Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma” or “the Company”) 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”) as appropriate opportunities arise from time to time. The Company believes that the market price of the Shares may not, from time to time, fully reflect their value and accordingly the purchase of Shares would be in the best interests of the Company and an attractive use of available funds.
Pursuant to the NCIB, the Company may acquire, from time to time, over a period of 12 months starting March 6, 2023 and ending March 5, 2024, up to a maximum of 5,178,394 of its Shares, or approximately 5% of its 103,567,884 issued and outstanding Shares as of February 28, 2023. In accordance with TSX rules, the number of Shares that can be purchased pursuant to the NCIB is subject to a current daily maximum of 50,984 Shares (which is equal to 25% of 203,938 Shares, being the average daily trading volume during the last six calendar months), subject to certain exceptions prescribed by the TSX, including block purchase exceptions. In addition, all purchases under the NCIB will be conducted in accordance with Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).
