Executive Officer, Rajat.
Rajat Marwa (Chief Executive Officer)
Thank you, Laura, and good morning everyone. Thank you for joining us to discuss our third quarter 2026 results. As always, I want to begin with safety. This quarter asked a lot of our people. In a matter of weeks, our teams restarted the melt shop after a power disruption, commissioned a replacement turbine at the Lake Superior Power plant, and brought EAF Unit 2 to first arc. Sending every employee home safely every day is just as important to us as any of those milestones.
I’m proud of the discipline our teams showed through a demanding quarter. Our results for the third quarter came in line with the guidance we provided earlier this month, and our underlying performance improved again. Volumes reached a low point in our transition as we completed the planned tie-in work for EAF Unit 2 and worked through the outage at Lake Superior Power. Before I get into the details, I want to highlight three key themes. First, our results. We shipped approximately 145,000 tonnes and delivered adjusted EBITDA within our guidance range at negative $14 million.
Excluding the capacity utilization adjustment and last quarter’s insurance settlement, adjusted EBITDA improved by approximately $19 million from the second quarter. Our second consecutive quarter of underlying improvement was delivered on lower volume, which Mike will walk you through shortly. Second, plate performance. We shipped 105,000 tonnes of plate, approximately 73% of total shipments and more than we shipped in the third quarter of last year. Average net sales realization rose to $1,510 per tonne, up 11% from the second quarter on higher steel prices. As Canada’s only producer of discrete plate, we continue to see healthy demand for infrastructure, construction, and defense customers. Plate volume moderated from our record 125,000 tonnes in the second quarter, reflecting the outage and planned plate mill maintenance.
Third, the transformation. We restored full generating capability at Lake Superior Power on September 30th, and prior to quarter end we completed first arc testing at EAF Unit 2. On October 9th, we achieved our first commercial production of steel from the new EAF, a major milestone for Algoma and the result of years of disciplined execution by our employees and contractors. EAF Unit 2 is now ramping and part of our regular production schedule. Our focus now turns to ramping the combined EAF platform to higher capacity.
Let me expand on the outage because it shaped much of what we saw during the quarter. On August 17, one of the two turbines at Lake Superior Power detected an abnormal condition and was automatically taken off. The remaining turbine was not affected. LSP supplies electricity to our melt shop, so we temporarily suspended EAF production. To address this, we quickly worked with the Independent Electricity System Operator on interim operating arrangements and restarted the EAF on August 29th.
Since the restart, those arrangements supported sustained production, including during planned work on the provincial electricity system. On September 30, we commissioned a newly acquired replacement turbine, restoring full generating capability at LSP. I want to thank the IESO and Hydro One for their support through this period. Our actions now leave us in a stronger position. We have exercised our option under our existing service agreement with GE to bring a leased turbine into service while the affected turbine is repaired. We expect installation to be completed in the fourth quarter, and we do not expect it to interrupt steelmaking operations. Once the leased turbine is in place, the newly acquired turbine will serve as a ready spare, adding equipment redundancy and strengthening the reliability of our power system.
After repairs to the affected turbine are complete, we expect the additional generating equipment to give us further operational flexibility and the potential to expand power generating capacity in the future. We used the downtime to pull forward planned maintenance and to advance commissioning work of our second EAF. On the broader market environment, steel prices moved in our favor in this quarter for both plate and coil products. Plate remains the core of our mix where we hold a unique market position. Canadian coil pricing has also improved, and we expect to increase our coil sales through the fourth quarter and into 2027 as we ramp EAF production and as market opportunities allow. Direct tariff costs fell to $18 million in the quarter, down from $19 million a year ago, as U.S. shipment volumes declined by 83% from the prior year quarter.
The 50% U.S. Section 232 tariff on steel imports from Canada remains in place. These conditions continue to reinforce our Canada-centric, plate-first strategy, and we are running the business for the market as it stands today. On the policy front, I want to recognize the federal and the Ontario governments for last week’s announcement to protect Canada’s and Ontario’s steel industry. The measure creates a new Joint Steel Action Fund to help the industry diversify production towards the steel products Canada will need, prioritize Canadian steel in public procurement through the Buy Canada and Buy Ontario policies, strengthen enforcement against unfairly traded imports, and establish a Joint Canada–Ontario Steel Task Force.
Diversification is central to our own strategy. Our transition to electric arc furnace steelmaking and a Canada-centric, plate-first mix are about supplying more of the steel Canada needs from Canadian mills. Together, they strengthen the domestic market our plate-first strategy depends on, particularly in infrastructure and defense. We look forward to continuing work with both levels of government on our diversification initiatives. We are thankful for that continued support as we finish this transition and build a stronger, more sustainable Canadian steel industry.
