REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Large Accelerated Filer |
☐ |
Accelerated Filer |
☐ | |||||
☒ |
Emerging growth company |
U.S. GAAP ☐ |
Other ☐ | |||||||
by the International Accounting Standards Board |
☒ |
Auditor Firm ID: |
Auditor Name: |
Auditor Location: |
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F-1 |
• | future financial performance; |
• | future cash flow and liquidity; |
• | future capital investment; |
• | our ability to operate our business, remain in compliance with debt covenants and make payments on our indebtedness, with a substantial amount of indebtedness; |
• | significant domestic and international competition; |
• | macroeconomic pressures in the markets in which we operate; |
• | increased use of competitive products; |
• | a protracted fall in steel prices resulting in impairment of assets; |
• | excess capacity, resulting in part from expanded production in China and other developing economies; |
• | low-priced steel imports and decreased trade regulation, tariffs and other trade barriers; |
• | protracted declines in steel consumption caused by poor economic conditions in North America or by the deterioration of the financial position of our key customers; |
• | increases in annual funding obligations resulting from our under-funded pension plans; |
• | supply and cost of raw materials and energy; |
• | impact of a downgrade in credit rating and its impact on access to sources of liquidity; |
• | currency fluctuations, including an increase in the value of the Canadian dollar against the U.S. dollar; |
• | environmental compliance and remediation; |
• | unexpected equipment failures and other business interruptions; |
• | a protracted global recession or depression; |
• | changes in or interpretation of royalty, tax, environmental, greenhouse gas, carbon, accounting and other laws or regulations, including potential environmental liabilities that are not covered by an effective indemnity or insurance; |
• | risks associated with existing and potential lawsuits and regulatory actions made against us; |
• | impact of disputes arising with our partners; |
• | the ability of Algoma to implement and realize its business plans, including Algoma’s ability to complete its transition to electric arc furnace (“ EAF |
• | Algoma’s ability to operate the EAF; |
• | the risks that higher cost of internally generated power and market pricing for electricity sourced from Algoma’s current grid in Northern Ontario could have an adverse impact on our production and financial performance; |
• | access to an adequate supply of the various grades of steel scrap at competitive prices; |
• | the risks associated with the steel industry generally; |
• | economic, social and political conditions in North America and certain international markets; |
• | changes in general economic conditions, including as a result of the COVID-19 pandemic; or the conflict between Russia and Ukraine that commenced in February 2022; |
• | risks associated with inflation rates; |
• | risks inherent in the Corporation’s corporate guidance; |
• | failure to achieve cost and efficiency initiatives; |
• | risks inherent in marketing operations; |
• | risks associated with technology, including electronic, cyber and physical security breaches; |
• | projected increases in capacity liquid steel as a result of the transformation to EAF steelmaking; |
• | projected cost savings associated with the transformation to EAF steelmaking; |
• | projected reduction in carbon dioxide (“CO2”) emissions associated with the transformation to EAF steelmaking, including with respect to the impact of such reductions on the Green Steel Funding and carbon taxes payable; |
• | construction projects are subject to risks, including delays and cost overruns; |
• | our ability to enter into contracts to source scrap and the availability of scrap; |
• | the availability of alternative metallic supply; |
• | the Company’s to launch and complete the SIB; |
• | the Company’s expectation to declare and pay a quarterly dividend; and |
• | business interruption or unexpected technical difficulties, including impact of weather; counterparty and credit risk; labor interruptions and difficulties |
ITEM 1. |
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS |
ITEM 2. |
OFFER STATISTICS AND EXPECTED TIMETABLE |
ITEM 3. |
KEY INFORMATION |
• | Whether or not they make a purchase; |
• | Their choice of brand, model or price-point; and |
• | How frequently they upgrade or replace their products containing steel, such as appliances and automobiles. |
• | Unexpected long delivery times for, or shortages of, key equipment, parts and materials; |
• | Shortages of skilled labor and other shipyard personnel necessary to perform the work; |
• | Unforeseen increases in the cost of equipment, labor and raw materials, particularly steel; |
• | Unforeseen design and engineering problems; |
• | Unanticipated actual or purported change orders; |
• | Work stoppages; |
• | Latent damages or deterioration to equipment and machinery in excess of engineering estimates and assumptions; |
• | Failure or delay of third-party service providers and labor disputes; |
• | Disputes with fabricators and other suppliers; |
• | Delays and unexpected costs of incorporating parts and materials needed for the completion of projects; |
• | Financial or other difficulties of suppliers; |
• | Adverse weather conditions; and |
• | Inability to obtain required permits or approvals. |
• | our existing shareholders’ proportionate ownership interest in Algoma may decrease; |
• | the amount of cash available per share, including for payment of dividends in the future, may decrease; |
• | the relative voting strength of each previously outstanding Common Share may be diminished; and |
• | the market price of Common Shares may decline. |
• | actual or anticipated fluctuations in our revenue and results of operations; |
• | the financial projections we may provide to the public, any changes in these projections or our failure to meet these projections; |
• | failure of securities analysts to maintain coverage of Algoma, changes in financial estimates or ratings by any securities analysts who follow Algoma or its failure to meet these estimates or the expectations of investors; |
• | announcements by Algoma or its competitors of significant technical innovations, acquisitions, strategic partnerships, joint ventures, results of operations or capital commitments; |
• | changes in operating performance and stock market valuations of other steel companies; |
• | price and volume fluctuations in the overall stock market, including as a result of trends in the economy as a whole; |
• | trading volume of the Common Shares; |
• | the inclusion, exclusion or removal of the Common Shares from any indices; |
• | changes in our board of directors or management; |
• | transactions in the Common Shares by directors, officers, affiliates and other major investors; |
• | lawsuits threatened or filed against us; |
• | changes in laws or regulations applicable to our business; |
• | changes in our capital structure, such as future issuances of debt or equity securities; |
• | short sales, hedging and other derivative transactions involving our capital stock; |
• | general economic conditions in the United States; |
• | pandemics or other public health crises, including, but not limited to, the COVID-19 pandemic; |
• | other events or factors, including those resulting from war, incidents of terrorism or responses to these events; and |
• | the other factors described in this “ Risk Factors |
ITEM 4. |
INFORMATION ON THE COMPANY |
FY2022 Product Shipment Mix |
FY2022 Geographic Shipments |
FY2022 End Market Volume |
||||||||||||||||||||||||||||||
Product |
Volume | Country | Volume | Segment | FY22 | FY21 | FY20 | |||||||||||||||||||||||||
Hot Roll |
80% | United States | 60% | Auto | 38% | 31% | 28% | |||||||||||||||||||||||||
Cold Roll |
8% | Canada | 37% | Manufacturing and Construction | 32% | 30% | 28% | |||||||||||||||||||||||||
Plate |
12% | Mexico | 3% | Tubular | 7% | 9% | 9% | |||||||||||||||||||||||||
Distribution | 23% | 30% | 35% | |||||||||||||||||||||||||||||
Total | 100% | 100% | 100% |
Product Attributes |
End Markets |
Width Range |
Gauge Range | |||||
Hot Rolled Coil |
✓ High strength formable hot rolled grades ✓ Broad width and strength capabilities |
• Automotive Hollow structural product and welded pipe manufacturers • Transportation Light manufacturing |
106”Strip Mill 30”-96” DSPC 32”-63” |
106”Strip Mill 0.070”-0.500” DSPC 0.060”-0.625” | ||||
Cold Rolled Coil |
✓ Commercial grades ✓ High strength formable cold roll grades ✓ Full hard grades (not annealed) |
• Automotive Welded pipe manufacturers • Transportation • Light manufacturing |
36”-74” |
0.015”-0.129” | ||||
Plate |
✓ High strength, low-alloy grades✓ Abrasion resistant and heat treat grades ✓ Only producer in Canada |
• Fabrication industry- constructors or manufactures of railcars, buildings, bridges off-highway equipment, etc. |
72”-154” |
0.236”-4.500” |
• | Pension Plan for Hourly Employees, registered under the Act as number 1079904 (the “Hourly Plan”); and |
• | Pension Plan for Salaried Employees, registered under the Act as number 1079896 (the “Salaried Plan” (together with the Hourly Plan, the “Pension Plans”); |
Twelve Months Ended March 31, 2022 |
Twelve Months Ended March 31, 2021 |
Twelve Months Ended March 31, 2020 |
||||||||||
|
|
|
||||||||||
(in millions) |
||||||||||||
Sheet & Strip |
C$ | 3083.1 | C$ | 1,340.4 | C$ | 1,417.8 | ||||||
Plate |
465.7 | 274.7 | 324.8 | |||||||||
Freight |
172.9 | 150.4 | 175.1 | |||||||||
Non-steel sales |
84.3 | 29.4 | 39.2 | |||||||||
|
|
|
|
|
|
|||||||
Total |
C$ | 3806 | C$ | 1,794.9 | C$ | 1,956.9 | ||||||
|
|
|
|
|
|
April 1, 2021 to March 31, 2022 |
April 1, 2020 to March 31, 2021 |
April 1, 2019 to March 31, 2020 |
||||||||||||||||||||||
Tons (in thousands) |
% |
Tons (in thousands) |
% |
Tons (in thousands) |
% |
|||||||||||||||||||
Steel service center |
528,000 | 23 | 631,000 | 30 | 809,000 | 35 | ||||||||||||||||||
Automotive (direct and indirect) |
873,000 | 38 | 652,000 | 31 | 647,000 | 28 | ||||||||||||||||||
Manufacturing & Construction |
735,000 | 32 | 630,000 | 30 | 647,000 | 28 | ||||||||||||||||||
Tubular and other |
161,000 | 7 | 189,000 | 9 | 208,000 | 9 | ||||||||||||||||||
Total |
2,297,000 | 100 | 2,102,000 | 100 | 2,311,000 | 100 |
B. |
Growth Strategies |
C. |
Organizational Structure |
D. |
Property, Plants and Equipment |
• | three coke batteries; |
• | two blast furnaces (one currently idle); |
• | basic oxygen steelmaking shop consisting of two vessels and secondary steel refining facilities; |
• | DSPC with twin strand thin slab caster coupled with roughing and finishing hot mill; |
• | twin strand conventional slab caster; |
• | combination hot rolling mill capable of switching between plate and sheet products; |
• | plate heat treat facilities and plate finishing facilities; and |
• | downstream finishing operations consisting of pickling, cold rolling, annealing and tempering, sheet slitting, and cut to length facilities. |
Actual Production |
||||||||||||||||
Annual Production Process Line |
Capacity (NT) |
Fiscal 2022 |
Fiscal 2021 |
Fiscal 2020 |
||||||||||||
Coke Batteries No. 7, No. 8 and No. 9 |
900,000 | 713,539 | 830,882 | 765,199 | ||||||||||||
Blast Furnace No. 7 |
2,800,000 | 2,172,776 | 2,010,295 | 2,450,734 | ||||||||||||
Blast Furnace No. 6 |
900,000 | — | — | — | ||||||||||||
Basic Oxygen Furnace (BOF) |
3,700,000 | 2,312,164 | 2,508,871 | 2,727,207 | ||||||||||||
Direct Strip Production Complex |
2,300,000 | 1,869,240 | 1,796,450 | 1,890,436 | ||||||||||||
Slab Caster |
2,000,000 | 572,893 | 625,476 | 742,150 | ||||||||||||
106” Strip Mill |
460,000 | 284,124 | 309,656 | 337,445 | ||||||||||||
166” Plate Mill |
400,000 | 337,699 | 369,627 | 432,865 | ||||||||||||
Heat Treat |
320,000 | 187,501 | 131,246 | 174,775 | ||||||||||||
100” Pickler |
800,000 | 630,470 | 566,041 | 667,306 | ||||||||||||
80” Cold Reduction Mill |
350,000 | 216,680 | 155,430 | 147,923 | ||||||||||||
80” Temper/Skinpass Mill |
800,000 | 528,000 | 602,381 | 692,032 | ||||||||||||
Batch Annealing |
250,000 | 163,924 | 140,846 | 146,007 |
• | C$547 million of EAF installation (C$339 million for building and labor and C$208 million for EAF equipment); |
• | C$68 million for internal cogeneration upgrade and electrical infrastructure; and |
• | C$85 million for contingencies. |
ITEM 4A. |
UNRESOLVED STAFF COMMENTS |
ITEM 5. |
OPERATING AND FINANCIAL REVIEW AND PROSPECTS |
• | they do not reflect cash outlays for capital expenditures or contractual commitments; |
• | they do not reflect changes in, or cash requirements for, working capital; |
• | they do not reflect the finance costs, or the cash requirements necessary to service interest or principal payments on indebtedness; |
• | they do not reflect income tax expense or the cash necessary to pay income taxes; |
• | they do not reflect interest on pension and other post-employment benefit obligations; |
• | although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, as such Adjusted EBITDA and Further Adjusted EBITDA do not reflect cash requirements for such replacements; |
• | they do not reflect the impact of earnings or charges resulting from matters we believe not to be indicative of our ongoing operations; and |
• | other companies, including other companies in our industry, may calculate these measure differently than as presented by us, limiting their usefulness as a comparative measure. |
Average Rate |
Period End Rate |
|||||||||||||||||||
FY 2022 |
FY 2021 | FY 2020 | FY 2022 |
FY 2021 | ||||||||||||||||
April 1 to June 30 |
1.2280 |
1.3859 | 1.3375 | 1.2394 |
1.3576 | |||||||||||||||
July 1 to September 30 |
1.2601 |
1.3316 | 1.3206 | 1.2741 |
1.3319 | |||||||||||||||
October 1 to December 31 |
1.2600 |
1.3030 | 1.3200 | 1.2678 |
1.2732 | |||||||||||||||
January 1 to March 31 |
1.2663 |
1.2666 | 1.3442 | 1.2496 |
1.2575 |
change |
January 1 to March 31, 2022 |
January 1 to March 31, 2021 |
||||||||||||||
tons |
||||||||||||||||
Steel Shipments |
i |
12.0 |
% |
547,217 |
621,843 | |||||||||||
millions of dollars |
||||||||||||||||
Revenue |
C$ |
941.8 |
C$ | 638.5 | ||||||||||||
Less: |
||||||||||||||||
Freight included in revenue |
(48.0 |
) |
(47.3 | ) | ||||||||||||
Non-steel revenue |
(13.9 |
) |
(5.6 | ) | ||||||||||||
|
|
|
|
|||||||||||||
Steel revenue |
h |
50.3 |
% |
C$ |
879.9 |
C$ | 585.6 | |||||||||
|
|
|
|
|||||||||||||
Cost of steel revenue |
C$ |
541.3 |
C$ | 423.1 | ||||||||||||
Amortization included in cost of steel revenue |
(22.7 |
) |
(21.6 | ) | ||||||||||||
Carbon tax included in cost of steel revenue |
(0.4 |
) |
(1.8 | ) | ||||||||||||
|
|
|
|
|||||||||||||
Cost of steel products sold |
h |
29.6 |
% |
C$ |
518.2 |
C$ | 399.7 | |||||||||
|
|
|
|
|||||||||||||
dollars per ton |
||||||||||||||||
Revenue per ton of steel sold |
h |
67.6 |
% |
C$ |
1,721 |
C$ | 1,027 | |||||||||
Cost of steel revenue per ton of steel sold |
h |
45.4 |
% |
C$ |
989 |
C$ | 680 | |||||||||
Average net sales realization on steel sales (i) |
h |
70.8 | % | C$ | 1,608 | C$ | 942 | |||||||||
Cost per ton of steel products sold |
h |
47.3 | % | C$ | 947 | C$ | 643 |
(i) | Represents Steel revenue (being Revenue less (a) Freight included in revenue and (b) Non-steel revenue) divided by the number of tons of Steel Shipments during the applicable period. |
Change (FY2022 to FY2021) |
FY2022 |
Change (FY2021 to FY2020) |
FY2021 | FY2020 | ||||||||||||||||||||||||
tons |
||||||||||||||||||||||||||||
Steel Shipments |
h |
9.3 |
% |
2,297,159 |
i |
8.8 | % | 2,102,086 | 2,305,039 | |||||||||||||||||||
millions of dollars |
