$ASTLW

Algoma Steel Group Inc.

CIK:0001860805|SEC Filings

Consolidated Statements of Comprehensive (Loss) Income $ in Millions, $ in Millions	9 Months Ended	12 Months Ended
	Dec. 31, 2024 CAD ($)	Dec. 31, 2025 CAD ($)
Statement of comprehensive income [abstract]
Net loss	$ (167.0)	$ (984.9)
Other comprehensive (loss) income, net of income tax, that will not be reclassified subsequently to profit or loss
Foreign exchange (loss) gain on translation to presentation currency	87.7	(59.5)
Remeasurement of pension and other post-employment benefit obligations, net of tax nil for the year ended December 31, 2025 and nine month period ended December 31, 2024 (Notes 23, 24)	84.8	34.3
Other comprehensive income	172.5	(25.2)
Total comprehensive (loss) income	$ 5.5	$ (1,010.1)

Consolidated Statements of Cash Flows $ in Millions, $ in Millions	9 Months Ended	12 Months Ended
	Dec. 31, 2024 CAD ($)	Dec. 31, 2025 CAD ($)
Operating activities
Net loss	$ (167.0)	$ (984.9)
Items not affecting cash:
Depreciation of property, plant and equipment and intangible assets	103.4	355.9
Deferred income tax expense	6.5	(106.8)
Pension funding in excess of expense	(8.2)	(6.8)
Post-employment benefit funding in excess of expense	(6.0)	(13.2)
Unrealized foreign exchange gain on:
accrued pension liability	(12.9)	8.1
post-employment benefit obligations	(14.0)	10.0
Finance costs	55.5	72.1
Severance costs	0.0	45.8
Loss on disposal of property, plant and equipment	1.7	0.4
Interest on pension and other post-employment benefit obligations	16.1	15.8
Other income	(32.7)	(76.2)
Accretion of governmental loans and environmental liabilities	12.3	16.0
Unrealized foreign exchange gain on government loan facilities	(9.3)	8.5
(Decrease) increase in fair value of IPO and LETL Warrant liabilities	4.0	(41.5)
(Decrease) increase in fair value of earnout liability	2.4	(5.6)
(Decrease) increase in fair value of share-based payment compensation liability	5.3	(19.8)
Impairment loss	0.0	503.4
Other	14.7	25.1
Cash flows from (used in) operations	(28.2)	(193.7)
Net change in non-cash operating working capital	(5.9)	75.1
Share-based payment compensation and earnout units settled	(2.1)	0.0
Environmental liabilities paid	(2.7)	(1.0)
Insurance proceeds for operating expenses	0.0	53.5
Cash (used in) generated by operating activities	(38.9)	(66.1)
Investing activities
Acquisition of property, plant and equipment	(300.1)	(328.5)
Insurance proceeds for property damage	27.9	15.0
Proceeds from land sale	0.0	1.2
Cash used in investing activities	(272.2)	(312.3)
Financing activities
Bank indebtedness advanced, net	0.1	171.4
Restricted cash	3.8	0.0
Senior secured lien notes issued, net of underwriter fees	472.6	0.0
Transaction costs on senior secured lien notes	(4.1)	0.0
Governmental loans received	43.6	99.7
Governmental loans transaction costs	0.0	(2.8)
Repayment of governmental loans	(8.7)	(14.0)
Interest paid	(23.7)	(48.1)
Dividends paid	(21.5)	(14.8)
Other	1.7	9.4
Cash generated by financing activities	463.8	200.8
Effect of exchange rate changes on cash	16.3	(11.8)
Cash
(Decrease) increase in cash	169.0	(189.4)
Opening balance	97.9	266.9
Ending balance	$ 266.9	$ 77.5

Consolidated Statements of Financial Position $ in Millions, $ in Millions	Dec. 31, 2025 CAD ($)	Dec. 31, 2024 CAD ($)
Current
Cash	$ 77.5	$ 266.9
Restricted cash	0.1	0.1
Taxes receivable	206.9	84.3
Accounts receivable, net	192.7	227.6
Inventories	569.3	879.2
Prepaid expenses and deposits	30.4	42.8
Other assets	5.5	5.5
Total current assets	1,082.4	1,506.4
Non-current
Property, plant and equipment, net	1,029.9	1,662.7
Intangible assets, net	0.3	0.5
Other assets	3.3	16.6
Total non-current assets	1,033.5	1,679.8
Total assets	2,115.9	3,186.2
Current
Bank indebtedness	170.2	0.4
Accounts payable and accrued liabilities	203.9	319.1
Taxes payable and accrued taxes	32.7	41.6
Current portion of other long-term liabilities	5.8	3.2
Current portion of governmental loans	14.0	25.0
Current portion of environmental liabilities	4.7	4.2
Severance cost liability	45.8	0.0
IPO Warrant liability	2.5	52.2
Earnout liability	3.7	10.1
Share-based payment compensation liability	14.1	34.5
Total current liabilities	497.4	490.3
Non-current
Senior secured lien notes	476.6	498.4
Long-term governmental loans	192.3	133.6
Accrued pension liability	153.0	178.3
Accrued other post-employment benefit obligation	193.0	206.2
Other long-term liabilities	70.7	26.7
Environmental liabilities	34.3	33.3
Deferred income tax liabilities	0.0	110.9
LETL warrant liability	7.5	0.0
Total non-current liabilities	1,127.4	1,187.4
Total liabilities	1,624.8	1,677.7
Shareholders' equity
Capital stock	975.5	974.8
Accumulated other comprehensive income	414.4	439.6
(Deficit) retained earnings	(897.9)	102.0
Contributed deficit	(0.9)	(7.9)
Total shareholders' equity	491.1	1,508.5
Total liabilities and shareholders' equity	$ 2,115.9	$ 3,186.2