I will now turn the call over to Mike for a closer look at the financials. Mike.
Mike Maraca (Chief Financial Officer)
Thanks, Rajat. Good morning, everyone. As a reminder, all numbers are expressed in Canadian dollars unless otherwise noted. I will start out with a brief note on currency. The Canadian dollar ended the quarter at approximately 1.42 per US dollar, essentially unchanged from June 30. Our foreign exchange loss in the quarter of $10 million reflects exchange rate movements within the quarter on our Canadian dollar denominated monetary assets and liabilities.
Comparisons between the third quarter of 2026 and the third quarter of 2025 were significantly impacted by our transition to EAF steelmaking. In the prior year quarter, the company was producing steel through its legacy blast furnace operations, which were permanently halted on January 18, 2026. In the third quarter of 2026, all liquid steel production was sourced from Unit 1 of our EAF, with production paused from August 17 to August 29 during the LSP outage.
In addition, the prior year quarter included a non-cash impairment loss of $503.4 million. Now onto the results. We shipped approximately 144,500 tons compared to 419,000 tonnes in the prior year quarter and 181,000 tons in the second quarter. Volumes moved lower reflecting the accelerated transition to EAF-only steelmaking and, due to the impact of U.S. Section 232 tariffs on export sales and the LSP outage, shipments were in line with our October 1st guidance of approximately 145,000 tons. Consolidated revenue was $249.4 million compared to $523.9 million in the prior year quarter, with steel revenue of $218.2 million.
Average net sales realizations were $1,510 per ton, up 33.7% from $1,129 per ton in the prior year quarter and up from $1,361 per ton in the second quarter, reflecting higher steel prices and a greater share of plate in our mix, partly offset by a lower proportion of our premium plate grades during the outage. Cost per ton of steel products sold was $1,492 per ton compared to $1,282 per tonne in the prior year quarter and $1,411 per tonne in the second quarter, primarily reflecting lower fixed cost absorption at reduced production volumes and a higher proportion of plate in our shipments.
I want to highlight that this metric excludes $53.1 million related to capacity utilization costs. Direct tariff costs for the quarter were $18.1 million, down from $89.7 million in the prior year quarter, reflecting the substantial decline in U.S.-bound shipments. Adjusted EBITDA for the quarter was a loss of $13.9 million, representing an adjusted EBITDA margin of negative 5.6%. This compares to an adjusted EBITDA loss of $87.1 million in the prior year quarter, which represented a margin of -16.6%, an improvement of $73.2 million. Second quarter adjusted EBITDA of $13.8 million included a $45 million insurance settlement, which we’ll come back to.
Excluding the capacity utilization adjustment, adjusted EBITDA was a loss of approximately $67 million, an improvement of approximately $20 million versus the prior year quarter on about one third of the volume. When comparing to the prior quarter, when you exclude the capacity utilization adjustment from each quarter and the $45 million insurance settlement from the second quarter, results improved by approximately $19 million on approximately 20% lower volume.
This is the second consecutive quarter of underlying improvement and is consistent with what we communicated in July. Turning to cash flow and liquidity, operating activities generated $78.6 million of cash in the quarter compared to cash used of $79.4 million in the second quarter. The improvement largely came from a significant release of working capital that included $163.9 million of income tax refunds and a further reduction in inventories. Subsequent to quarter-end, we received an additional $35 million of income tax recovery, representing the balance of the refunds from carrying back our 2025 losses.
We also received the outstanding $45 million in insurance proceeds that finalized and closed the claim from the 2024 utility corridor collapse. Capital expenditures were $67.7 million, which includes construction spending on EAF Unit 2 and the down payment on the replacement turbine, for which we are pursuing financing over a four-year term. During the quarter, we received $124.5 million of advances under the LETL facilities, and we used cash proceeds mentioned above to pay down our revolving credit facility, which was essentially undrawn at quarter-end.
We ended the quarter with $152.4 million of cash, $232.5 million of unused availability under our revolving credit facility, and $43.5 million available to draw under the LETL facilities. Total available liquidity at quarter-end was approximately $428 million. Looking ahead at the fourth quarter from a volume perspective, we expect that the third quarter was the low point of the transition. With power restored and both EAF units now in our production schedule, we expect fourth quarter shipments to increase by approximately 25 to 35% versus the third quarter, with volumes weighted towards November and December. As we ramp our second EAF unit, we expect a substantial improvement in our underlying EBITDA performance, excluding any benefit of the capacity utilization adjustment.