||||||||||||||||||||||||||||
Revenue |
C$ |
3,806.0 |
C$ | 1,794.9 | C$ | 1,956.9 | ||||||||||||||||||||||
Less: |
||||||||||||||||||||||||||||
Freight included in revenue |
(172.9 |
) |
(150.4 | ) | (175.1 | ) | ||||||||||||||||||||||
Non-steel revenue |
(84.3 |
) |
(29.4 | ) | (39.2 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||
Steel revenue |
h |
119.7 |
% |
C$ |
3,548.8 |
i |
7.3 | % | C$ | 1,615.1 | C$ | 1,742.6 | ||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||
Cost of steel revenue |
C$ |
2,054.6 |
C$ | 1,457.9 | C$ | 1,822.7 | ||||||||||||||||||||||
Amortization included in cost of steel revenue |
(86.7 |
) |
(86.8 | ) | (127.6 | ) | ||||||||||||||||||||||
Carbon tax included in cost of steel revenue |
0.6 |
(13.4 | ) | (6.9 | ) | |||||||||||||||||||||||
Business combination adjustments |
— |
— | (1.4 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||
Cost of steel products sold |
h |
45.0 |
% |
C$ |
1,968.5 |
i |
19.5 | % | C$ | 1,357.7 | C$ | 1,686.8 | ||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||
dollars per ton |
||||||||||||||||||||||||||||
Revenue per ton of steel sold |
h |
94.0 |
% |
C$ |
1,657 |
h |
0.6 | % | C$ | 854 | C$ | 849 | ||||||||||||||||
Cost of steel revenue per ton of steel sold |
h |
28.8 |
% |
C$ |
894 |
h |
12.3 | % | C$ | 694 | C$ | 791 | ||||||||||||||||
Average net sales realization on steel sales (i) |
h |
101.2 |
% |
C$ |
1,545 |
h |
1.6 | % | C$ | 768 | C$ | 756 | ||||||||||||||||
Cost per ton of steel products sold |
h |
32.7 |
% |
C$ |
857 |
i |
11.7 | % | C$ | 646 | C$ | 732 |
(i) | Represents Steel revenue (being Revenue less (a) Freight included in revenue and (b) Non-steel revenue) divided by the number of tons of Steel Shipments during the applicable period. |
millions of dollars |
January 1 to March 31, 2022 |
January 1 to March 31, 2021 |
||||||
Personnel expenses |
C$ |
13.9 |
C$ | 21.9 | ||||
Professional, consulting, legal and other fees |
10.1 |
6.6 | ||||||
Software licenses |
1.1 |
0.8 | ||||||
Amortization of intangible assets and non-production assets |
0.1 |
0.1 | ||||||
Other administrative and selling |
2.8 |
3.1 | ||||||
|
|
|
|
|||||
C$ |
28.0 |
C$ | 32.5 | |||||
|
|
|
|
millions of dollars |
FY2022 |
FY2021 | FY2020 | |||||||||
Personnel expenses |
C$ |
54.2 |
C$ | 39.6 | C$ | 29.7 | ||||||
Professional, consulting, legal and other fees |
36.2 |
22.2 | 17.1 | |||||||||
Software licenses |
4.6 |
3.1 | 2.7 | |||||||||
Amortization of intangible assets and non-production assets |
0.4 |
0.4 | 0.5 | |||||||||
Other administrative and selling |
7.6 |
7.1 | 6.9 | |||||||||
|
|
|
|
|
|
|||||||
C$ |
103.0 |
C$ | 72.4 | C$ | 56.9 | |||||||
|
|
|
|
|
|
millions of dollars |
January 1 to March 31, 2022 |
January 1 to March 31, 2021 |
||||||
Interest on the following facilities |
||||||||
Revolving Credit Facility |
C$ |
0.1 |
C$ | 1.0 | ||||
Secured Term Loan Facility |
— |
9.6 | ||||||
Algoma Docks Term Loan Facility |
— |
1.0 | ||||||
Revolving Credit Facility fees |
0.4 |
0.3 | ||||||
Unwinding of issuance costs of debt facilities and accretion of governmental loan benefits and discounts on environmental liabilities |
3.4 |
3.6 | ||||||
Other interest expense |
0.4 |
0.4 | ||||||
|
|
|
|
|||||
C$ |
4.3 |
C$ | 15.9 | |||||
|
|
|
|
millions of dollars |
FY2022 |
FY2021 | FY2020 | |||||||||
Interest on the following facilities |
||||||||||||
Revolving Credit Facility |
C$ |
0.1 |
C$ | 4.3 | C$ | 2.1 | ||||||
Secured Term Loan Facility |
24.1 |
43.0 | 41.0 | |||||||||
Algoma Docks Term Loan Facility |
2.5 |
4.7 | 6.7 | |||||||||
Revolving Credit Facility fees |
1.6 |
1.2 | 2.2 | |||||||||
Unwinding of issuance costs of debt facilities and discounts on environmental liabilities, and accretion of governmental loan benefits |
18.8 |
13.8 | 10.3 | |||||||||
Other interest expense |
1.5 |
1.5 | 1.5 | |||||||||
|
|
|
|
|
|
|||||||
C$ |
48.6 |
C$ | 68.5 | C$ | 63.8 | |||||||
|
|
|
|
|
|
millions of dollars |
January 1 to March 31, 2022 |
January 1 to March 31, 2021 |
||||||
Recognized in income (loss) before income taxes: |
||||||||
Pension benefits expense |
C$ |
6.1 |
C$ | 6.9 | ||||
Post-employment benefits expense |
3.0 |
3.2 | ||||||
|
|
|
|
|||||
C$ |
9.1 |
C$ | 10.1 | |||||
|
|
|
|
|||||
Recognized in other comprehensive income (loss) (pre-tax): |
||||||||
Pension benefits (gain) loss |
C$ |
0.3 |
C$ | (104.7 | ) | |||
Post-employment benefits (gain) loss |
(71.0 |
) |
(37.7 | ) | ||||
|
|
|
|
|||||
C$ |
(70.7 |
) |
C$ | (142.4 | ) | |||
|
|
|
|
|||||
C$ |
(61.6 |
) |
C$ | (132.3 | ) | |||
|
|
|
|
millions of dollars |
FY2022 |
FY2021 | FY2020 | |||||||||
Recognized in income (loss) before income taxes: |
||||||||||||
Pension benefits expense |
C$ |
24.4 |
C$ | 27.6 | C$ | 31.4 | ||||||
Post-employment benefits expense |
12.0 |
12.8 | 12.9 | |||||||||
|
|
|
|
|
|
|||||||
C$ |
36.4 |
C$ | 40.4 | C$ | 44.3 | |||||||
|
|
|
|
|
|
|||||||
Recognized in other comprehensive income (loss) (pre-tax): |
||||||||||||
Pension benefits (gain) loss |
C$ |
(57.9 |
) |
C$ | (51.8 | ) | C$ | (48.6 | ) | |||
Post-employment benefits (gain) loss |
(60.0 |
) |
28.8 | (33.2 | ) | |||||||
|
|
|
|
|
|
|||||||
C$ |
(117.9 |
) |
C$ | (23.0 | ) | C$ | (81.8 | ) | ||||
|
|
|
|
|
|
|||||||
C$ |
(81.5 |
) |
C$ | 17.4 | C$ | (37.5 | ) | |||||
|
|
|
|
|
|
millions of dollars |
January 1 to March 31, 2022 |
January 1 to March 31, 2021 |
||||||
Net income |
C$ |
242.9 |
C$ | 100.1 | ||||
Amortization of property, plant and equipment and amortization of intangible assets |
22.8 |
21.0 | ||||||
Finance costs |
4.3 |
15.9 | ||||||
Interest on pension and other post-employment benefit obligations |
2.9 |
4.1 | ||||||
Income taxes |
78.0 |
— | ||||||
Foreign exchange loss |
6.3 |
9.9 | ||||||
Finance income |
(0.4 |
) |
— | |||||
Carbon tax |
0.4 |
1.8 | ||||||
Increase in fair value of warrant liability |
13.2 |
— | ||||||
Decrease in fair value of earnout liability |
(44.5 |
) |
— | |||||
Increase in fair value of share-based payment compensation liability |
2.9 |
— | ||||||
Transaction costs |
5.0 |
— | ||||||
Share-based compensation |
0.7 |
14.1 | ||||||
|
|
|
|
|||||
Adjusted EBITDA |
C$ |
334.4 |
C$ | 166.9 | ||||
|
|
|
|
|||||
Net Income Margin |
25.8 |
% |
15.7 | % | ||||
|
|
|
|
|||||
Net Income / ton |
C$ |
443.84 |
C$ | 161.01 | ||||
|
|
|
|
|||||
Adjusted EBITDA Margin |
35.5 |
% |
26.1 | % | ||||
|
|
|
|
|||||
Adjusted EBITDA / ton |
C$ |
611.09 |
C$ | 268.40 | ||||
|
|
|
|
(i) | See “Non-IFRS Measures” for information regarding the limitations of using Adjusted EBITDA. |
(ii) | Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. |
millions of dollars |
FY2022 |
FY2021 | FY2020 | |||||||||
Net income (loss) |
C$ |
857.7 |
C$ | (76.1 | ) | C$ | (175.9 | ) | ||||
Amortization of property, plant and equipment and amortization of intangible assets |
87.1 |
86.9 | 126.5 | |||||||||
Finance costs |
48.6 |
68.5 | 63.8 | |||||||||
Interest on pension and other post-employment benefit obligations |
11.6 |
17.0 | 17.3 | |||||||||
Income taxes |
298.9 |
— | (4.3 | ) | ||||||||
Foreign exchange loss (gain) |
4.4 |
76.5 | (35.3 | ) | ||||||||
Finance income |
(0.5 |
) |
(1.1 | ) | (2.6 | ) | ||||||
Carbon tax |
(0.6 |
) |
13.4 | 6.9 | ||||||||
Increase in fair value of warrant liability |
6.4 |
— | — | |||||||||
Decrease in fair value of earnout liability |
(78.1 |
) |
— | — | ||||||||
Transaction costs |
26.5 |
— | — | |||||||||
Listing expense |
235.6 |
— | — | |||||||||
Share-based compensation |
5.7 |
14.1 | — | |||||||||
Business combination adjustments |
— |
— | 1.4 | |||||||||
|
|
|
|
|
|
|||||||
Adjusted EBITDA |
C$ |
1,503.2 |
C$ | 199.2 | C$ | (2.2 | ) | |||||
|
|
|
|
|
|
|||||||
Net income (loss) Margin |
22.5 |
% |
-4.2 | % | -9.0 | % | ||||||
|
|
|
|
|
|
|||||||
Net income (loss)/ ton |
C$ |
373.36 |
C$ | (36.19 | ) | C$ | (76.31 | ) | ||||
|
|
|
|
|
|
|||||||
Adjusted EBITDA Margin |
39.5 |
% |
11.1 | % | -0.1 | % | ||||||
|
|
|
|
|
|
|||||||
Adjusted EBITDA / ton |
C$ |
654.37 |
C$ | 94.76 | C$ | — | ||||||
|
|
|
|
|
|
|||||||
Tariff expense included in Net income |
C$ |
— |
C$ | — | C$ | 27.8 | ||||||
Capacity utilization adjustment included in Net income |
— |
— | 32.7 | |||||||||
|
|
|
|
|
|
|||||||
Adjustments to Adjusted EBITDA |
— | — | 60.5 | |||||||||
|
|
|
|
|
|
|||||||
Further Adjusted EBITDA |
C$ |
1,503.2 |
C$ | 199.2 | C$ | 58.3 | ||||||
|
|
|
|
|
|
|||||||
Further Adjusted EBITDA Margin |
39.5 |
% |
11.1 | % | 3.0 | % | ||||||
|
|
|
|
|
|
|||||||
Further Adjusted EBITDA / ton |
C$ |
654.37 |
C$ | 94.76 | C$ | 26.25 | ||||||
|
|
|
|
|
|
(i) | See “Non-IFRS Measures” for information regarding the limitations of using Adjusted EBITDA and Further Adjusted EBITDA. |
(ii) | Adjusted EBITDA and Further Adjusted EBITDA Margin is Adjusted EBITDA and Further Adjusted EBITDA as a percentage of revenue. |
millions of dollars |
January 1 to March 31, 2022 |
January 1 to March 31, 2021 |
||||||
Operating Activities: |
||||||||
Cash generated from operating activities before changes in non-cash working capital and environmental liabilities paid |
C$ |
253.1 |
C$ | 143.3 | ||||
Net change in non-cash working capital |
191.1 |
(9.6 | ) | |||||
Environmental liabilities paid |
(0.4 |
) |
0.2 | |||||
|
|
|
|
|||||
Cash generated by operating activities |
C$ |
443.8 |
C$ | 133.9 | ||||
|
|
|
|
|||||
Investing activities |
||||||||
Acquisition of property, plant and equipment |
C$ |
(93.4 |
) |
C$ | (22.0 | ) | ||
Acquisition of intangible assets |
0.4 |
(0.1 | ) | |||||
Acquisition of right-of-use |
(0.9 |
) |
— | |||||
|
|
|
|
|||||
Cash used in investing activities |
C$ |
(93.9 |
) |
C$ | (22.1 | ) | ||
|
|
|
|
|||||
Financing activities |
||||||||
Bank indebtedness advanced (repaid), net |
C$ |
0.1 |
C$ | (95.3 | ) | |||
Repayment of Senior Secured Term Loan Facility |
— |
(0.9 | ) | |||||
Repayment of Algoma Docks Term Loan Facility |
(0.1 |
) |
(2.6 | ) | ||||
Government loans issued, net of benefit |
1.1 |
(0.1 | ) | |||||
Repayment of govenrment loans |
(0.8 |
) |
— | |||||
Interest paid |
(0.1 |
) |
(11.4 | ) | ||||
Interest cost of right-of-use |
— |
— | ||||||
Proceeds from issuance of shares |
— |
— | ||||||
Dividends paid |
(9.3 |
) |
— | |||||
Other |
(0.4 |
) |
0.2 | |||||
|
|
|
|
|||||
Cash used in financing activities |
C$ |
(9.5 |
) |
C$ | (110.1 | ) | ||
|
|
|
|
|||||
Effect of exchange rate changes on cash |
C$ |
(12.6 |
) |
C$ | (0.2 | ) | ||
|
|
|
|
|||||
Change in cash during the period |
C$ |
327.8 |
C$ | 1.5 | ||||
|
|
|
|
millions of dollars |
FY2022 |
FY2021 | FY2020 | |||||||||
Operating Activities: |
||||||||||||
Cash generated by (used in) operating activities before changes in non-cash working capital and environmental liabilities paid |
C$ |
1,287.8 |
C$ | 147.4 | C$ | (34.5 | ) | |||||
Net change in non-cash working capital |
(21.1 |
) |
(137.7 | ) | 34.3 | |||||||
Environmental liabilities paid |
(3.3 |
) |
(1.6 | ) | (4.5 | ) | ||||||
|
|
|
|
|
|
|||||||
Cash generated by (used in) operating activities |
C$ |
1,263.4 |
C$ | 8.1 | C$ | (4.7 | ) | |||||
|
|
|
|
|
|
|||||||
Investing activities |
||||||||||||
Acquisition of property, plant and equipment |
C$ |
(166.2 |
) |
C$ | (71.7 | ) | C$ | (113.3 | ) | |||
Acquisition of intangible assets |
— |
(0.1 | ) | (0.6 | ) | |||||||
Acquisition of right-of-use |
(1.7 |
) |
— | — | ||||||||
Recovery (issuance) of related party receivable |
2.2 |
(1.1 | ) | (1.2 | ) | |||||||
|
|
|
|
|
|
|||||||
Cash used in investing activities |
C$ |
(165.7 |
) |
C$ | (72.9 | ) | C$ | (115.1 | ) | |||
|
|
|
|
|
|
|||||||
Financing activities |
||||||||||||
Bank indebtedness (repaid) advanced, net |
C$ |
(86.8 |
) |
C$ | (145.2 | ) | C$ | 249.3 | ||||
Repayment of Secured Term Loan |
(381.8 |
) |
(3.8 | ) | (3.8 | ) | ||||||
Repayment of Algoma Docks Term Loan Facility |
(76.0 |
) |
(8.8 | ) | (6.5 | ) | ||||||
Government loans issued, net of benefit |
1.1 |
6.5 | 42.4 | |||||||||
Repayment of government loans |
(0.8 |
) |
— | — | ||||||||
Restricted cash |
— |
— | 7.2 | |||||||||
Interest paid |
(36.3 |
) |
(15.6 | ) | (42.0 | ) | ||||||
Proceeds from issuance of shares |
393.5 |
— | — | |||||||||
Dividends paid |
(9.3 |
) |
— | — | ||||||||
Other |
(2.3 |
) |
(0.5 | ) | 0.1 | |||||||
|
|
|
|
|
|
|||||||
Cash (used in) generated by financing activities |
C$ |
(198.7 |
) |
C$ | (167.4 | ) | C$ | 246.7 | ||||
|
|
|
|
|
|
|||||||
Effect of exchange rate changes on cash |
C$ |
(4.9 |
) |
C$ | (11.6 | ) | C$ | 2.6 | ||||
|
|
|
|
|
|
|||||||
Increase (decrease) in cash during year |
C$ |
894.1 |
C$ | (243.8 | ) | C$ | 129.5 | |||||
|
|
|
|
|
|
millions of dollars |
January 1 to March 31, 2022 |
January 1 to March 31, 2021 |
||||||
Accounts receivable |
$ |
44.2 |
$ | (113.3 | ) | |||
Inventories |
128.9 |
102.7 | ||||||
Prepaid expenses and deposits and other current assets |
23.9 |
(20.7 | ) | |||||
Accounts payable and accrued liabilities |
83.2 |
28.9 | ||||||
Income and other taxes payable |
(116.6 |
) |
8.7 | |||||
Derivative financial instruments (net) |
27.5 |
(15.9 | ) | |||||
|
|
|
|
|||||
Total |
$ |
191.1 |
$ | (9.6 | ) | |||
|
|
|
|
millions of dollars |
FY2022 |
FY2021 | FY2020 | |||||||||
Accounts receivable |
C$ |
(127.0 |
) |
C$ | (47.2 | ) | C$ | 88.4 | ||||
Inventories |
(63.6 |
) |
(33.6 | ) | (36.8 | ) | ||||||
Prepaid expenses, deposits and other current assets |
12.5 |
(70.3 | ) | 20.2 | ||||||||
Accounts payable and accrued liabilities |
166.6 |
(21.2 | ) | (42.4 | ) | |||||||
Taxes payable and accrued taxes |
(22.1 |
) |
16.7 | 3.7 | ||||||||
Derivative financial instruments (net) |
12.5 |
(15.3 | ) | 1.2 | ||||||||
Secured term loan interest payments in kind |
— |
33.2 | — | |||||||||
|
|
|
|
|
|
|||||||
Total |
C$ |
(21.1 |
) |
C$ | (137.7 | ) | C$ | 34.3 | ||||
|
|
|
|
|
|
• | $250.0 million in the form of a traditional asset-based revolving credit facility, with a maturity date of November 30, 2023; |
• | a C$60.0 million interest free loan from the Federal Economic Development Agency of the Government of Canada, through the Advanced Manufacturing Fund (the “Federal AMF Loan”). The Company will repay the loan in equal monthly installments beginning on April 1, 2022 with the final installment payable on March 1, 2028.; and |
• | a C$60.0 million low interest loan from the Ministry of Energy, Northern Development and Mines of the Province of Ontario (the “Provincial MENDM Loan”). The Company will repay the loan in monthly blended payments of principal and interest beginning on December 31, 2024 and ending on November 30, 2028. |
millions of dollars |
Total | Less than 1 year |
Year 2 | Years 3-5 |
More than 5 years |
|||||||||||||||
Bank indebtedness |
C$ | 0.1 | C$ | 0.1 | C$ | — | C$ | — | C$ | — | ||||||||||
Long-term governmental loans |
136.5 | 9.9 | 9.9 | 71.5 | 45.2 | |||||||||||||||
Purchase obligations |
551.2 | 323.7 | 130.0 | 97.5 | — | |||||||||||||||
Environmental liabilities |
77.0 | 4.1 | 5.1 | 12.9 | 54.9 | |||||||||||||||
Lease obligations |
5.8 | 3.1 | 2.3 | 0.4 | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
C$ | 770.6 | C$ | 340.9 | C$ | 147.3 | C$ | 182.3 | C$ | 100.1 | ||||||||||
|
|
|
|
|
|
|
|
|
|
(millions of dollars, except where otherwise noted) |
2022 |
2021 | ||||||||||||||||||||||||||||||
As at and for the three months ended 1 |
Q4 |
Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | ||||||||||||||||||||||||
Financial results |
||||||||||||||||||||||||||||||||
Total revenue |
C$ |
941.8 |
C$ | 1,064.9 | C$ | 1,010.2 | C$ | 789.1 | C$ | 638.5 | C$ | 430.0 | C$ | 377.0 | C$ | 349.4 | ||||||||||||||||
Steel products |
879.9 |
1,009.5 | 936.5 | 722.9 | 585.6 | 383.8 | 335.3 | 310.4 | ||||||||||||||||||||||||
Non-steel products |
13.9 |
14.2 | 31.8 | 24.4 | 5.6 | 9.5 | 6.9 | 7.4 | ||||||||||||||||||||||||
Freight |
48.0 |
41.2 | 41.9 | 41.8 | 47.3 | 36.7 | 34.8 | 31.6 | ||||||||||||||||||||||||
