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Algoma Steel Announces Results of Voting at Annual Meeting of Shareholders

·3 min read
Algoma Steel Inc
Algoma Steel Inc

SAULT STE. MARIE, Ontario, Sept. 20, 2022 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma” or “the Company”), a leading Canadian producer of hot and cold rolled steel sheet and plate products, announced today the results of voting at its virtual annual meeting of shareholders held on September 20, 2022 (the “Meeting”).

All of the nominees listed in the management information circular prepared in connection with the Meeting were elected as directors of the Company. The Company received proxies and virtual votes at the Meeting as set out below:

Nominee

Votes For

Votes Withheld

Total Votes

Mary Anne Bueschkens

54,807,492

186,310

54,993,802

James Gouin

54,947,852

45,951

54,993,803

Andy Harshaw

53,999,596

994,207

54,993,803

Michael McQuade

54,712,168

281,635

54,993,803

Brian Pratt

54,947,097

46,706

54,993,803

Eric S. Rosenfeld

52,875,489

2,118,314

54,993,803

Gale Rubenstein

54,805,557

188,245

54,993,802

Andrew Schultz

54,682,446

311,357

54,993,803

David D. Sgro

54,768,866

224,937

54,993,803

Michael Garcia

54,950,282

43,520

54,993,802

Ave G. Lethbridge

54,949,804

43,999

54,993,803

Sanjay Nakra

54,947,721

46,081

54,993,802

The Company also reports that the appointment of Deloitte LLP as the Company’s auditors for the 2022 fiscal year was passed by a majority of the votes represented at the Meeting.

The Company’s full report of voting results on matters presented at the Meeting can be found under the Company’s profile on SEDAR at www.sedar.com and on the Securities and Exchange Commission’s EDGAR website at www.sec.gov.

About Algoma Steel Group Inc.

Based in Sault Ste. Marie, Ontario, Canada, Algoma is a fully integrated producer of hot and cold rolled steel products including sheet and plate. With a current raw steel production capacity of an estimated 2.8 million tons per year, Algoma’s size and diverse capabilities enable it to deliver responsive, customer-driven product solutions straight from the ladle to direct applications in the automotive, construction, energy, defense, and manufacturing sectors. Algoma is a key supplier of steel products to customers in Canada and Midwest USA and is the only producer of plate steel products in Canada. The Company’s mill is one of the lowest cost producers of hot rolled sheet steel (HRC) in North America owing in part to its state-of-the-art Direct Strip Production Complex (“DSPC”), which is the newest thin slab caster in North America with direct coupling to a basic oxygen furnace (BOF) melt shop.

Algoma has achieved several meaningful improvements over the last several years that are expected to result in enhanced long-term profitability for the business. Algoma has upgraded its DSPC facility and recently installed its No. 2 Ladle Metallurgy Furnace. Additionally, the Company has cost cutting initiatives underway and is in the process of modernizing its plate mill facilities.

Today Algoma is on a transformation journey, investing in its people and processes, optimizing and modernizing to secure a sustainable future.  Our customer focus, growing capability and courage to meet the industry’s challenges head-on position us firmly as your partner in steel.

For more information, please contact:

Michael Moraca
Treasurer & Investor Relations Officer
Algoma Steel Group Inc.

Phone: 705.945.3300
E-mail: IR@algoma.com