Finally, on legal matters, subsequent to quarter-end, we reached a negotiated settlement with Haverhill Coke, resolving the dispute related to historical coke supply arrangements. The terms of the settlement are confidential. As previously disclosed, we are continuing to respond to other legal proceedings in connection with certain supply agreements affected by the extraordinary and unforeseen tariff environment. We’re not in a position to comment further on this at this time.
I’d now like to turn the call back over to Rajat for closing comments.
Rajat Marwa (Chief Executive Officer)
Thanks, Mike. The third quarter tested this team, and the team delivered. With power restored and both EAF units now in our production schedule, we believe the toughest part of our transition is behind us. I want to leave you with three takeaways. First, our underlying results improved for a second consecutive quarter, and we delivered that improvement on lower volume. Plate remained the core of our mix and pricing moved in our favor. Second, full generating capability at LSP is restored and EAF Unit 2 is now ramping and part of a regular production schedule. Our focus now is ramping both units and eliminating the remaining transition costs. We enter the fourth quarter with a strong price environment and more production capacity coming online.
Third, our position remains clear. As Canada’s only producer of discrete plate, demand across infrastructure, construction and defense end markets is healthy. We believe that once fully ramped, our EAF platform will give us a structural cost and carbon advantage across market cycles. I want to thank our employees for their work through a demanding quarter, our customers for their trust, and the federal and the Ontario government for their continued partnership. We look forward to updating you on the ramp-up of the EAFs when we report our fourth quarter and full-year results. Thank you for your continued interest in Algoma Steel Group. At this point, we are happy to take your questions. Operator, please provide the instructions for the Q&A session.
OPERATOR
Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions.
The first question is from Katja Janczyk from BMO Capital Markets. Please go ahead.
Katja Janczyk (Analyst)
Hi, thank you for taking my questions. Maybe starting on the volume side. So you mentioned 4Q up 25 to 35%. But then when we look into next year, can you talk a bit about how you’re thinking about ramping the two furnaces or how much volume you think you can produce next year?
Rajat Marwa (Chief Executive Officer)
The ramp has started and the ramp is going well. And when you’re running both the furnaces, you have to learn how to run with both of them. As we are not arcing simultaneously, it’s being arced alternatively. So that learning is happening right now. Our expectation is that next year we’ll continue the ramp and our production by end of the year should be at an average of anywhere from 1.5 to 1.6 million tons by end of the year. But for the average for the year we are expecting, as we see it today, because we are still ramping and seeing how it goes, it could be around 1.2 million.
Katja Janczyk (Analyst)
And then with prices in Canada on the sheet side have improved, but I guess in part because there was not a lot of shipment from your side. So are there concerns that with you ramping up that that could impact pricing, or is the market strong enough to support the incremental sheet that is coming to the market?
Rajat Marwa (Chief Executive Officer)
Yeah, the market pricing changes that’s been happening have various factors affecting it. Definitely, there’s production, the capacity utilization at different mills have been different. The trade between U.S. and Canada that’s happening. The measures that the government have taken on Buy Canada and the restriction on imports coming in based on TRQs put in place. So there are various factors that are coming into play. And the market pricing really depends on how the demand-supply works.
We’ve been quite disciplined as we grow. We have our customers here we’ve been working with for a long time, and we’ll be getting into those markets. And the other thing I’ll point out is that most of the shipments that we’ve had on the sheet side was primarily in the U.S., which has substantially, substantially come down. So we expect the market to balance out as it balances out, and we’ve been quite mindful of it and quite disciplined.
Katja Janczyk (Analyst)
Thank you.
OPERATOR
The next question is from Ian Gillies from Stifel. Please go ahead.
Ian Gillies (Analyst)
Morning, everyone.
Rajat Marwa (Chief Executive Officer)
Morning, Ian.
Ian Gillies (Analyst)
I wanted to start with the Canadian government response from last week and the dollars being provided. I was hoping you could maybe spend a bit of time outlining the projects where you think funds would be a good fit and how you think funds coming into your business would fit well within the capital stack because there’s so many different types of debt in there right now.
Rajat Marwa (Chief Executive Officer)
Hi. So the government have been announcing a lot of support for some time. And the last one that they’ve announced, which is pretty positive for the steel industry, is focused on diversification on products that can be produced, which Canada needs. And we’ve been looking into diversification ourselves. Our B mill, you know, the economics and the rational around the B mill has not changed. And we are working with them, you know, actively to find out the right program under which it makes sense for us, for Algoma, for all its stakeholders.
So I can share that much. As of now, there’s a lot of discussions that’s happening on that front and we are working through it.