Cost of sales |
603.2 |
599.9 | 578.7 | 510.2 | 476.0 | 432.2 | 389.8 | 339.7 | ||||||||||||||||||||||||
Administrative and selling expenses |
28.0 |
18.9 | 29.4 | 26.7 | 32.5 | 15.5 | 11.9 | 12.5 | ||||||||||||||||||||||||
Income (loss) from operations |
310.6 |
446.1 | 402.1 | 252.2 | 130.0 | (17.7 | ) | (24.7 | ) | (2.8 | ) | |||||||||||||||||||||
Net income (loss) |
242.9 |
123.0 | 288.2 | 203.7 | 100.1 | (73.5 | ) | (60.0 | ) | (42.7 | ) | |||||||||||||||||||||
Adjusted EBITDA (loss) |
C$ |
334.4 |
C$ | 457.3 | C$ | 430.6 | C$ | 280.8 | C$ | 166.9 | C$ | 11.7 | C$ | 0 | C$ | 20.5 | ||||||||||||||||
Per common share (diluted) 3 |
||||||||||||||||||||||||||||||||
Net income (loss) |
C$ |
1.45 |
C$ | 0.92 | C$ | 4.02 | C$ | 2.83 | C$ | 1.40 | C$ | (1.02 | ) | C$ | (0.84 | ) | C$ | (0.59 | ) | |||||||||||||
Financial position |
||||||||||||||||||||||||||||||||
Total assets |
C$ |
2,693.6 |
C$ | 2,520.7 | C$ | 2,185.7 | C$ | 1,697.2 | C$ | 1,553.9 | C$ | 1,541.9 | C$ | 1,554.4 | C$ | 1,731.6 | ||||||||||||||||
Total non-current liabilities |
573.5 |
640.1 | 1,038.8 | 1,002.5 | 1,031.5 | 1,184.7 | 1,236.2 | 1,220.1 | ||||||||||||||||||||||||
Operating results |
||||||||||||||||||||||||||||||||
Average NSR per nt2 |
C$ |
1,608 |
C$ | 1,827 | C$ | 1,594 | C$ | 1,185 | C$ | 942 | C$ | 701 | C$ | 649 | C$ | 746 | ||||||||||||||||
Adjusted EBITDA per nt2 |
611.1 |
827.6 | 733.1 | 460.3 | 268.4 | 21.4 | 0.0 | 49.2 | ||||||||||||||||||||||||
Shipping volume (in thousands of nt) |
||||||||||||||||||||||||||||||||
Sheet |
486 |
481 | 514 | 541 | 543 | 470 | 444 | 336 | ||||||||||||||||||||||||
Plate |
61 |
72 | 73 | 69 | 79 | 78 | 72 | 80 |
1 | Period end date refers to the following: “Q4” - March 31, “Q3” - December 31, “Q2” - September 30 and “Q1” - June 30. |
2 | The definition and reconciliation of these non-IFRS measures are included in the “Non-IFRS Financial Measures” section of this MD&A. |
3 | Pursuant to the Merger Agreement with Legato as described in the “Merger Transaction” section of this MD&A, on October 19, 2021, the Company effected a reserve stock split retroactively, such that each outstanding common share became such number of common shares, each valued at $10.00 per share, as determined by the conversion factor of 71.76775% (as defined in the Merger Agreement), with such common shares subsequently distributed to the equity holders of the Company’s former ultimate parent company. |
• | decreased $152.8 million or 30% from $502.2 million in Q4 2020 to $349.4 million in the first quarter of fiscal year end 2021 (“Q1 2021”), a result of decreased steel revenue mainly due to lower steel shipments, represented by a decline of 204 thousand net ton (“nt”) or 33% from 620 thousand nt in Q4 2020 to 416 thousand nt in Q1 2021. |
• | increased $27.6 million or 8% from $349.4 million in Q1 2021 to $377.0 million in the second quarter of fiscal year end 2021 (“Q2 2021”), a result of increased steel revenue due primarily to higher steel shipments, represented by an increase of 100 thousand nt or 24% from 416 thousand nt in Q1 2021 to 516 thousand nt in Q2 2021. |
• | increased $53.0 million or 14% from $377.0 million in Q2 2021 to $430.0 million in the third quarter of fiscal year end 2021 (“Q3 2021”), a result of increased steel revenue mostly due to higher selling prices of steel as average NSR per nt increased by $51.3 from $649 per nt in Q2 2021 to $701 per nt in Q3 2021. Further, steel shipments increased by 31 thousand nt or 6% from 516 thousand nt in Q2 2021 to 547 thousand nt in Q3 2021. |
• | increased $208.5 million or 48% from $430.0 million in Q3 2021 to $638.5 million in the fourth quarter of fiscal year end 2021 (“Q4 2021”), a result of increased steel revenue primarily due to higher selling prices of steel as average NSR per nt increased by $241 from $701 per nt in Q3 2021 to $942 per nt in Q4 2021. Further, steel shipments increased by 75 thousand nt or 14% from 547 thousand nt in Q3 2021 to 622 thousand nt in Q4 2021. |
• | increased $150.6 million or 24% from $638.5 million in Q4 2021 to $789.1 million in Q1 2022, a result of increased steel revenue mainly due to higher selling price of steel as average NSR per nt increased by $243.3 from $942 per nt in Q4 2021 to $1,185 per nt in Q1 2022. |
• | increased $221.1 million or 28% from $789.1 million in Q1 2022 to $1,010.2 million in Q2 2022, a result of increased steel revenue mostly due to higher selling price of steel as average NSR per nt increased by $409.5 from $1,185 per nt in Q1 2022 to $1,594 per nt in Q2 2022. |
• | increased $54.7 million or 5% from $1,010.2 million in Q2 2022 to $1,064.9 million in Q3 2022, a result of increased steel revenue primarily due to higher selling prices of steel as average NSR per nt increased by $233 from $1,594 per nt in Q2 2022 to $1,827 per nt in Q3 2022. |
• | decreased $123.1 million or 12% from $1,064.9 million in Q3 2022 to $941.8 million in Q4 2022, a result of decreased steel revenue primarily due to lower selling prices of steel as average NSR per nt decreased by $219 from $1,827 per nt in Q3 2022 to $1,608 per nt in Q4 2022. |
• | of ($42.7) million in Q1 2021 decreased compared to $19.4 million in Q4 2020 primarily due to decrease in revenue of $152.8 million, a result of lower steel shipments, offset, in part by decrease in cost of sales ($159.6 million) |
• | of ($60.0) million in Q2 2021 decreased compared to ($42.7) million in Q1 2021 mainly due to the increase in cost of sales of $50.1 million, offset, in part by an increase in revenue of $27.6 million, primarily a result of higher steel shipments. |
• | of ($73.5) million in Q3 2021 decreased compared to ($60.0) million in Q2 2021 mostly due an increase in cost of sales of $42.4 million, offset, in part by an increase in revenue of $53.0 million due primarily to higher selling price of steel. |
• | of $100.1 million in Q4 2021 increased compared to ($73.5) million in Q3 2021 mainly to due higher revenue of $208.5 million, a result of higher selling prices of steel and increased steel shipments and proportionately lower increase in cost of sales of $43.8 million. |
• | of $203.7 million in Q1 2022 increased compared to $100.1 million in Q4 2021 due primarily to higher revenue (increased by $150.6 million), a result of higher selling prices of steel, proportionately lower increase in cost of sales of $34.2 million and lower administrative and selling expenses (decreased by $5.8 million). |
• | of $288.2 million in Q2 2022 increased compared to $203.6 million in Q1 2022 primarily due to higher revenue of $221.1 million, a result of higher selling prices of steel with a proportionately lower increase in cost of sales of $68.5 million. |
• | of $123.0 million in Q3 2022 decreased compared to $288.2 million in Q2 2022 mostly due to listing expense ($235.6 million) as a result of the Merger. This was offset, in part, by changes in fair value of warrant liability ($6.8 million), changes in fair value of earnout liability ($33.6 million), changes in fair value of share-based compensation liability ($2.9 million) and increased revenue due primarily to higher selling price of steel. |
• | of $242.9 million in Q4 2022 increased compared to $123.0 million in Q3 2022 mostly due to listing expense ($235.6 million) as a result of the Merger in Q3 2022. This was offset, in part, by decreased revenue due primarily to lower selling price of steel. |
ITEM 6. |
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES |
Name |
Age |
Position | ||
Michael Garcia |
57 | Chief Executive Officer and Director | ||
Rajat Marwah |
48 | Chief Financial Officer | ||
John Naccarato |
55 | Vice President Strategy and General Counsel | ||
Rory Brandow |
62 | Vice President of Sales | ||
Mark Nogalo |
57 | Vice President, Maintenance and Operating Services | ||
Michael McQuade |
64 | Director | ||
Andy Harshaw |
67 | Director | ||
Andrew E. Schultz |
67 | Director | ||
David D. Sgro |
45 | Director | ||
Eric S. Rosenfeld |
64 | Director | ||
Brian Pratt |
70 | Director | ||
Mary Anne Bueschkens |
60 | Director | ||
Gale Rubenstein |
69 | Director | ||
James Gouin |
62 | Director |
Name |
Fees Earned or Paid in Cash (C$)(1) |
|||
Andy Harshaw |
$ | 253,584 | ||
Andrew E. Schultz |
$ | 210,033 | ||
David D. Sgro |
$ | 123,374 | ||
Eric S. Rosenfeld |
$ | 121,263 | ||
Brian Pratt |
$ | 121,263 | ||
Mary Anne Bueschkens |
$ | 121,864 | ||
Gale Rubenstein |
$ | 132,952 | ||
James Gouin |
$ | 127,774 |
Non-equity incentiveplan compensation (C$) |
||||||||||||||||||||||||||||||||
Name and principal position |
Salary (C$) |
Share-based awards (C$) (2) |
Option-based awards (C$) |
Annual incentive plans (1) |
Long-term incentive plans |
Pension value (C$) |
All other compensation (C$) |
Total compensation (C$) |
||||||||||||||||||||||||
Michael McQuade, CEO |
904,151 | 26,528,402 | N/A | N/A | 29,210 | 13,846 | 28,990,062 | |||||||||||||||||||||||||
Rajat Marwah, CFO |
384,431 | 7,945,104 | N/A | 427,871 | N/A | 29,210 | 5,169 | 8,791,785 | ||||||||||||||||||||||||
John Naccarato, VP – Strategy & General Counsel |
347,500 | 7,945,104 | N/A | 386,767 | N/A | 29,210 | 19,130 | 8,727,711 | ||||||||||||||||||||||||
Mark Nogalo, VP – Maintenance & Operating Services |
345,000 | 6,810,103 | N/A | 369,495 | N/A | 28,610 | 1,130 | 7,554,338 | ||||||||||||||||||||||||
Robert Dionisi, CCO |
325,762 | 4,540,073 | N/A | 348,891 | N/A | 0 | 13,684 | 5,228,410 |
(1) | As a percentage of annualized salary, represents target annual incentive plan compensation of approximately 168% for Mr. McQuade, 111% for Mr. Marwah, 111% for Mr. Naccarato, 107% for Mr. Nogalo, and 107% for Mr. Dionisi. For the year ending March 31, 2022, awards were determined relative to achievement of the applicable criteria for such awards. |
(2) | Represents Replacement Long Term Incentive Plan Awards and Earnout Rights. Refer to Note 4 of the Company’s Consolidated Financial Statements contained elsewhere in the Annual Report. |
Option-based Awards |
Share-based Awards |
|||||||||||||||||||||||||||
Name |
Number of securities underlying unexercised options (#) |
Option exercise price (C$) |
Option expiration date |
Value of unexercised in-the-money options (C$) |
Number of shares or units of shares that have not vested (#) |
Market or payout value of share-based awards that have not vested (C$) |
Market or payout value of vested share -based awards not paid out or distributed (C$) (1) |
|||||||||||||||||||||
Michael McQuade, CEO |
N/A | N/A | N/A | N/A | Nil | Nil | 26,528,402 | |||||||||||||||||||||
Rajat Marwah, CFO |
N/A | N/A | N/A | N/A | Nil | Nil | 7,945,104 | |||||||||||||||||||||
John Naccarato, VP – Strategy & General Counsel |
N/A | N/A | N/A | N/A | Nil | Nil | 7,945,104 | |||||||||||||||||||||
Mark Nogalo, VP – Maintenance & Operating Services |
N/A | N/A | N/A | N/A | Nil | Nil | 6,810,103 | |||||||||||||||||||||
Robert Dionisi, CCO |
N/A | N/A | N/A | N/A | Nil | Nil | 4,540,073 |
(1) | Represents rights to acquire Common Shares that were granted in respect of Replacement LTIP Awards pursuant to the LTIP Exchange, valued at C$14.06 per right. |
Name and principal position |
Option-based awards – Value expected to be vested during the year (C$) |
Share-based awards – Value expected to be vested during the year (C$) (1) |
Non-equity incentive plan compensation – Value expected to be earned during the year (C$) |
|||||||||
Michael McQuade, CEO |
N/A | 26,528,402 | N/A | |||||||||
Rajat Marwah, CFO |
N/A | 7,945,104 | N/A | |||||||||
John Naccarato, VP – Strategy & General Counsel |
N/A | 7,945,104 | N/A | |||||||||
Mark Nogalo, VP – Maintenance & Operating Services |
N/A | 6,810,103 | N/A | |||||||||
Robert Dionisi, CCO |
N/A | 4,540,073 | N/A |
(1) | Represents rights to acquire Common Shares that were granted in respect of Replacement LTIP Awards pursuant to the LTIP Exchange, valued at C$14.06 ($11.25) per right. |
Name |
Number of years credited service as of March 31, 2022 (#) |
Annual benefits payable (C$) |
Opening present value of defined benefit obligation as of April 1, 2021 (C$) |
Compensatory change (C$) |
Non- compensatory change (C$) |
Closing present value of defined benefit obligation (C$) |
||||||||||||||||||||||
At year end |
At age 65 |
|||||||||||||||||||||||||||
Michael McQuade, CEO |
N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
Rajat Marwah, CFO |
N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
John Naccarato, VP – Strategy & General Counsel |
N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
Mark Nogalo, VP – Maintenance & Operating Services |
34.4 | 117,700 | 119,700 | 1,725,400 | 46,200 | (148,500 | ) | 1,623,100 | ||||||||||||||||||||
Robert Dionisi, CCO |
35.00 | 119,700 | 119,700 | 1,685,100 | Nil | (97,900 | ) | 1,587,200 |
Name |
Accumulated value as of April 1, 2021 (C$) |
Compensatory (C$) |
Expected accumulated value at year ending March 31, 2022 (C$) |
|||||||||
Michael McQuade, CEO |
66,362 | Nil | 95,572 | |||||||||
Rajat Marwah, CFO |
275,542 | Nil | 302,453 | |||||||||
John Naccarato, VP – Strategy & General Counsel |
52,481 | Nil | 83,756 | |||||||||
Mark Nogalo, VP – Maintenance & Operating Services |
N/A | N/A | N/A | |||||||||
Robert Dionisi, CCO |
N/A | N/A | N/A |
• | reviewing, approving and recommending for board approval Algoma’s financial statements, including any certification, report, opinion or review rendered by the external auditor, the annual information form, and the related management’s discussion and analysis and press release; |
• | receiving periodically management reports assessing the adequacy and effectiveness of Algoma’s disclosure controls and procedures; |
• | reviewing and making recommendations to the board in respect of the mandate of Algoma’s disclosure committee and reviewing the disclosure committee’s quarterly reports pertaining to its activities for the previous quarter; |
• | preparing all disclosure and reports as may be required to be prepared by the committee by any applicable law, regulation, rule or listing standard; |
• | reviewing material prepared by management regarding Algoma’s financial strategy considering current and future capital and operating plans and budgets, Algoma’s capital structure, including debt and equity components, current and expected financial leverage, interest rate and foreign currency exposures and in the committee’s discretion, making recommendations to the board; |
• | reviewing management’s process to identify, monitor and manage the significant risks associated with the activities of Algoma, as well as the steps taken by management to report such risks; |
• | reviewing the effectiveness of the internal control systems for monitoring compliance with applicable laws and regulations; |
• | assessing the qualifications and independence of the external auditor and being directly responsible for the appointment, compensation, retention and oversight of the work of any registered public accounting firm engaged (including resolution of disagreements between management of Algoma and the auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for Algoma; |
• | obtaining and reviewing a report, at least annually, from the external auditor describing (a) the external auditor’s internal quality-control procedures and (b) any material issues raised by the most recent internal quality-control review, or peer review, of the external auditor’s firm, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years respecting one or more independent audits carried out by the firm and any steps taken to deal with such issues; |
