Algoma Steel reports Q1 EPS (C$1.46), consensus (C$1.15)

Reports Q1 revenue C$296.9M, consensus C$305.95M. Rajat Marwah, the company’s CEO, commented, “The first quarter of 2026 represented a genuine turning point for Algoma. We permanently closed our blast furnace on January 18, bringing 125 years of coal-based steelmaking to an end and completing what we set out to do: transform this company into a modern, low-carbon steel producer. That transition was not without cost in the quarter, as shipment volumes were lower and transition costs remained elevated while we ramped up our new steelmaking platform. But the direction is clear and the trajectory is improving. Our EAF is running 24 hours a day, our plate mill is producing Volta low-carbon steel at scale, and we are leaning into our competitive advantage as Canada’s only producer of discrete plate.”