Ian Gillies (Analyst)
Okay, maybe switching gears on the demand side. I mean, you’ve noted nation building, infrastructure-related projects. Have you seen much in the way of tangible contracts or like, are you bidding into much work at this point that would suggest they are following this Buy Canada procedure because it is a bit newer and we’re still just looking for signals on that.
Rajat Marwa (Chief Executive Officer)
Yeah, you’re right, it’s newer, it’s taking its time to get through the organizations. But we’ve seen movement that’s happening and we’ve seen orders that are coming in. And when you say substantial from plate perspective, there are various projects that run from infrastructure and defense perspective. And we see us participating in a lot of them. And we are also seeing along with the demand that’s coming here, the Buy Canada policies are helping a lot as well.
You’re seeing customers who have not usually bought from us are buying and even customers who have bought from us are buying more. So we are seeing that activity happening from that front and I think it will continue, it will grow as more and more of these procurement contracts come to an end where they can be awarded. So we are seeing activities and that’s increasing and it’s encouraging as well.
Ian Gillies (Analyst)
Okay, and following on the last set of questions, in and around the ramp of the EAF, is it all due to learning and figuring out the facilities or is there any issues or have you had any issues yet to date in scrap procurement to get the facility up to a higher utilization rate?
Rajat Marwa (Chief Executive Officer)
No, scrap has been good. Procurement has not been an issue. I think it’s the learning curve that you have in your ramping up. And the last outage that happened because of the power issue did not help while we are ramping up because it creates a lot of other issues around it. So it’s only learning. The equipment has performed well. The second EAF unit that came online has been ramping way, way faster because we learned a lot on the first unit, which took us longer, and the second one is, I mean, tremendously, tremendously better.
So it will help. And then comes the learning curve where you are learning how to flip between the two when you’re near arcing. And it’s just that learning curve that helps you to grow. We have not seen any significant issues as such from equipment or supply perspective.
Ian Gillies (Analyst)
Okay. And then I suppose the follow on is if there’s a demand signal next year that would require you to produce more than the 1.2 to 1.3 that you mentioned. Do you think you have enough flexibility embedded in the system that you could meet that? I know it’s a lot to ask, but just curious on that front.
Rajat Marwa (Chief Executive Officer)
You’re right, it’s a lot. At this time, we are ramping up. I feel that, you know, if the ramp up proceeds and the learning curve quickens, there is definitely possibilities of getting higher. When you look at the capacity perspective, with the power that we have available and alternate arcing, we could be as high as 1.8, 1.9 million tons run rate. And we are working through it and it’s a little too early to say whether we will be there next year and how soon we’ll be there next year.
I know we will be there probably by end of next year, but it’s difficult to say right now how soon we’ll be there. And as we are ramping up, I’ll provide more color in the next call, definitely on how we are doing it.
Ian Gillies (Analyst)
Understood. Thanks very much. I’ll turn it back over.
OPERATOR
The next question is from James McGarrigle from RBC Capital Markets. Please go ahead.
James McGarrigle (Analyst)
Thanks for having me on. And just a housekeeping one. Did you mention that you’re expecting production to exit Q4 of 27 at around 1.5 to 1.6 or would that exit at the 1.2 million tons for Q4? 27?
Rajat Marwa (Chief Executive Officer)
Yeah, the exit was, you know, at 1.5, 1.6. That’s the exit for next year, end of 25.
James McGarrigle (Analyst)
Appreciate that. And can you just give us an update on how you’re thinking about your cost base in terms of that level of production? I know you initially talked about, you know, cost or scrap plus 225, but within that level of production, how would you be thinking about your cost base? You know, 1.5, 1.6 million tons of production per year?
Mike Maraca (Chief Financial Officer)
Yeah. Good morning, James. I think when you look at the cost side, the scrap plus number that you were referencing was when we have greater capacity, which we expect to have early 28 with the additional power that will be available to our site. Next year through the ramp up, we expect to have that directionally higher from 220 or 225 at this point, and then the step down in 28 when the new power comes on. More in line with those original targets.
Yes, I mean, the volume is really the biggest driver. So as we increase volume even from where we’re at now, the cost structure is going to improve. And that’s what we’re really focused here, is driving down the cost, improving the productivity at the units.
James McGarrigle (Analyst)
Okay. And in terms of the capacity utilization charge, I know at the beginning of the year we talked about that going down linearly, but obviously, you know, the outage I’m sure in Q3 impacted that. So can you just talk about the updated cadence and how you expect that utilization charge to evolve over the upcoming couple quarters?