• | reviewing the scope, plan and results of the external auditor’s audit and reviews, including the auditor’s engagement letter, the post-audit management letter, if any, and the form of the audit report, and reviewing the scope and plan of the work to be done by the internal audit group and the responsibilities, budget, audit plan, activities, organizational structure and staffing of the internal audit group as needed; |
• | setting clear policies for audit partner rotation in compliance with applicable laws and regulations; |
• | identifying and informing the board of matters that may significantly impact on the financial condition or affairs of the business, including irregularities in Algoma’s business administration, and, where applicable, suggesting corrective measures to the board; |
• | reviewing the quality and integrity of Algoma’s financial reporting processes, both internal and external, in consultation with the external auditor; |
• | developing and recommending to the board for approval policies and procedures for the review, approval or ratification of related party transactions, overseeing the implementation of and compliance with the such policies regarding related party transactions and reviewing and approving all related party transactions required to be disclosed pursuant to applicable rules prior to us entering into such transactions; |
• | reviewing with management, the external auditors, and our legal advisors, as appropriate, any legal, regulatory or compliance matters as the committee or the board deems necessary or appropriate, including any correspondence with regulators or government agencies and any employee complaints or published reports that raise material issues regarding our financial statements or accounting policies and any significant changes in accounting standards or rules promulgated by applicable accounting boards, the SEC or other regulatory authorities; |
• | establishing and overseeing the effectiveness of procedures for the receipt, retention and treatment of complaints received by Algoma relating to accounting, auditing matters, internal accounting controls or the management of our business under Algoma’s whistleblower policy, including the confidential, anonymous submission by employees of Algoma of concerns regarding questionable accounting or auditing matters; and |
• | performing any other activities as the Committee or the board deems necessary or appropriate. |
• | reviewing and making recommendations to the board with respect to the compensation of directors of Algoma; |
• | reviewing and making recommendations to the board with respect to the corporate goals and objectives relevant to the compensation of the Chief Executive Officer and evaluating the Chief Executive Officer’s performance in light of those goals and objectives; |
• | reviewing and making recommendations to the board with respect to the compensation of the Chief Executive Officer and, based on the recommendation of the Chief Executive Officer, the other members of the executive management group, including salary, incentive compensation plans, equity-based plans, the terms of any employment agreements, severance arrangements and change of control arrangements or provisions, and any special or supplemental benefits; |
• | recommending awards under the incentive compensation and equity-based compensation plans of Algoma; and |
• | from time to time, as appropriate, reviewing Algoma’s policies on salary administration, pay and employment equity, basic incentive and total cash compensation, retirement benefits, and long-term incentives and recommending changes to the board if appropriate. |
• | reporting to the chair of the board with an assessment of the board’s and management’s performance; |
• | considering recommendations from the Chief Executive Officer concerning the hiring and termination of senior executives, and ensuring that the Chief Executive Officer engages senior management with the necessary skills, knowledge, and experience to manage Algoma’s affairs in a sound and responsible manner; |
• | seeking individuals qualified (in the context of the needs of Algoma, any formal criteria established by the board and any obligations under Algoma’s contractual arrangements) to become members of the board for recommendation to the board; |
• | reviewing the competencies, skills and personal qualities required of board members, as a whole, in light of relevant factors, including (i) the objective of adding value to Algoma in light of the opportunities and risks facing Algoma and Algoma’s strategies; (ii) the need to ensure, to the greatest extent possible, that a majority of the board is comprised of individuals who meet the independence requirements of the applicable regulatory, stock exchange and securities law requirements or other guidelines; and (iii) any policies of the board with respect to board member diversity, tenure, retirement and succession and board member commitments; and |
• | reviewing the appropriateness of the governance practices of Algoma and recommending any proposed changes to the board for approval. |
• | assisting the board, the audit and risk management committee, and senior management in designing, implementing and periodically evaluating Algoma’s disclosure controls and procedures; |
• | ensuring that information required to be disclosed by Algoma is made known to the committee by others within Algoma and recorded, processed, summarized, and reported within the time periods specified in the rules and forms for Canadian and U.S. securities regulatory authorities, as applicable; |
• | reviewing all public disclosures of Algoma, including, but not limited to, annual and quarterly reports, proxy circulars, news releases, presentations, and website content; and |
• | evaluating the accuracy, completeness, materiality, timeliness and consistency of Algoma’s public disclosure and advising the board, the audit and risk management committee and senior management with respect to same. |
• | developing, implementing and monitoring the Company’s policies, practices and procedures regarding the operations strategies, and management of major projects; |
• | reviewing the planning and execution of major projects, throughout the project lifecycle, including the planning, construction, approval, and implementations phases of the major projects as well as other applicable responsibilities as determined by the committee; |
• | reviewing and, if appropriate, recommending the board approval of, all project proposals and contracts that (i) are not included in the approved business plan of Algoma; and are anticipated to have a value, in the aggregate, greater than $10,000,000, or as otherwise specified in a policy of the committee; or (ii) determined by the board or management to warrant additional risk review due to complexity and/or increased probability of risk to the Company. |
• | reviewing and making recommendations to the board with respect to (i) material changes to the scope, budget and schedule proposed by management with respect to major projects and (ii) other approvals related to the execution of major projects, as required from time to time; and |
• | retaining qualified advisors, independent of Company management, to monitor and report to the committee on the progress and performance of the major projects against approved execution plans, including scopes, budgets and schedules. |
• | overseeing the Company’s enterprise risk management (“ERM”) program to assist the board in providing oversight of the ERM activities of the Company and its subsidiaries and to advise the board with respect to the effectiveness of the ERM framework of the Company; |
• | receiving periodically management reports on potential emerging risks to the business and how these may interrelate with or compound known risks; |
• | reviewing and evaluating the Company’s overall process for the identification and evaluation of principal business and operational risks and the prevention and/or mitigation thereof; |
• | reviewing all project proposals and contracts that: (i) are not included in the approved business plan of Algoma; and are anticipated to have a value, in the aggregate, greater than $10,000,000 or as otherwise specified in a policy of the committee; or (ii) determined by the board or management to warrant additional risk review due to complexity and/or increased probability of risk to the Company; and |
• | reviewing with management emerging environmental, social and corporate governance (“ESG”) issues affecting the Company and liaise, as appropriate, with other committees of the Board regarding administering the ESG program of the Company and related best practices. |
FY 2022 |
FY 2021 |
FY 2020 |
||||||||||
By Function: |
||||||||||||
Management |
129 | 128 | 125 | |||||||||
Local 2724 |
506 | 492 | 541 | |||||||||
Local 2251 |
2,099 | 2,064 | 2,243 | |||||||||
|
|
|
|
|
|
|||||||
Total |
2,734 | 2,684 | 2,909 | |||||||||
|
|
|
|
|
|
ITEM 7. |
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS |
• | each person or group who is known by us to own beneficially more than 5% of our subordinate voting shares; |
• | each of our directors; and |
• | each of our executive officers. |
Name and address of beneficial owner |
Number of Algoma Common shares |
Percentage of Algoma Common shares |
||||||
5% shareholders: |
||||||||
Bain Capital Credit, LP (1) |
20,515,674 | 13.9 | ||||||
Barclays Bank PLC (2) |
12,398,564 | 8.4 | ||||||
Contrarian Capital Management, L.L.C. (3) |
8,650,341 | 5.8 | ||||||
Officers and directors: (4) |
||||||||
Michael Garcia |
0 | * | ||||||
Rajat Marwah (5) |
568,352 | * | ||||||
John Naccarato (5) |
569,413 | * | ||||||
Rory Brandow |
0 | * | ||||||
Shawn Galey (5) |
487,341 | * | ||||||
Mark Nogalo (5) |
487,341 | * | ||||||
Brian Pratt (6) |
4, 003,540 |
2.7 | ||||||
Eric S. Rosenfeld (7) |
2, 123,086 |
1.4 | ||||||
Michael McQuade (5) |
1, 900,894 |
1.3 | ||||||
David D. Sgro (8)(9) |
1, 280,981 |
* | ||||||
Andy Harshaw (5) (9) |
33,029 | * | ||||||
Andrew E. Schultz (5)(9) |
32,155 | * | ||||||
Mary Anne Bueschkens (10) |
3,604 | * | ||||||
Gale Rubenstein (10) |
3,931 | * | ||||||
James Gouin (10) |
3,673 | * |
* | Less than 1% |
(1) | Based on information obtained from Schedule 13D filed by Bain Capital Credit, LP on April 13, 2022. According to that report, Bain Capital Credit, LP possesses sole power to vote or to direct the voting of 20,181,720 of such shares and possesses shared power to vote or to direct the voting of none of such shares and possesses sole power to dispose or to direct the disposition of 20,181,720 of such shares and possesses shared power to dispose or to direct the disposition of none of such shares. In addition, according to that report, the business address of Bain Capital Credit, LP is 200 Clarendon Street, Boston, MA 02116. |
(2) | Based on information obtained from Schedule 13G filed by Barclays PLC on February 14, 2022 plus an additional 5,786,480 Common Shares that were subsequently issued pursuant to the contingent right granted to certain shareholders of Algoma to receive a pro rata portion of up to 37.5 million Common Shares if certain targets were met (“Earnout Rights”). According to that report, each of Barclays PLC and Barclays Bank PLC possesses sole power to vote or to direct the voting of 11,577,059 of such shares and possesses shared power to vote or to direct the voting of none of such shares and possesses sole power to dispose or to direct the disposition of 11,577,059 of such shares and possesses shared power to dispose or to direct the disposition of none of such shares. In addition, according to that report, the business address of Barclays PLC and Barclays Bank PLC is 1 Churchill Place, London, E14 5HP, England. |
(3) | Based on information obtained from Schedule 13G filed by Contrarian Capital Management, L.L.C. (“Contrarian”) on February 14, 2022 plus an additional 3,037,603 Common Shares that were subsequently issued pursuant to the Earnout Rights. According to that report, Contrarian possesses sole power to vote or to direct the voting of 6,075,238 of such shares and possesses shared power to vote or to direct the voting of none of such shares and possesses sole power to dispose or to direct the disposition of 6,075,238 of such shares and possesses shared power to dispose or to direct the disposition of none of such shares. In addition, according to that report, Contrarian’s business address is 11 West Putnam Avenue, Suite 425, Greenwich, CT 06830. |
(4) | Unless otherwise indicated, the business address of each of the officers, directors and 5% holders is 105 West Street, Sault Ste. Marie, Ontario, P6A 7B4, Canada. |
(5) | Represents and/or includes Common Shares issuable pursuant to Replacement LTIP Awards. |
(6) | Includes 350,000 Common Shares held by the Pratt Grandchildren’s Trust and 220,000 Common Shares issuable upon the exercise of Warrants (of which 50,000 Warrants are held by the Pratt Grandchildren’s Trust), which Warrants became exercisable on November 18, 2021. Mr. Pratt is the trustee and has sole voting and dispositive power over the shares held by the Pratt Grandchildren’s Trust. Mr. Pratt disclaims beneficial ownership of the shares held by Pratt Grandchildren’s Trust except to the extent of his ultimate pecuniary interest therein. |
(7) | Includes 36,794 Common Shares issuable upon the exercise of Warrants, which Warrants became exercisable on November 18, 2021. |
(8) | Includes an aggregate of 507,937 Common Shares held by trusts established for Mr. Rosenfeld’s children (the “Rosenfeld Children’s Trusts”) and 5,460 Common Shares issuable upon the exercise of Warrants held by Mr. Sgro, which Warrants became exercisable on November 18, 2021. Mr. Sgro is the trustee of the Rosenfeld Children’s Trusts and has sole voting and dispositive power over the shares held by the Rosenfeld Children’s Trusts. Mr. Sgro disclaims beneficial ownership of such shares except to the extent of his ultimate pecuniary interest therein. |
(9) | Includes Common Shares issuable pursuant to the Omnibus Equity Incentive Plan. |
(10) | Represents Common Shares issuable pursuant to the Omnibus Equity Incentive Plan. |
ITEM 8. |
FINANCIAL INFORMATION |
ITEM 9. |
THE OFFER AND LISTING |
ITEM 10. |
ADDITIONAL INFORMATION |
• | incur liens; |
• | engage in mergers, consolidations or amalgamations; |
• | make certain investments or acquisitions; |
• | make certain restricted payments, including the payment of dividends, the repurchase of our capital stock, and the repayment of junior indebtedness prior to maturity; |
• | incur additional indebtedness; |
• | engage in certain transactions with our affiliates; |
• | amend or modify certain indebtedness; |
• | sell or transfer assets; |
• | in the case of Algoma Steel Intermediate Holdings Inc., engage in any material business or operations; and |
• | make changes to our defined benefit pension plans. |
• | sell, transfer or dispose of SIF Project assets the cost of which has been contributed to by the federal Minister of Industry under the Federal SIF Agreement; |
• | pay dividends or other shareholder distributions; and |
• | license intellectual property relating to the SIF Project or to utilize such intellectual property outside of Canada. |
• | banks, insurance companies, and certain other financial institutions; |
• | regulated investment companies and real estate investment trusts; |
• | brokers, dealers, or traders in securities; |
• | traders in securities that elect to mark to market; |
• | tax-exempt organizations or governmental organizations; |
• | U.S. expatriates and former citizens or long-term residents of the U.S.; |
• | persons holding Common Shares and/or Warrants, as the case may be, as part of a hedge, straddle, constructive sale, or other risk reduction strategy or as part of a conversion transaction or other integrated or similar transaction; |
