Algoma director who 'championed' shift to electric arc steelmaking retires

NEWS RELEASE
ALGOMA STEEL INC.
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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, today announced that Andrew Schultz is retiring from the board of directors effective Dec. 31, 2023.

Mr. Schultz originally joined the board of Algoma Steel Holdings Inc., a predecessor to the Company, in connection with its acquisition of the assets of Essar Algoma Steel Inc. in 2018, and continued as a director of Algoma in October 2021 as it became a public company following the merger with Legato Merger Corporation. He served as Chair of both the Human Resources & Compensation Committee and the Risk Committee, and as a valuable member of the Audit Committee and Operations & Capital Projects Committee.

“On behalf of the Board of Directors I would like to thank Andy for his significant contributions to Algoma,” said Andy Harshaw, chairman of Algoma’s Board of Directors. “Andy guided Algoma through numerous strategic milestones, helped establish robust governance practices and championed our investment in electric arc steelmaking. During his tenure on the board, Andy played a pivotal role in establishing Algoma as an emerging North America leader in green steel with a strong and sustainable future. We are grateful for his service and wish Andy the very best.”

"In my tenure as a director with Algoma, I've witnessed its remarkable journey, from navigating the complex restructuring that led to the acquisition of Algoma's assets, to re-emerging as a public company. The strategic move into electric arc steelmaking marks a transformative era for the Company, and I am confident the Company and its team are prepared for a brilliant future. It has been an honour to contribute to this vision, and I leave with a sense of fulfillment and pride in the accomplishments we've achieved together," said Andrew Schultz.

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