Mike Maraca (Chief Financial Officer)
Yeah, I think that in quarter three we still had higher than we would have expected with the outage we had. But our view on this is unchanged. We do not expect to have an add back to EBITDA in Q4. We’re driving that down. That said, we’re still on the ramp up curve and the costs that are in the business today support much higher volumes, which is why we’re very focused on the improvement on the ramp up curve. So we don’t expect to have an add back to EBITDA, albeit we’re still on the ramp up curve and we expect to improve our cost structure as more volume is produced.
James McGarrigle (Analyst)
Okay, and then just one more final one for me on the CapEx related to the turbine. You know, can you just talk to help us quantify that amount? Just when we’re thinking about modeling CapEx for Q4 potentially into early 2027. And you know, was there any structural implications here?
Mike Maraca (Chief Financial Officer)
You know, does this potentially suggest the LSP facility was undercapitalized? You know, any potential for, you know, further unplanned outages as we look into next year, was this kind of truly like a one off situation? Any color you can provide around that? Yeah, sure. Look, the outage at Lake Superior was unplanned. We had a premature failure of one of our turbines. You know, we have the ability also to hopefully get some insurance proceeds because of that failure.
So we’ll be working on those as we adjudicate through the process. We really think that bringing the third turbine is the right move here from a redundancy perspective. It also mitigated further downtime that we might have had at the LSP outage during the previous quarter and bringing that third turbine into the mix provides us not only additional redundancy, but opportunities in the future if we can generate more power, depending on the market conditions in the power environment here in Ontario.
So we think it’s a prudent move. These are not losing value. The turbines are very, very hard to get. We were fortuitous to be able to have access to this turbine and we’re excited that we have that redundancy now. From a monetary perspective, in the quarter Q3, the down payment flowed through capital which you would see in the capital line. That’s about 25% of the cost of the turbine. And the all-in cost for the turbine is approximately 35 million USD, which we are expecting the balance to be financed over a four-year period.
James McGarrigle (Analyst)
Appreciate it. Thank you.
OPERATOR
The next question is from Albert Raolini from Jefferies. Please go ahead.
Albert Raolini (Analyst)
Hey, good morning guys. Thank you for taking my question.
Mike Maraca (Chief Financial Officer)
Hey Albert.
Albert Raolini (Analyst)
So I think in the second quarter the guide was 10 to 20% lower shipments as a result of some of the planned maintenance. So 3Q shipments came in just around the top end of that 20% lower. But that was obviously before the LSP outage. So I guess I just wanted to see if you were able to fully bring forward all of that maintenance during the outage or has maybe some been deferred into 4Q or maybe into 1Q27 during a seasonal week period.
Mike Maraca (Chief Financial Officer)
Yeah, we were able to do quite a bit of the tie-in work during that outage over the 17th to 29th where we were down in August. We were able to get some additional shipments out through the quarter as well, which flexes through our inventory, which is supporting the shipment number in the quarter versus the full expectation of that outage. So we’ll have slightly higher production as well in Q4 which will support some of the inventory that we have.
But that was how we managed the quarter.
Albert Raolini (Analyst)
Okay, great. And then just on a follow up, you know, there’s maybe a lot of moving parts on the balance sheet. Just if maybe you can give us, you know, high level expectation in the fourth quarter, maybe how some of the working capital items are looking, any of the excess income tax refunds, any excess receipt of that insurance payment. And then I understand the SunCoke settlement is confidential, but you know, I think they maybe had mentioned $70 million of working capital impacts as a result of the dispute.
So anything to call out there, maybe, if not the amount, anything in terms of what you’re expecting on a timing of potential outflow in fourth quarter into sometime next year.
Mike Maraca (Chief Financial Officer)
Yeah, sure. I think I won’t comment specifically on the amount, although their view of working capital obviously is different than how the impact of this may flow through for us. We do have the balance of the income tax receipts that have come in post quarter and we will have some impact from the settlement which will flow in the quarter as well. So those are really the exogenous items that are on cash flow from a working capital perspective. We will build a little bit of raw material working capital as we get closer to the end of the calendar year to support the ramp up at the EAF.
Albert Raolini (Analyst)
Great. Thank you guys.
Mike Maraca (Chief Financial Officer)
Thanks Albert.
OPERATOR
There are no further questions at this time. I would like to turn the floor back over to Laura Devoni for closing comments.
Laura Devoni (Vice President of Human Resources and Corporate Affairs)
Thank you again for your participation in our third quarter 2026 earnings conference call and your continued interest in Algoma Steel Group. We look forward to updating you on our results and progress when we report our fourth quarter and full year results.
OPERATOR
This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.
Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company’s SEC filings and official press releases. Corporate participants’ and analysts’ statements reflect their views as of the date of this call and are subject to change without notice.