• | persons subject to special tax accounting rules as a result of any item of gross income with respect to Common Shares and/or Warrants, as the case may be, being taken into account in an applicable financial statement; |
• | persons that actually or constructively own 5% or more (by vote or value) of the outstanding Common Shares; |
• | founders, sponsors, officers or directors of Legato or holders of private placement warrants; |
• | “controlled foreign corporations,” “passive foreign investment companies,” and corporations that accumulate earnings to avoid U.S. federal income tax (and their shareholders); |
• | S corporations, partnerships, or other entities or arrangements treated as partnerships or other flow-through entities for U.S. federal income tax purposes (and investors therein); |
• | U.S. Holders having a functional currency other than the U.S. dollar; |
• | persons who hold or received Common Shares and/or Warrants, as the case may be, pursuant to the exercise of any employee stock option or otherwise as compensation; and |
• | tax-qualified retirement plans. |
• | an individual who is a citizen or resident of the U.S.; |
• | a corporation (or other entity taxable as a corporation) created or organized in, or under the laws of, the U.S., any state thereof, or the District of Columbia; |
• | an estate, the income of which is subject to U.S. federal income tax regardless of its source; or |
• | a trust that (1) is subject to the primary supervision of a U.S. court and the control of one or more “United States persons” (within the meaning of Section 7701(a)(30) of the Code) or (2) has a valid election in effect to be treated as a United States person for U.S. federal income tax purposes. |
• | either (a) the shares are readily tradable on an established securities market in the U.S. or (b) Algoma is eligible for the benefits of a qualifying income tax treaty with the U.S. that includes an exchange of information program; |
• | Algoma is neither a PFIC (as discussed below under below under “– Passive Foreign Investment Company Rules”) nor treated as such with respect to the U.S. Holder for Algoma’s taxable year in which the dividend is paid or the preceding taxable year; |
• | the U.S. Holder satisfies certain holding period requirements; |
• | the U.S. Holder is not under an obligation to make related payments with respect to positions in substantially similar or related property; and |
• | the taxpayer does not take the dividends into account as investment income under Section 163(d)(4)(B) of the Code. |
• | at least 75% of its gross income for such year is passive income (such as interest, dividends, rents and royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition of assets giving rise to passive income); or |
• | at least 50% of the value of its assets (based on an average of the quarterly values of the assets) during such year is attributable to assets that produce passive income or are held for the production of passive income. |
• | the excess distribution or gain will be allocated ratably over the U.S. Holder’s holding period for the Common Shares or Warrants; |
• | the amount allocated to the U.S. Holder’s taxable year in which the U.S. Holder recognized the gain or received the excess distribution or to the period in the U.S. Holder’s holding period before the first day of Algoma’s first taxable year in which Algoma is a PFIC will be treated as ordinary income; |
• | the amount allocated to each other taxable year (or portions thereof) of the U.S. Holder and included in such holder’s holding period will be subject to the highest tax rate in effect for individuals or corporations, as applicable, for each such year without regard to the U.S. Holder’s other items of income and loss for such year; and |
• | the interest charge generally applicable to underpayments of tax will be imposed on the U.S. Holder with respect to the resulting tax attributable to each such year. |
• | a nonresident alien individual, other than certain former citizens and residents of the U.S. subject to U.S. tax as expatriates; |
• | a foreign corporation; or |
• | a foreign estate or trust; |
• | the gain or dividend is effectively connected with the Non-U.S. Holder’s conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment or a “fixed base” in the United States to which such gain is attributable); or |
• | in the case of any gain, the Non-U.S. Holder is a nonresident alien individual present in the United States for 183 days or more during the taxable year of the disposition and certain other requirements are met. |
ITEM 11. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 12. |
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES |
ITEM 13. |
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES |
ITEM 14. |
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS |
ITEM 15. |
CONTROLS AND PROCEDURES |
ITEM 16A. |
AUDIT COMMITTEE FINANCIAL EXPERT |
ITEM 16B. |
CODE OF ETHICS |
ITEM 16C. |
PRINCIPAL ACCOUNTANT FEES AND SERVICES |
For the year ended |
||||||||
C$ millions |
March 31, 2022 |
March 31, 2021 |
||||||
Audit fees (1) |
2, 168,565 |
939,825 | ||||||
Audit-related fees (2) |
516,922 |
78,345 | ||||||
Tax fees (3) |
365,269 | 67,839 | ||||||
All other fees (4) |
— | 171,200 | ||||||
|
|
|
|
|||||
Total |
3,050,756 | 1,257,209 | ||||||
|
|
|
|
(1) | “Audit fees” means the aggregate fees billed in each of the fiscal years for professional services rendered by Deloitte LLP for the audit of our annual financial statements and review of our interim financial statements. |
(2) | “Au dit-related fees” includes assurance and related services reasonably related to the financial statement audit and not included in audit services, including those pertaining to the merger transaction. |
(3) | “Tax fees” means the aggregate fees billed in each of the fiscal years for professional services rendered by Deloitte LLP for tax compliance and tax advice. |
(4) | “A ll other fees” not included above including transaction related services. |
ITEM 16D. |
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES |
ITEM 16E. |
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS |
ITEM 16F. |
CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT |
ITEM 16G. |
CORPORATE GOVERNANCE |
ITEM 16H. |
MINE SAFETY DISCLOSURE |
ITEM 17. |
FINANCIAL STATEMENTS. |
ITEM 18. |
FINANCIAL STATEMENTS. |
ITEM 19. |
EXHIBITS |
Algoma Steel Group Inc. | ||
By: | /s/ Michael Garcia | |
Name: | Chief Executive Officer | |
Title: | Michael Garcia |
• | With the assistance of technical accounting specialists: |
• | Assessed the information in the Merger agreements to assess whether all key facts and circumstances were incorporated into management’s assessment. |
• | Evaluated management’s determination of the accounting treatment of the Merger by analyzing specific facts and circumstances against relevant accounting guidance. |
• | With the assistance of fair value specialists, evaluated the appropriateness of using the market price of the Company’s common shares as an approximation of fair value for each earnout right. |
• | With the assistance of financial instruments specialists: |
• | Read the key steel price hedge agreements, including their legal terms, and other supporting documents and assessed whether all key facts and circumstances were incorporated into management’s assessment. |
• | Evaluated management’s assessment of the hedge documentation to assess whether the related accounting treatment was in accordance with the relevant accounting guidance and that the hedge was effective. |
• | With the assistance of fair value specialists, evaluate the fair value of the steel price hedge by developing a range of independent estimates using market price of steel and other third party data, and comparing it to the fair value recorded by management. |
Years ended, |
March 31, 2022 |
March 31, 2021 |
March 31, 2020 |
|||||||||
expressed in millions of Canadian dollars |
||||||||||||
Revenue (Note 7) |
$ |
$ | $ | |||||||||
Operating expenses |
||||||||||||
Cost of sales (Note 8) |
$ |
$ | $ | |||||||||
Administrative and selling expenses (Note 9) |
||||||||||||
|
|
|
|
|
|
|||||||
Profit (loss) from operations |
$ |
$ | $ | ( |
) | |||||||
|
|
|
|
|
|
|||||||
Other (income) and expenses |
||||||||||||
Finance income |
$ |
( |
) |
$ | ( |
) | $ | ( |
) | |||
Finance costs (Note 10) |
||||||||||||
Interest on pension and other post-employment benefit obligations (Note 11) |
||||||||||||
Foreign exchange loss (gain) |
( |
) | ||||||||||
Transaction costs |
||||||||||||
Listing expense (Note 4) |
||||||||||||
Change in fair value of warrant liability (Note 4) |
||||||||||||
Change in fair value of earnout liability (Note 4) |
( |
) |
||||||||||
|
|
|
|
|
|
|||||||
$ |
$ | $ | ||||||||||
|
|
|
|
|
|
|||||||
Income (loss) before income taxes |
$ |
$ | ( |
) | $ | ( |
) | |||||
Income tax expense (recovery) (Note 26) |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Net income (loss) |
$ |
$ | ( |
) | $ | ( |
) | |||||
|
|
|
|
|
|
|||||||
Net income (loss) per common share |
||||||||||||
Basic (Note 29) |
$ |
$ |
( |
) | $ | ( |
) | |||||
Diluted (Note 29) |
$ |
$ |
( |
) | $ | ( |
) |
Years ended, |
March 31, 2022 |
March 31, 2021 |
March 31, 2020 |
|||||||||
expressed in millions of Canadian dollars |
||||||||||||
Net income (loss) |
$ |
$ | ( |
) | $ | ( |
) | |||||
Other comprehensive income (loss), net of income tax, that will be reclassified subsequently to profit or loss |
||||||||||||
Net unrealized income (loss) on cash flow hedges, net of tax recovery of $ the years ended March 31, 2022, March 31, 2021 and March 31, 2020, respectively (Note 21) |
$ |
$ | ( |
) | $ | |||||||
Other comprehensive income (loss), net of income tax, that will not be reclassified subsequently to profit or loss |
||||||||||||
Foreign exchange gain (loss) on translation to presentation currency |
$ |
( |
) |
$ | ( |
) | $ | |||||
Remeasurement of pension and other post-employment benefit obligations, net of tax March 31, 2022 and March 31, 2021 and ( $) million for the year ended March 31, 2020 (Notes 22, 23) |
$ |
$ | $ | |||||||||
|
|
|
|
|
|
|||||||
$ |
$ | ( |
) | $ | ||||||||
|
|
|
|
|
|
|||||||
Total comprehensive income (loss) |
$ |
$ | ( |
) | $ | ( |
) | |||||
|
|
|
|
|
|
As at, |
March 31, 2022 |
March 31, 2021 |
||||||
expressed in millions of Canadian dollars |
||||||||
Assets |
||||||||
Current |
||||||||
Cash (Note 12) |
$ |
$ | ||||||
Restricted cash (Note 12) |
||||||||
Accounts receivable, net (Note 13) |
||||||||
Inventories, net (Note 14) |
||||||||
Prepaid expenses and deposits |
||||||||
Margin payments (Note 21) |
||||||||
Other assets |
||||||||
|
|
|
|
|||||
Total current assets |
$ |
$ | ||||||
|
|
|
|
|||||
Non-current |
||||||||
Property, plant and equipment, net (Note 15) |
$ |
$ | ||||||
Intangible assets, net |
||||||||
Related party receivable (Note 31) |
||||||||
Other assets |
||||||||
|
|
|
|
|||||
Total non-current assets |
$ |
$ | ||||||
|
|
|
|
|||||
Total assets |
$ |
$ | ||||||
|
|
|
|
|||||
Liabilities and Shareholders’ Equity |
||||||||
Current |
||||||||
Bank indebtedness (Note 16) |
$ |
$ | ||||||
Accounts payable and accrued liabilities (Note 17) |
||||||||
Taxes payable and accrued taxes (Note 18) |
||||||||
Current portion of other long-term liabilities |
||||||||
Current portion of long-term debt (Note 19) |
||||||||
Current portion of governmental loans (Note 20) |
||||||||
Current portion of environmental liabilities (Note 25) |
||||||||
Derivative financial instruments (Note 21) |
||||||||
Warrant liability (Note 4) |
||||||||
Earnout liability (Note 4) |
||||||||
Share-based payment compensation liability (Note 4) |
||||||||
|
|
|
|
|||||
Total current liabilities |
$ |
$ | ||||||
|
|
|
|
|||||
Non-current |
||||||||
Long-term debt (Note 19) |
$ |
$ | ||||||
Long-term governmental loans (Note 20) |
||||||||
Accrued pension liability (Note 22) |
||||||||
Accrued other post-employment benefit obligation (Note 23) |
||||||||
Other long-term liabilities (Note 24) |
||||||||
Environmental liabilities (Note 25) |
||||||||
Deferred income tax liabilities (Note 26) |
||||||||
|
|
|
|
|||||
Total non-current liabilities |
$ |
$ | ||||||
|
|
|
|
|||||
Total liabilities |
$ |
$ | ||||||
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
||||||||
Capital stock (Note 28) |
$ |
$ | ||||||
Accumulated other comprehensive income |
||||||||
Retained earnings (deficit) |
( |
) | ||||||
Contributed (deficit) surplus (Note 4) |
( |
) |
||||||
|
|
|
|
|||||
Total shareholders’ equity |
$ |
$ | ||||||
|
|
|
|
|||||
Total liabilities and shareholders’ equity |
$ |
$ | ||||||
|
|
|
|
expressed in millions of Canadian dollars |
Capital stock |
Contributed (Deficit) Surplus |
Foreign exchange gain (loss) on translation to presentation currency |
Actuarial gain (loss) on pension and other post- employment benefit obligation, net of tax |
Cash flow hedge reserve - unrealized loss (Note 21) |
Accumulated other compre- hensive income (loss) |
Retained earnings (deficit) |
Total Shareholders’ equity |
||||||||||||||||||||||||
Balance at March 31, 2019 |
$ | $ | — | $ | $ | ( |
) | $ | — | $ | ( |
) | $ | $ | ||||||||||||||||||
Net loss |
— | — | — | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||||
Other comprehensive income |
— | — | — | — | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance at March 31, 2020 |
$ | $ | — | $ | $ | $ | — | $ | $ | ( |
) | $ | ||||||||||||||||||||
Net loss |
— | — | — | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||||
Other comprehensive loss |
— | — | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance at March 31, 2021 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) | $ | ||||||||||||||||||
Net income |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Other comprehensive (loss) income |
— | — | ( |
) | — | |||||||||||||||||||||||||||
Issuance and modification of performance share units (Note 4) |
— |
( |
) | — | — | — | — | — | ( |
) | ||||||||||||||||||||||
Issuance of deferred share units (Note |
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Issuance of capital stock |
— |
— | — | — | — |
— | ||||||||||||||||||||||||||
Return of capital (Note 28) |
( |
) |
— | — | — | — | — | — | ( |
) | ||||||||||||||||||||||
Earnout rights (Note 4) |
— |
— | — | — | — | — | ( |
) |
( |
) | ||||||||||||||||||||||
Dividends paid (Note 35) |
— | — | — | — | — | — | ( |
) |
( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance at March 31, 2022 |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
$ |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended, |
March 31, 2022 |
March 31, 2021 |
March 31, 2020 |
|||||||||
expressed in millions of Canadian dollars |
||||||||||||
Operating activities |
||||||||||||
Net income (loss) |
$ |
$ | ( |
) | $ | ( |
) | |||||
Items not affecting cash: |
||||||||||||
Amortization of property, plant and equipment and intangible assets |
||||||||||||
Deferred income tax expense (Note 26) |
— | ( |
) | |||||||||
Pension expense in excess of funding (pension funding in excess of expense) |
( |
) | ( |
) | ||||||||
Post-employment benefit funding in excess of expense |
( |
) |
( |
) | ( |
) | ||||||
Unrealized foreign exchange loss (gain) on: |
||||||||||||
accrued pension liability |
( |
) | ||||||||||
post-employment benefit obligations |
( |
) | ||||||||||
Finance costs (Note 10) |
||||||||||||
Loss on disposal of property, plant and equipment (Note 15) |
— | |||||||||||
Interest on pension and other post-employment benefit obligations |
||||||||||||
Accretion of governmental loans and environmental liabilities |
||||||||||||
Unrealized foreign exchange loss (gain) on government loan facilities |
( |
) | ||||||||||
Increase in fair value of warrant liability (Note 4) |
— | — | ||||||||||
