Algoma Steel Group Announces Renewal of Normal Course Issuer Bid

SAULT STE. MARIE, Ontario, Aug. 29, 2024 (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 that the Toronto Stock Exchange (the “TSX”) has approved the Company’s intention to renew its normal course issuer bid (“NCIB”) for a portion of its common shares (“Shares”) and a portion of its warrants (“Warrants”) to purchase shares as appropriate opportunities arise from time to time. The Company believes that the market price of the Shares and Warrants may not, from time to time, fully reflect their value and accordingly the purchase of Shares and Warrants would be in the best interests of the Company and an attractive use of available funds."