Algoma Steel Group Revitalizes Normal Course Issuer Bid
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Algoma Steel Group's Normal Course Issuer Bid Renewal
Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) has announced its plans to renew its normal course issuer bid (NCIB) for a portion of its common shares and warrants. This action is seen as beneficial to the Company, allowing it to take advantage of market price fluctuations. Through this program, the Company aims to reflect the true value of its shares and warrants.
Details of the NCIB Announcement
The Toronto Stock Exchange has approved Algoma's intention to renew its NCIB, enabling the Company to repurchase shares and warrants over a 12-month period. The NCIB will commence on September 5, 2024, and conclude on September 4, 2025, unless terminated earlier. Under this arrangement, Algoma can buy up to 5,206,153 of its shares, representing about 5% of the total 104,123,072 issued and outstanding shares.
Purchasing Limits and Regulations
In accordance with the regulations established by the TSX, Algoma will adhere to specific buying limits, which restrict the number of shares acquired during any single day. This strategy not only ensures compliance with daily purchase maximums but also reflects the Company’s commitment to transparency and prudent financial management.
Automatic Repurchase Plan Implementation
To facilitate its NCIB, Algoma has also established an automatic repurchase plan. This plan will enable the Company to acquire shares and warrants during periods when it normally would not be permitted, such as during regulatory restrictions or self-imposed blackout periods. The plan has been reviewed to meet the expectations of both Canadian and U.S. securities laws.
Previous NCIB Overview
Algoma previously conducted an NCIB from March 6, 2023, to March 5, 2024, where it sought approval to acquire up to 5,178,394 of its common shares. However, it did not complete any purchases under that program. The new NCIB reflects a strategic move to align with market conditions and maximize shareholder value.
Company Overview and Commitment to Sustainability
As a leading Canadian steel producer, Algoma is heavily invested in modernizing its operations and transitioning to environmentally friendly practices. The Company is focused on shifting towards electric arc furnace steelmaking, which is expected to significantly lower carbon emissions.
Strategic Role in North America
Algoma Steel is not just producing steel; it is redefining its role in the industry by prioritizing sustainability and environmental stewardship. As one of North America's only producers of discrete plate products, the Company aims to provide a secure steel supply while enhancing its product offerings and maintaining a focus on efficiency and innovation.
Contact Information for Further Inquiries
If you need more information or have any questions regarding Algoma Steel Group Inc., please reach out to:
Michael Moraca
Vice President – Corporate Development and Treasurer
Algoma Steel Group Inc.
Phone: 705.945-3300
E-mail: IR@algoma.com
Frequently Asked Questions
What is the purpose of Algoma's normal course issuer bid?
The NCIB allows Algoma to repurchase its shares and warrants to enhance shareholder value by reflecting their true market value.
When does the NCIB start and end?
The NCIB starts on September 5, 2024, and concludes on September 4, 2025, unless terminated earlier by the Company.
How many shares can Algoma purchase under the NCIB?
Algoma has approval to acquire up to 5,206,153 shares, constituting approximately 5% of its issued shares.
What is the significance of the automatic repurchase plan?
This plan allows Algoma to buy shares even during periods when it is typically restricted from doing so, ensuring greater flexibility in its repurchasing strategy.
How does Algoma focus on sustainability in its operations?
Algoma is transitioning to electric arc furnace steelmaking which significantly reduces carbon emissions and supports its goal of becoming a leading producer of green steel.
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