Decrease in fair value of earnout liability (Note 4) |
( |
) |
— | — | ||||||||
Listing expense (Note 4) |
— | — | ||||||||||
Other |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
$ |
$ | $ | ( |
) | ||||||||
Net change in non-cash operating working capital (Note 30) |
( |
) |
( |
) | ||||||||
Environmental liabilities paid (Note 25) |
( |
) |
( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Cash generated by (used in) operating activities |
$ |
$ | $ | ( |
) | |||||||
|
|
|
|
|
|
|||||||
Investing activities |
||||||||||||
Acquisition of property, plant and equipment (Note 15) |
$ |
( |
) |
$ | ( |
) | $ | ( |
) | |||
Acquisition of intangible asset |
— |
( |
) | ( |
) | |||||||
Acquisition of right-of-use |
( |
) |
— | — | ||||||||
Recovery (issuance) of related party receivable (Note 31) |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Cash used in investing activities |
$ |
( |
) |
$ | ( |
) | $ | ( |
) | |||
|
|
|
|
|
|
|||||||
Financing activities |
||||||||||||
Bank indebtedness (repaid) advanced, net (Note 16) |
$ |
( |
) |
$ | ( |
) | $ | |||||
Repayment of term loans (Note 19) |
( |
) |
( |
) | ( |
) | ||||||
Governmental loans received, net of benefit (Note 20) |
||||||||||||
Repayment of government loans (Note 20) |
( |
) |
— | — | ||||||||
Restricted cash (Note 12) |
— |
— | ||||||||||
Interest paid |
( |
) |
( |
) | ( |
) | ||||||
Proceeds from issuance of shares |
— | |||||||||||
Dividends paid (Note 35) |
( |
) |
— | — | ||||||||
Other |
( |
) |
( |
) | ||||||||
|
|
|
|
|
|
|||||||
Cash (used in) generated by financing activities |
$ |
( |
) |
$ | ( |
) | $ | |||||
|
|
|
|
|
|
|||||||
Effect of exchange rate changes on cash |
$ |
( |
) |
$ | ( |
) | $ | |||||
Cash |
||||||||||||
Increase (decrease) in cash |
( |
) | ||||||||||
Opening balance |
||||||||||||
|
|
|
|
|
|
|||||||
Ending balance (Note 12) |
$ |
$ | $ | |||||||||
|
|
|
|
|
|
1. |
GENERAL INFORMATION |
• | Algoma Steel Holdings Inc. |
• | Algoma Steel Intermediate Holdings Inc. |
• | Algoma Steel Inc. |
• | Algoma Steel Inc. USA |
• | Algoma Docks GP Inc. |
• | Algoma Docks Limited Partnership |
2. |
BASIS OF PRESENTATION |
2. |
BASIS OF PRESENTATION (continued) |
3. |
SIGNIFICANT ACCOUNTING POLICIES |
3. |
SIGNIFICANT ACCOUNTING POLICIES (continued) |
• | Amortized cost |
• | Fair value through profit (loss) (FVTP(L)) |
• | Fair value through other comprehensive (loss) income (FVTOCI(L)) |
• | The financial asset is held within a business model with the objective of holding the financial asset in order to collect contractual cash flows; and |
• | The contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. |
3. |
SIGNIFICANT ACCOUNTING POLICIES (continued) |
3. |
SIGNIFICANT ACCOUNTING POLICIES (continued) |
• | there is an economic relationship between the hedged item and the hedging instrument; |
• | the effect of credit risk does not dominate the value changes that result from that economic relationship; and |
• | the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Company actually hedges and the quantity of the hedging instrument that the Company actually uses to hedge that quantity of hedged item. |
3. |
SIGNIFICANT ACCOUNTING POLICIES (continued) |
Category of Property, Plant and Equipment |
Range of Estimated Useful Life | |
Buildings |
||
Machinery and equipment |
||
Vehicles |
||
Computer hardware |
3. |
SIGNIFICANT ACCOUNTING POLICIES (continued) |
3. |
SIGNIFICANT ACCOUNTING POLICIES (continued) |
• | service cost, past-service cost, gains and losses on curtailments and settlements; |
• | net interest expense; and |
• | remeasurement. |
3. |
SIGNIFICANT ACCOUNTING POLICIES (continued) |
3. |
SIGNIFICANT ACCOUNTING POLICIES (continued) |
3. |
SIGNIFICANT ACCOUNTING POLICIES (continued) |
3. |
SIGNIFICANT ACCOUNTING POLICIES (continued) |
3. |
SIGNIFICANT ACCOUNTING POLICIES (continued) |
4. |
MERGER TRANSACTION |
4. |
MERGER TRANSACTION (continued) |
Merger transaction under IFRS 2 |
||||
Total fair value of consideration: |
||||
|
$ | |||
|
|
|||
Net assets acquired: |
||||
Cash (US $ |
$ | |||
Intercompany loan settled the subsequent day of transaction close (US $ |
||||
Less: warrant liability (US $ |
( |
) | ||
Less: Legato liabilities assumed (US $ |
( |
) | ||
|
|
|||
Total listing expense (US $ |
$ |
|||
|
|
Number of Common Shares |
||||
Common shares outstanding prior to Merger (post stock-split) |
||||
Common shares issued to Legato shareholders |
||||
Common shares issued to PIPE investors |
||||
Total |
4. |
MERGER TRANSACTION (continued) |
(i) |
Public Warrants |
(ii) |
Private Warrants |
4. |
MERGER TRANSACTION (continued) |
4. |
MERGER TRANSACTION (continued) |
5. |
CRITICAL ESTIMATES AND JUDGEMENTS |
5. |
CRITICAL ESTIMATES AND JUDGEMENTS (continued) |
6. |
CAPITAL MANAGEMENT |
6. |
CAPITAL MANAGEMENT (continued) |
7. |
REVENUE AND SEGMENTED INFORMATION |
Years ended, |
March 31, 2022 |
March 31, 2021 |
March 31, 2020 |
|||||||||
Total revenue is comprised of: |
||||||||||||
Sheet & Strip |
$ |
$ | $ | |||||||||
Plate |
||||||||||||
Freight |
||||||||||||
Non-steel revenue |
||||||||||||
|
|
|
|
|
|
|||||||
$ |
$ | $ | ||||||||||
|
|
|
|
|
|
|||||||
The geographical distribution of total revenue is as follows: |
||||||||||||
Sales to customers in Canada |
$ |
$ | $ | |||||||||
Sales to customers in the United States |
||||||||||||
Sales to customers in the rest of the world |
||||||||||||
|
|
|
|
|
|
|||||||
$ |
$ | $ | ||||||||||
|
|
|
|
|
|
8. |
COST OF SALES |
Years ended, |
March 31, 2022 |
March 31, 2021 |
March 31, 2020 |
|||||||||
Total cost of sales is comprised of: |
||||||||||||
Cost of steel revenue |
$ |
$ | $ | |||||||||
Cost of freight revenue |
||||||||||||
Cost of non-steel revenue |
||||||||||||
|
|
|
|
|
|
|||||||
$ |
$ | $ | ||||||||||
|
|
|
|
|
|
|||||||
Inventories recognized as cost of sales: |
$ |
$ | $ | |||||||||
|
|
|
|
|
|
|||||||
Net inventory write-downs as a result of net realizable value lower than cost included in cost of sales: |
$ |
$ | $ | — | ||||||||
|
|
|
|
|
|
8. |
COST OF SALES (continued) |
9. |
ADMINISTRATIVE AND SELLING EXPENSES |
Years ended, |
March 31, 2022 |
March 31, 2021 |
March 31, 2020 |
|||||||||
Administrative and selling expense is comprised of: |
||||||||||||
Personnel expenses |
$ |
$ | $ | |||||||||
Professional, consulting, legal and other fees |
||||||||||||
Software licenses |
||||||||||||
Amortization of intangible assets and non-producing assets |
||||||||||||
Other administrative and selling |
||||||||||||
|
|
|
|
|
|
|||||||
$ |
$ | $ | ||||||||||
|
|
|
|
|
|
10. |
FINANCE COSTS |
Years ended, |
March 31, 2022 |
March 31, 2021 |
March 31, 2020 |
|||||||||
Finance costs are comprised of: |
||||||||||||
Interest on the Revolving Credit Facility (Note 16) |
$ |
$ | $ | |||||||||
Interest on the Secured Term Loan Facility (Note 19) |
||||||||||||
Interest on the Algoma Docks Term Loan (Note 19) |
||||||||||||
Other interest expense |
||||||||||||
Revolving Credit Facility fees |
||||||||||||
Unwinding of issuance costs of debt facilities (Note 16 and Note 19) and accretion of governmental loan benefits and discounts on environmental liabilities |
||||||||||||
|
|
|
|
|
|
|||||||
$ |
$ | $ | ||||||||||
|
|
|
|
|
|
11. |
INTEREST ON PENSION AND OTHER POST-EMPLOYMENT BENEFIT OBLIGATIONS |
Years ended, |
March 31, 2022 |
March 31, 2021 |
March 31, 2020 |
|||||||||
Interest on pension and other post-employment benefit obligations is comprised of: |
||||||||||||
Interest on defined benefit pension obligation (Note 22) |
$ |
$ | $ | |||||||||
Interest on other post-employment benefit obligation (Note 23) |
||||||||||||
|
|
|
|
|
|
|||||||
$ |
$ | $ | ||||||||||
|
|
|
|
|
|
12. |
CASH AND RESTRICTED CASH |
13. |
ACCOUNTS RECEIVABLE, NET |
As at, |
March 31, 2022 |
March 31, 2021 |
||||||
The carrying amount of: |
||||||||
Trade accounts receivable |
$ |
$ | ||||||
Allowance for doubtful accounts |
( |
) |
( |
) | ||||
Governmental loan claims receivable |
||||||||
Federal Advanced Manufacturing Fund (“Federal AMF”) Loan |
||||||||
Federal Ministry of Industry, Strategic Innovation Fund (“Federal SIF”) Agreement |
||||||||
Canada Emergency Wage Subsidy receivable |
||||||||
Northern Industrial Electricity Rate program rebate receivable |
||||||||
Ontario Workplace Safety and Insurance Board New Experimental Experience Rating rebate receivable |
||||||||
Other accounts receivable |
||||||||
|
|
|
|
|||||
$ |
$ | |||||||
|
|
|
|
As at, |
March 31, 2022 |
March 31, 2021 |
||||||
Opening balance |
$ |
( |
) |
$ | ( |
) | ||
Remeasurement of loss allowance |
( |
) |
( |
) | ||||
|
|
|
|
|||||
Ending balance |
$ |
( |
) |
$ | ( |
) | ||
|
|
|
|
14. |
INVENTORIES, NET |
As at, |
March 31, 2022 |
March 31, 2021 |
||||||
The carrying amount of: |
||||||||
Raw materials and consumables |
$ |
$ | ||||||
Work in progress |
||||||||
Finished goods |
||||||||
|
|
|
|
|||||
$ |
$ | |||||||
|
|
|
|
15. |
PROPERTY, PLANT AND EQUIPMENT, NET |
As at, |
March 31, 2022 |
March 31, 2021 |
||||||
The carrying amount of: |
||||||||
Freehold land |
$ |
$ | ||||||
Buildings |
||||||||
Machinery and equipment |
||||||||
Computer hardware |
||||||||
Right-of-use |
||||||||
Property under construction |
||||||||
|
|
|
|
|||||
$ |
$ | |||||||
|
|
|
|
Cost |
Freehold Land |
Buildings |
Machinery & Equipment |
Computer Hardware |
Right-of-use assets |
Property under construction |
Total |
|||||||||||||||||||||
Balance at March 31, 2020 |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Additions |
||||||||||||||||||||||||||||
Transfers |
( |
) | ||||||||||||||||||||||||||
Disposals |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Foreign exchange |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at March 31, 2021 |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Additions |
||||||||||||||||||||||||||||
Transfers |
( |
) | ||||||||||||||||||||||||||
Disposals |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Foreign exchange |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at March 31, 2022 |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15. |
PROPERTY, PLANT AND EQUIPMENT, NET (continued) |
Accumulated Amortization: |
Freehold Land |
Buildings |
Machinery & Equipment |
Computer Hardware |
Right-of-use assets |
Property under construction |
Total |
|||||||||||||||||||||
Balance at March 31, 2020 |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Amortization expense |
||||||||||||||||||||||||||||
Foreign exchange |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at March 31, 2021 |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Amortization expense |
||||||||||||||||||||||||||||
Disposals |
||||||||||||||||||||||||||||
Foreign exchange |
( |
) | ( |
) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at March 31, 2022 |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15. |
PROPERTY, PLANT AND EQUIPMENT, NET (continued) |
15. |
PROPERTY, PLANT AND EQUIPMENT, NET (continued) |
16. |
BANK INDEBTEDNESS |
16. |
BANK INDEBTEDNESS (continued) |
Balance at March 31, 2020 |
$ | |||
Revolving Credit Facility drawn |
||||
Repayment of Revolving Credit Facility |
( |
) | ||
Exchange |
( |
) | ||
|
|
|||
Balance at March 31, 2021 |
$ | |||
Revolving Credit Facility drawn |
||||
Repayment of Revolving Credit Facility |
( |
) | ||
Foreign exchange |
( |
) | ||
|
|
|||
Balance at March 31, 2022 |
$ |
|||
|
|
17. |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES |
As at, |
March 31, 2022 |
March 31, 2021 |
||||||
The carrying amount of: |
||||||||
Accounts payable |
$ |
$ | ||||||
Accrued liabilities |
||||||||
Wages and accrued vacation payable |
||||||||
|
|
|
|
|||||
$ |
$ | |||||||
|
|
|
|
18. |
TAXES PAYABLE AND ACCRUED TAXES |
As at, |
March 31, 2022 |
March 31, 2021 |
||||||
The carrying amount of: |
||||||||
Payroll taxes payable |
$ |
$ | ||||||
Sales taxes payable |
||||||||
Carbon tax accrual |
||||||||
Income taxes payable |
— | |||||||
|
|
|
|
|||||
$ |
$ | |||||||
|
|
|
|
19. |
LONG-TERM DEBT |
As at, |
March 31, 2022 |
March 31, 2021 |
||||||
The carrying amount of: |
||||||||
Secured Term Loan Facility due November 30, 2025 |
||||||||
Current portion |
$ |
$ | ||||||
Long-term portion |
||||||||
|
|
|
|
|||||
$ |
$ | |||||||
|
|
|
|
|||||
Algoma Docks Term Loan Facility due May 31, 2025 |
||||||||
Current portion |
$ |
$ | ||||||
Long-term portion |
||||||||
|
|
|
|
|||||
$ |
$ | |||||||
|
|
|
|
|||||
Less: unamortized financing costs |
||||||||
Current portion |
$ |
$ | ||||||
Long-term portion |
||||||||
|
|
|
|
|||||
$ |
$ | |||||||
|
|
|
|
|||||
$ |
$ | |||||||
|
|
|
|
|||||
Current portion of long-term debt |
$ |
$ | ||||||
Long-term portion of long-term debt |
||||||||
|
|
|
|
|||||
$ |
$ | |||||||
|
|
|
|
19. |
LONG-TERM DEBT (continued) |
Secured Term Loan Facility |
Algoma Docks Term Loan Facility |
|||||||
Balance at March 31, 2019 |
|
$ |
|
|
|
$ |
|
|
Facility repaymen t |
|
|
( |
) |
|
|
( |
) |
Unwinding of issuance costs of debt facilit y |
|
|
|
|
|
|
— |
|
Foreign exchang e |
|
|
|
|
|
|
|
|
Balance at March 31, 2020 |
$ | $ | ||||||
Interest payment in kind |
||||||||
Facility repayment |
( |
) | ( |
) | ||||
Unwinding of issuance costs of debt facility |
||||||||
Foreign exchange |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Balance at March 31, 2021 |
$ | $ | ||||||
Facility repayment |
( |
) | ( |
) | ||||
Unwinding of issuance costs of debt facility |
||||||||
Foreign exchange |
( |
) | ||||||
|
|
|
|
|||||
Balance at March 31, 2022 |
$ | $ | ||||||
|
|
|
|
20. |
GOVERNMENTAL LOANS |
As at, |
March 31, 2022 |
March 31, 2021 |
||||||
The carrying amount of: |
||||||||
Long-term portion |
||||||||
Federal AMF Loan, denominated in |
$ |
$ | ||||||
Provincial MENDM Loan, denominated in 2028 |
||||||||
Federal SIF Agreement loan, denominated in 2031 |
||||||||
Federal SIF Agreement loan, denominated in 2030 |
||||||||
|
|
|
|
|||||
$ |
$ | |||||||
|
|
|
|
|||||
Current portion |
||||||||
Federal AMF Loan, denominated in Canadian dollars |
$ |
$ | ||||||
|
|
|
|
|||||
$ |
$ | |||||||
|
|
|
|
20. |
GOVERNMENTAL LOANS (continued) |
December 1, 2019 to November 30, 2020 |
% | |||
December 1, 2020 to November 30, 2021 |
% |
20. |
GOVERNMENTAL LOANS (continued) |
Governmental Loan Issued (Repaid) |
Governmental loan benefit recognized immediately |
Acretion of governmental loan benefit |
Carrying value |
|||||||||||||
Federal AMF Loan |
||||||||||||||||
Balance at March 31, 2021 |
$ | $ | ( |
) | $ | $ | ||||||||||
( |
) |
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance at March 31, 2022 |
$ |
$ |
( |
) |
$ |
$ |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Provincial MENDM Loan |
||||||||||||||||
Balance at March 31, 2021 |
$ | $ | ( |
) | $ | $ | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance at March 31, 2022 |
$ |
$ |
( |
) |
$ |
$ |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Federal SIF Loan |
||||||||||||||||
Balance at March 31, 2021 |
$ | $ | ( |
) | $ | $ | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance at March 31, 2022 |
$ |
$ |
( |
) |
$ |
$ |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Federal SIF Loan (EAF) |
||||||||||||||||
Balance at March 31, 2021 |
$ | $ | $ | $ | ||||||||||||
( |
) |
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance at March 31, 2022 |
$ |
$ |
( |
) |
$ |
$ |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total, Governmental Loans |
||||||||||||||||
Balance at March 31, 2021 |
$ | $ | ( |
) | $ | $ | ||||||||||
( |
) | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance at March 31, 2022 |
$ |
$ |
( |
) |
$ |
$ |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21. |
DERIVATIVE FINANCIAL INSTRUMENTS |
21. |
DERIVATIVE FINANCIAL INSTRUMENTS (continued) |
Fair Value Liability |
Notional Amounts |
Average Price (USD) |
||||||||||||||||||||||
|
(tons, in thousands) |
(per ton) |
||||||||||||||||||||||
March 31, 2022 |
March 31, 2021 |
March 31, 2022 |
March 31, 2021 |
March 31, 2022 |
March 31, 2021 |
|||||||||||||||||||
Cash flow hedges - commodity price risk |
||||||||||||||||||||||||
Natural gas swaps |
$ | $ | $ | |||||||||||||||||||||
Steel swaps |
$ | |||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
$ |
$ | |
||||||||||||||||||||||
|
|
|
|
21. |
DERIVATIVE FINANCIAL INSTRUMENTS (continued) |
As at, |
March 31, 2022 |
March 31, 2021 |
March 31, 2020 |
|||||||||
Opening balance |
$ |
$ | |
$ |
||||||||
Loss arising on changes in fair value of cash flow hedges, net of tax of $ million, $million and |
|
|||||||||||
Loss reclassified to net income (loss) |
( |
) |
( |
) | |
( |
) | |||||
|
|
|
|
|
|
|||||||
Net unrealized (income) loss on cash flow hedges |
( |
) |
|
|||||||||
|
|
|
|
|
|
|||||||
Ending balance |
$ |
$ | |
$ |
||||||||
|
|
|
|
|
|
22. |
PENSION BENEFITS |
22. |
PENSION BENEFITS (continued) |
Years ended, |
March 31, 2022 |
March 31, 2021 |
||||||
Assumptions for determination of defined benefit cost: |
||||||||
Defined obligation and past service cost |
||||||||
Net interest cost |
||||||||
Current service cost |
||||||||
Interest cost on current service cost |
||||||||
Discount rate for determination of defined benefit obligation |
||||||||
Assumptions for determination of defined benefit cost and defined benefit obligation: |
||||||||
Ultimate rate of compensation increase |
||||||||
Mortality |
CPM2014 Private Projection CPM-B |
|
CPM2014 Private Projection CPM-B |
|
Years ended, |
March 31, 2022 |
March 31, 2021 |
March 31, 2020 |
|||||||||
Amounts recognized in net income (loss) were as follows: |
||||||||||||
Current service cost |
$ |
$ | $ | |||||||||
Net interest cost |
||||||||||||
|
|
|
|
|
|
|||||||
$ |
$ | $ | ||||||||||
|
|
|
|
|
|
|||||||
Defined benefit costs recognized in: |
||||||||||||
Cost of sales |
$ |
$ | $ | |||||||||
Administrative and selling expense |
||||||||||||
Interest on pension liability |
||||||||||||
|
|
|
|
|
|
|||||||
$ |
$ | $ | ||||||||||
|
|
|
|
|
|
22. |
PENSION BENEFITS (continued) |
Years ended, |
March 31, 2022 |
March 31, 2021 |
March 31, 2020 |
|||||||||
Amounts recognized in other comprehensive income (loss), were as follows: |
||||||||||||
Actuarial gain on accrued pension liability |
$ |
( |
) |
$ | ( |
) | $ | ( |
) | |||
|
|
|
|
|
|
|||||||
Less tax effect |
||||||||||||
|
|
|
|
|
|
|||||||
$ |
( |
) |
$ | ( |
) | $ | ( |
) | ||||
|
|
|
|
|
|
As at, |
March 31, 2022 |
March 31, 2021 |
||||||
Present value of defined benefit obligation |
$ |
$ | ||||||
Fair value of plan assets |
||||||||
|
|
|
|
|||||
Net accrued pension liability |
$ |
$ | ||||||
|
|
|
|
Years ended, |
||||||||
Movements in the present value of the plan assets were as follows: |
||||||||
Fair value of plan assets at beginning of year |
$ |
$ | ||||||
Actual return (net of investment management expenses) |
( |
) |
||||||
Administration expenses |
( |
) |
( |
) | ||||
Employer contributions |
||||||||
Benefits paid |
( |
) |
( |
) | ||||
|
|
|
|
|||||
Fair value of plan assets at end of the year, March 31, 2022 and March 31, 2021, respectively |
$ |
$ | ||||||
|
|
|
|
|||||
Movements in the present value of the defined benefit obligation were as follows: |
||||||||
Defined benefit obligation at the beginning of the year |
$ |
$ | ||||||
Current service cost |
||||||||
Interest cost |
||||||||
Actuarial (gains) losses arising from financial assumptions |
( |
) |
||||||
Effect of experience adjustments |
( |
) | ||||||
Effect of demographic assumptions |
( |
) | ||||||
Benefits paid |
( |
) |
( |
) | ||||
|
|
|
|
|||||
Defined benefit obligation at end of the y e ar, March 31, 2022 and March 31, 2021, respectively |
$ |
$ | ||||||
|
|
|
|
22. |
PENSION BENEFITS (continued) |
Actuarial gain immediately recognized |
Tax effect |
Actuarial gain immediately recognized, net of tax |
||||||||||
Balance at March 31, 2020 |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Actuarial gain immediately recognized |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Balance at March 31, 2021 |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Actuarial gain immediately recognized |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Balance at March 31, 2022 |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | |||
|
|
|
|
|
|
As at |
March 31, 2022 |
March 31, 2021 |
||||||
Cash and cash equivalents |
% |
% | ||||||
Equity instruments |
% |
% | ||||||
Debt instruments |
% |
% | ||||||
Other |
% |
% | ||||||
|
|
|
|
|||||
% |
% | |||||||
|
|
|
|
22. |
PENSION BENEFITS (continued) |
Years ended, |
March 31, 2022 |
March 31, 2021 |
||||||
Effect of change in discount rate assumption |
||||||||
|
$ |
( |
) |
$ | ( |
) | ||
|
$ |
$ | ||||||
Effect of change in salary scale |
||||||||
|
$ |
$ | ||||||
|
$ |
( |
) |
$ | ( |
) | ||
Effect of change in mortality assumption |
||||||||
Set forward |
$ |
$ | ||||||
Set back |
$ |
( |
) |
$ | ( |
) |
23. |
OTHER POST-EMPLOYMENT BENEFITS |
23. |
OTHER POST-EMPLOYMENT BENEFITS (continued) |
As at and for the years ended, |
March 31, 2022 |
March 31, 2021 |
||||||
Assumptions for determination of defined benefit cost: |
||||||||
Discount rate |
||||||||
Defined benefit obligation |
||||||||
Current service cost |
||||||||
Interest cost on benefit obligation |
||||||||
Interest cost on current service cost |
||||||||
Health care cost immediate trend rate |
||||||||
Assumptions for determination of defined benefit obligation: |
||||||||
Effective discount rate |
||||||||
Health care cost immediate trend rate |
||||||||
Assumptions for determination of defined benefit cost and defined benefit obligation: |
||||||||
Health care cost ultimate trend rate |
||||||||
Year ultimate health care cost trend rate reached |
||||||||
Salary Increases per annum |
||||||||
Mortality |
2014 Private Projection CPM-B |
|
2014 Private Projection CPM-B |
|
Years ended, |
March 31, 2022 |
March 31, 2021 |
March 31, 2020 |
|||||||||
Amounts recognized in net income (loss) were as follows: |
||||||||||||
Current service cost |
$ |
$ | $ | |||||||||
Net interest cost |
||||||||||||
|
|
|
|
|
|
|||||||
$ |
$ | $ | ||||||||||
|
|
|
|
|
|
|||||||
Post employment benefit costs recognized in: |
||||||||||||
Cost of sales |
$ |
$ | $ | |||||||||
Administrative and selling expense |
||||||||||||
Interest on pension liability |
||||||||||||
|
|
|
|
|
|
|||||||
$ |
$ | $ | ||||||||||
|
|
|
|
|
|
23. |
OTHER POST-EMPLOYMENT BENEFITS (continued) |
Years ended, |
March 31, 2022 |
March 31, 2021 |
March 31, 2020 |
|||||||||
Amounts recognized in other comprehensive (income) loss, were as follows: |
||||||||||||
Actuarial (income) losses on accrued post employment benefit liability |
$ |
( |
) |
$ | $ | ( |
) | |||||
Less tax effect |
||||||||||||
|
|
|
|
|
|
|||||||
$ |
( |
) |
$ | $ | ( |
) | ||||||
|
|
|
|
|
|
As at, |
March 31, 2022 |
March 31, 2021 |
||||||
Present value of post-employment benefit obligation |
$ |
$ | ||||||
Fair value of plan assets |
||||||||
|
|
|
|
|||||
Accrued other post-employment benefit obligation |
$ |
$ | ||||||
|
|
|
|
Actuarial (gain) loss immediately recognized |
Tax effect |
Actuarial (gain) loss immediately recognized, net of tax |
||||||||||
Balance at March 31, 2020 |
$ | ( |
) | $ | $ | ( |
) | |||||
Actuarial loss immediately recognized |
||||||||||||
|
|
|
|
|
|
|||||||
Balance at March 31, 2021 |
$ | $ | $ | |||||||||
Actuarial gain immediately recognized |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Balance at March 31, 2022 |
$ |
( |
) |
$ |
$ |
( |
) | |||||
|
|
|
|
|
|
23. |
OTHER POST-EMPLOYMENT BENEFITS (continued) |
Movements in the present value of the post-employment benefit plan assets were as follows: |
||||||||
Fair value of plan assets at beginning of year |
$ |
$ | ||||||
Employer contributions |
( |
) | ||||||
Benefits paid |
( |
) |
||||||
|
|
|
|
|||||
Fair value of plan assets at end of the year, March 31, 2022 and March 31, 2021, respectively |
$ |
$ | ||||||
|
|
|
|
|||||
Movements in the present value of the other post-employment benefit obligation were as follows: |
||||||||
Defined benefit obligation at the beginning of the year |
$ |
$ | ||||||
Current service cost |
||||||||
Interest cost |
||||||||
Actuarial (gains) losses arising from financial assumptions |
( |
) |
||||||
Actuarial gains arising from demographic assumptions |
( |
) |
||||||
Actuarial gains from experience adjustments |
( |
) |
( |
) | ||||
Benefits paid |
( |
) |
( |
) | ||||
|
|
|
|
|||||
Defined benefit obli g ation at end of the year, March 31, 2022 and March 31, 2021, respectively |
$ |
$ | ||||||
|
|
|
|
23. |
OTHER POST-EMPLOYMENT BENEFITS (continued) |
Years ended, |
March 31, 2022 |
March 31, 2021 |
||||||
Effect of change in discount rate assumption |
||||||||
One percentage point increase |
$ |
( |
) |
$ | ( |
) | ||
One percentage point decrease |
$ |
$ | ||||||
Effect of change in health care cost trend rates |
||||||||
One percentage point increase |
$ |
$ | ||||||
One percentage point decrease |
$ |
( |
) |
$ | ( |
) | ||
Effect of change in mortality assumption |
||||||||
Set forward one year |
$ |
$ | ||||||
Set back one year |
$ |
( |
) |
$ | ( |
) |
24. |
OTHER LONG- TERM LIABILITIES |
As at, |
March 31, 2022 |
March 31, 2021 |
||||||
The carrying amount of the following other long term liabilities: |
||||||||
Accrued interest payable, Provincial MENDM Loan |
$ |
$ | ||||||
Long-term disability plan obligation |
||||||||
Long-term portion of lease liability |
||||||||
|
|
|
|
|||||
$ |
$ | |||||||
|
|
|
|
24. |
OTHER LONG-TERM LIABILITIES |
25. |
ENVIRONMENTAL LIABILITIES |
As at, |
March 31, 2022 |
March 31, 2021 |
||||||
The carrying amount of Environmental liabilities in respect of: |
||||||||
The Company’s Operation Site |
$ |
$ | ||||||
Northern Ontario mine sites owned by Old Steelco Inc. |
||||||||
|
|
|
|
|||||
$ |
$ | |||||||
|
|
|
|
|||||
Current portion |
$ |
$ | ||||||
Long-term portion |
||||||||
|
|
|
|
|||||
$ |
$ | |||||||
|
|
|
|
25. |
ENVIRONMENTAL LIABILITIES (continued) |
The Company’s Operation Site |
Northern Ontario mine sites owned by Old Steelco Inc. |
Total | ||||||||||
Balance at March 31, 2020 |
$ | $ | $ | |||||||||
Payments |
( |
) | ( |
) | ||||||||
Accretion of discount |
||||||||||||
|
|
|
|
|
|
|||||||
Balance at March 31, 2021 |
$ | $ | $ | |||||||||
Payments |
( |
) | ( |
) | ( |
) | ||||||
Accretion of discount |
||||||||||||
|
|
|
|
|
|
|||||||
Balance at March 31, 2022 |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
26. |
TAX MATTERS |
Years ended, |
March 31, 2022 |
March 31, 2021 |
March 31, 2020 |
|||||||||
Income tax expense (recovery) recognized in net income (loss): |
||||||||||||
Current tax expense |
$ |
$ | $ | |||||||||
Deferred income tax expense |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
$ |
$ | $ | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Income tax expense recognized in other comprehensive income (loss): |
||||||||||||
Tax effect of net unrealized loss on cash flow hedges flow hedges |
$ |
$ | — | $ | ||||||||
Tax effect of actuarial gains on defined benefit pension obligation |
||||||||||||
Tax effect of actuarial gains on other post-employment benefits |
||||||||||||
|
|
|
|
|
|
|||||||
$ |
$ | $ | ||||||||||
|
|
|
|
|
|
26. |
TAX MATTERS (continued) |
Years ended, |
March 31, 2022 |
March 31, 2021 |
March 31, 2020 |
|||||||||
Income (loss) before income taxes |
$ |
$ | ( |
) | $ | ( |
) | |||||
|
|
|
|
|
|
|||||||
Income tax expense (recovery) based on the applicable tax rate of |
$ |
$ | ( |
) | $ | ( |
) | |||||
Add / (deduct): |
||||||||||||
Non-deductible post-employment benefits payments |
||||||||||||
Non-deductible pension contributions |
||||||||||||
Non-deductible accretion of financial obligations |
||||||||||||
Change in unrecognized tax benefits |
( |
) |
||||||||||
Adjustment in respect of prior years |
( |
) | ||||||||||
Share-based payment compensation |
||||||||||||
Listing expense |
||||||||||||
Changes in fair value of warrant liability |
||||||||||||
Changes in fair value of earnout liability |
( |
) |
||||||||||
Other |
||||||||||||
|
|
|
|
|
|
|||||||
Income tax expense (recovery) based on the applicable |
$ |
$ | $ | ( |
) | |||||||
|
|
|
|
|
|
26. |
TAX MATTERS (continued) |
Balance at March 31, 2021 |
Movements in: |
Balance at March 31, 2022 |
||||||||||||||||||
Profit (loss) |
Other Comprehensive Income |
Unrecognized deferred tax asset |
||||||||||||||||||
Accounting reserves |
$ | $ | ( |
) | $ | $ | $ |
|||||||||||||
Inventory reserve |
( |
) | ( |
) | ||||||||||||||||
Non-capital tax loss carryforward |
( |
) | ( |
) | ||||||||||||||||
Capital tax loss carryforward |
||||||||||||||||||||
Property, plant and equipment and intangible assets |
( |
) | ( |
) | ||||||||||||||||
Unrealized exchange gain on US dollar debt |
( |
) | ||||||||||||||||||
Governmental loans benefit |
( |
) | ( |
) | ||||||||||||||||
Financing expenses |
( |
) | ||||||||||||||||||
Deferred revenue |
( |
) | ||||||||||||||||||
SRED expenditures |
( |
) | ( |
) | ||||||||||||||||
Transaction costs |
||||||||||||||||||||
Unrealized loss on cash flow hedges |
( |
) | ||||||||||||||||||
Other |
( |
) | ( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | $ | ( |
) | $ | $ | $ |
( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2020 |
Movements in: |
Balance at March 31, 2021 |
||||||||||||||||||
Profit (loss) |
Other Comprehensive Loss |
Unrecognized deferred tax asset |
||||||||||||||||||
Accounting reserves |
$ | $ | $ | $ | $ | |||||||||||||||
Inventory reserve |
( |
) | ( |
) | ( |
) | ||||||||||||||
Non-capital tax loss carryforward |
( |
) | ( |
) | ||||||||||||||||
Capital tax loss carryforward |
||||||||||||||||||||
Property, plant and equipment and intangible assets |
( |
) | ( |
) | ||||||||||||||||
Unrealized exchange gain on US dollar debt |
||||||||||||||||||||
Financing expenses |
( |
) | ( |
) | ||||||||||||||||
Deferred revenue |
( |
) | ||||||||||||||||||
SRED expenditures |
||||||||||||||||||||
Other |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | $ | $ | $ | ( |
) | $ | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
26. |
TAX MATTERS (continued) |
27. |
COMMITMENTS AND CONTINGENCIES |
28. |
CAPITAL STOCK |
Number of shares issued and outstanding |
Stated capital value |
|||||||
Balance at March 31, 2020 |
|
|
|
|
|
$ |
|
|
Issuance of capitial stock1 |
|
|
|
|
|
|
|
|
Balance at March 31, 2021 |
$ | |||||||
Issuance of capital stock: |
||||||||
Merger transaction |
||||||||
Earnout rights |
||||||||
Return of capital |
( |
) | ||||||
|
|
|
|
|||||
Balance at March 31, 2022 |
$ |
|||||||
|
|
|
|
2 8 . |
NET INCOME (LOSS) PER SHARE |
March 31, 2022 |
March 31, 2021 |
March 31, 2020 |
||||||||||
(in millions) |
||||||||||||
Net income (loss) attributable to ordinary shareholders |
$ |
$ | ( |
) | $ | ( |
) | |||||
Loss on change in fair value of warrants(i) |
||||||||||||
|
|
|
|
|
|
|||||||
Net income (loss) attributable to ordinary shareholders (diluted) |
$ |
$ | ( |
) | $ | ( |
) | |||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
||||||||||||
Weighted average common shares outstanding(ii) |
||||||||||||
Dilutive effect of warrants(i) |
||||||||||||
|
|
|
|
|
|
|||||||
Dilutive weighted average common shares outstanding |
||||||||||||
|
|
|
|
|
|
|||||||
Net income (loss) per common share: |
||||||||||||
Basic |
$ |
$ | ( |
) | $ | ( |
) | |||||
Diluted |
$ |
$ | ( |
) | $ | ( |
) |
(i) | In connection with the Merger, |
(ii) | Pursuant to the Merger, on October 19, 2021, the Company effected a reverse stock split, such that each outstanding common share became such number of common shares as determined by the conversion factor of |
29. |
NET INCOME (LOSS) PER SHARE (continued) |
30. |
NET CHANGE IN NON-CASH OPERATING WORKING CAPITAL |
Years ended, |
March 31, 2022 |
March 31, 2021 |
March 31, 2020 |
|||||||||
Accounts receivable |
$ |
( |
) |
$ | ( |
) | $ | |||||
Taxes payable and accrued taxes |
( |
) |
||||||||||
Inventories |
( |
) |
( |
) | ( |
) | ||||||
Prepaid expenses and other current assets |
( |
) | ||||||||||
Accounts payable and accrued liabilities |
( |
) | ( |
) | ||||||||
Derivative financial instruments (net) |
( |
) | ||||||||||
Secured term loan interest payment in kind |
||||||||||||
|
|
|
|
|
|
|||||||
$ |
( |
) |
$ | ( |
) | $ | ||||||
|
|
|
|
|
|
31. |
RELATED PARTY TRANSACTIONS AND BALANCES |
32. |
FINANCIAL INSTRUMENTS |
32. |
FINANCIAL INSTRUMENTS (continued) |
As at, |
March 31, 2022 |
March 31, 2021 |
||||||||||||||||
Category |
Carrying Value |
Fair Value |
Carrying Value |
Fair Value |
||||||||||||||
Financial assets |
||||||||||||||||||
Cash (1) |
Financial assets at amortized cost |
$ |
$ |
$ |
$ |
|||||||||||||
Restricted cash (1) |
Financial assets at amortized cost |
$ |
$ |
$ |
$ |
|||||||||||||
Accounts receivable (2) |
Financial assets at amortized cost |
$ |
$ |
$ |
$ |
|||||||||||||
Margin payments (1) |
Financial assets at amortized cost |
$ |
$ |
$ |
$ |
|||||||||||||
Related party receivable (1) |
Financial assets at amortized cost |
$ |
$ |
|||||||||||||||
Financial liabilities |
||||||||||||||||||
Bank indebtedness (1) |
Financial liabilities at amortized cost |
$ |
$ |
$ |
$ |
|||||||||||||
Accounts payable and accrued liabilities (1) |
Financial liabilities at amortized cost |
$ |
$ |
$ |
$ |
|||||||||||||
Current portion of governmental loans (1) |
Financial liabilities at amortized cost |
$ |
$ |
$ |
$ |
|||||||||||||
Long-term debt (1) |
Financial liabilities at amortized cost |
$ |
$ |
$ |
$ |
|||||||||||||
Long-term governmental loans (1) |
Financial liabilities at amortized cost |
$ |
$ |
$ |
$ |
|||||||||||||
Derivative instruments (3) |
Financial instruments at FVTOCI(L) |
$ |
$ |
$ |
$ |
|||||||||||||
Warrant liability (4) |
Financial instruments at FVTP(L) |
$ |
$ |
$ |
$ |
|||||||||||||
Earnout liability (4) |
Financial instruments at FVTP(L) |
$ |
$ |
$ |
$ |
1 - |
Initial measurement at fair value and subsequent remeasurement at amortized cost. |
2 - |
Initial measurement at transaction price and subsequent remeasurement at amortized cost. |
3 - |
Level 2; Initial measurement at fair value and subsequent remeasurement at FVTOCI(L) |
4 - |
Level 1; Initial measurement at fair value and subsequent remeasurement at FVTP(L) |
Carrying Amount |
Contractual Cash Flows |
Year 1 | Year 2 | Years 3 to 5 |
Greater than 5 Years |
|||||||||||||||||||
Revolving Credit Facility |
|
$ |
|
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
Accounts payable and accrued liabilities |
( |
) | ( |
) | ||||||||||||||||||||
Taxes payable |
( |
) | ( |
) | ||||||||||||||||||||
Governmental Loans |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Interest on Provincial MENDM Loan |
( |
) |
( |
) |
||||||||||||||||||||
Derivative financial instruments |
( |
) | ( |
) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
32. |
FINANCIAL INSTRUMENTS (continued) |
Carrying Amount |
Contractual Cash Flows |
Year 1 |
Year 2 |
Years 3 to 5 |
Greater than 5 Years |
|||||||||||||||||||
Revolving Credit Facility |
$ | $ | ( |
) | $ | ( |
) | $ | $ | $ | ||||||||||||||
Accounts payable and accrued liabilities |
( |
) | ( |
) | ||||||||||||||||||||
Taxes payable |
( |
) | ( |
) | ||||||||||||||||||||
Secured Term Loan Facility |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Interest on Secured Term Loan |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Algoma Docks Term Loan |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Interest on Algoma Docks Term Loan |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Governmental Loans |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Interest on Provincial MENDM Loan |
||||||||||||||||||||||||
Available for use asset costs |
( |
) | ( |
) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
32. |
FINANCIAL INSTRUMENTS (continued) |
As at, |
March 31, 2022 |
March 31, 2021 |
||||||
Cash |
$ |
$ | ||||||
Restricted cash |
||||||||
Accounts receivable |
||||||||
Bank indebtedness |
( |
) |
( |
) | ||||
Accounts payable and accrued liabilities |
( |
) |
( |
) | ||||
Long-term governmental loans |
( |
) |
( |
) | ||||
|
|
|
|
|||||
Net Canadian dollar denominated financial instruments |
$ |
( |
) | $ | ( |
) | ||
|
|
|
|
32. |
FINANCIAL INSTRUMENTS (continued) |
33. |
KEY MANAGEMENT PERSONNEL |
March 31, 2022 |
March 31, 2021 |
March 31, 2020 |
||||||||||
Salaries and benefits |
$ |
$ | $ | |||||||||
Director fees |
||||||||||||
Share-based compensation (Note 34) |
— | |||||||||||
|
|
|
|
|
|
|||||||
$ |
$ | $ | ||||||||||
|
|
|
|
|
|
34. |
SHARE BASED COMPENSATION |
34. |
SHARE BASED COMPENSATION (continued) |
35. |
DIVIDENDS |
36. |
SUBSEQUENT EVENTS |
March 31, |
March 31, |
March 31, |
||||||||||
Years ended, |
2022 |
2021 |
2020 |
|||||||||
expressed in millions of Canadian dollars |
||||||||||||
Equity in income (loss) of subsidiary |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Operating expenses |
||||||||||||
Administrative and selling expenses |
— |
|||||||||||
|
|
|
|
|
|
|||||||
Profit (loss) from operations |
$ |
$ |
( |
) |
$ |
( |
) | |||||
|
|
|
|
|
|
|||||||
Other (income) and expenses |
||||||||||||
Listing expense |
$ |
$ |
— |
$ |
— |
|||||||
Change in fair value of warrant liability |
— |
— |
||||||||||
Change in fair value of earnout liability |
( |
) |
— |
— |
||||||||
|
|
|
|
|
|
|||||||
$ |
$ |
— |
$ |
— |
||||||||
|
|
|
|
|
|
|||||||
Income (loss) before income taxes |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Income tax recovery |
( |
) |
— |
— |
||||||||
|
|
|
|
|
|
|||||||
Net income (loss) |
$ |
$ |
( |
) |
$ |
( |
) | |||||
|
|
|
|
|
|
March 31, |
March 31, |
March 31, |
||||||||||
Years ended, |
2022 |
2021 |
2020 |
|||||||||
expressed in millions of Canadian dollars |
||||||||||||
Net income (loss) |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Other comprehensive loss that wil not be reclassified subsequently to profit or loss |
||||||||||||
Foreign exchange loss on translation to presentation currency |
$ |
( |
) |
$ |
— |
$ |
— |
|||||
Equity (deficit) in other comprehensive income of subsidiary |
( |
) |
||||||||||
|
|
|
|
|
|
|||||||
( |
) |
|||||||||||
|
|
|
|
|
|
|||||||
Total comprehensive income (loss) |
$ |
$ |
( |
) |
$ |
( |
) | |||||
|
|
|
|
|
|
March 31, |
March 31, |
|||||||
As at, |
2022 |
2021 |
||||||
expressed in millions of Canadian dollars |
||||||||
Assets |
||||||||
Investment in subsidiaries |
$ |
$ |
||||||
|
|
|
|
|||||
Total assets |
$ |
$ |
||||||
|
|
|
|
|||||
Liabilities and Shareholders’ Equity |
||||||||
Accounts payable and accrued liabilities |
$ |
$ |
— |
|||||
Due to related party |
— |
|||||||
Warrant liability |
— |
|||||||
Earnout liability |
— |
|||||||
Share-based payment compensation liability |
— |
|||||||
|
|
|
|
|||||
Total liabilities |
$ |
$ |
— |
|||||
|
|
|
|
|||||
Shareholders’ equity |
||||||||
Capital stock |
$ |
$ |
||||||
Accumulated other comprehensive income |
||||||||
Retained earnings (deficit) |
( |
) | ||||||
Contributed (deficit) surplus |
( |
) |
||||||
|
|
|
|
|||||
Total shareholders’ equity |
$ |
$ |
||||||
|
|
|
|
|||||
Total liabilities and shareholders’ equity |
$ |
$ |
||||||
|
|
|
|
expressed in millions of Canadian dollars |
Capital stock |
Contributed Surplus |
Foreign exchange loss on translation to presentation currency |
Equity (Deficit) in Other Compre- hensive income of subsidiary |
Accumulated other compre- hensive income (loss) |
Retained earnings (Deficit) |
Total Shareholders’ equity |
|||||||||||||||||||||
Balance at March 31, 2019 |
$ |
$ |
— |
$ |
— |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
|||||||||||||||
Net loss |
— |
— |
— |
— |
( |
) |
( |
) | ||||||||||||||||||||
Equity in other comprehensive income of subsidiary |
— |
— |
— |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at March 31, 2020 |
— |
— |
( |
) |
||||||||||||||||||||||||
Net loss |
— |
— |
— |
— |
— |
( |
) |
( |
) | |||||||||||||||||||
Deficit in other comprehensive income of subsidiary |
— |
— |
— |
( |
) |
( |
) |
— |
( |
) | ||||||||||||||||||
Exercise of performance share units and director units |
— |
— |
— |
— |
— |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at March 31, 2021 |
$ |
$ |
$ |
— |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||
Net income |
— |
— |
— |
— |
||||||||||||||||||||||||
Equity in other comprehensive income of subsidiary |
— |
|||||||||||||||||||||||||||
Other comprehensive loss |
— |
— |
( |
) |
— |
( |
) |
— |
( |
) | ||||||||||||||||||
Issuance and modification of performance share units |
— |
( |
) |
— |
— |
— |
— |
( |
) | |||||||||||||||||||
Issuance of deferred share units |
— |
— |
— |
— |
— |
|||||||||||||||||||||||
Issuance of capital stock |
— |
— |
— |
— |
— |
|||||||||||||||||||||||
Return of capital |
( |
) |
— |
— |
— |
— |
— |
( |
) | |||||||||||||||||||
Earnout rights |
— |
— |
— |
— |
— |
( |
) |
( |
) | |||||||||||||||||||
Dividends paid |
— |
— |
— |
— |
— |
( |
) |
( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at March 31, 2022 |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
$ |
$ |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended, |
March 31, 2022 |
March 31, 2021 |
March 31, 2020 |
|||||||||
expressed in millions of Canadian dollars |
||||||||||||
Operating activities |
||||||||||||
Net income (loss) |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Items not affecting cash: |
||||||||||||
Increase in fair value of warrant liability |
— |
— |
||||||||||
Decrease in fair value of earnout liability |
( |
) |
— |
— |
||||||||
Listing expense |
— |
— |
||||||||||
Investment in shares of subsidiary |
( |
) |
||||||||||
|
|
|
|
|
|
|||||||
( |
) |
( |
) |
— |
||||||||
Net change in non-cash operating working capital |
— |
|||||||||||
|
|
|
|
|
|
|||||||
Cash used in operating activities |
$ |
$ |
— |
$ |
— |
|||||||
|
|
|
|
|
|
|||||||
Cash used in investing activities |
$ |
— |
$ |
— |
$ |
— |
||||||
|
|
|
|
|
|
|||||||
Financing activities |
||||||||||||
Dividends paid |
$ |
( |
) |
$ |
— |
$ |
— |
|||||
|
|
|
|
|
|
|||||||
Cash used in financing activities |
$ |
( |
) |
$ |
— |
$ |
— |
|||||
|
|
|
|
|
|
|||||||
Cash |
||||||||||||
Decrease in cash |
$ |
— |
$ |
— |
$ |
— |
||||||
Opening balance |
— |
— |
— |
|||||||||
|
|
|
|
|
|
|||||||
Ending balance |
$ |
— |
$ |
— |
$ |
— |
||||||
|
|
|
|
|
|
1. |
GENERAL INFORMATION |
2. |
COMMITMENTS AND CONTINGENCIES |
Exhibit 2.4
DESCRIPTION OF SECURITIES
Description of Common Shares
General
This section summarizes the material rights of shareholders of Algoma Steel Group Inc. (Algoma) under the Business Corporations Act (British Columbia) (the BCA) and the material provisions of the restated articles of Algoma (the Restated Articles).
Share Capital
The authorized share capital of Algoma consists of an unlimited number of Common Shares (Common Shares) without par value and an unlimited number of preferred shares without par value issuable in series (the Algoma Preferred Shares).
As of March 31, 2022, there were 147,957,787 Common Shares issued and outstanding, and no Algoma Preferred Shares issued and outstanding.
Under the Restated Articles, holders of the Common Shares are entitled to receive notice of, and to attend and vote at all meetings of shareholders, except meetings at which only holders of a specified class of shares are entitled to vote. Each Common Share entitles its holder to one vote. Under the Restated Articles, Algomas board of directors has the authority to create and issue one or more series of Algoma Preferred Shares, with such special rights and restrictions to be attached to such series as are authorized by the directors of Algoma.
The following descriptions of share capital and provisions of the Restated Articles are summaries and are qualified by reference to the Restated Articles, a copy of which is filed as Exhibit 1.1 to Algomas Annual Report on Form 20-F.
Dividend Rights
Under the BCA, a corporation may pay a dividend out of profits, capital or otherwise: (1) by issuing shares or warrants by way of dividend or (2) in property, including money. Further, under the BCA, a corporation cannot declare or pay a dividend if there are reasonable grounds for believing that the corporation is insolvent or payment of the dividend would render the corporation insolvent.
Holders of Common Shares will be entitled to receive dividends as and when declared by Algomas board of directors at its discretion out of funds properly applicable to the payment of dividends, subject to the rights, if any, of shareholders holding shares with special rights to dividends. The timing, declaration, amount and payment of future dividends will depend on our financial condition, earnings, capital requirements and debt service obligations, as well as legal requirements, regulatory constraints, industry practice and other factors that Algomas board of directors deems relevant. Under the Restated Articles, a resolution declaring a dividend may direct payment of the dividend wholly or partly by the distribution of specific assets or of fully paid shares or of bonds, debentures or other securities of Algoma, or in any one or more of those ways.
Subject to the special rights and restrictions attached to the Algoma Preferred Shares, the holders of Common Shares shall receive the remaining property of Algoma upon dissolution in equal rank with the holders of all other Common Shares.
Preemptive Rights
There are no preemptive rights relating to Common Shares.
Amendment of Notice of Articles and Articles and Alteration of Share Capital
Under the BCA, Algoma may amend the Restated Articles by (1) the type of resolution specified in the BCA, (2) if the BCA does not specify a type of resolution, then by the type specified in the Restated Articles, or (3) if the Restated Articles do not specify a type of resolution, then by special resolution, which requires two-thirds of the votes cast by shareholders in order to pass. The BCA permits many substantive changes to a corporations articles (such as a change in the corporations authorized share structure or a change in the special rights or restrictions that may be attached to a certain class or series of shares) to be changed by the resolution specified in that companys articles. The Restated Articles provide that alterations to Algomas authorized share structure (other than a subdivision or consolidation of all or any of its shares) and the applicable alteration to its Notice of Articles may be authorized by special resolution. A subdivision or consolidation of all or any of its shares or a change in Algomas name may be authorized by a resolution of the directors. Furthermore, the Restated Articles state that, if the BCA does not specify the type of resolution required for an alteration, and if the Restated Articles do not specify a type of resolution, Algoma may resolve to alter the Restated Articles by ordinary resolution, which requires a majority of shareholder votes cast in order to pass.
Dissent Rights
Under the BCA, shareholders of a corporation are entitled to exercise dissent rights in respect of certain matters and to be paid the fair value of their shares in connection therewith. The dissent right is applicable where the company resolves to: (1) alter its articles to alter the restrictions on the powers of the company or on the business it is permitted to carry on; (2) approve certain amalgamations; (3) approve a statutory arrangement, where the terms of the arrangement permit dissent; (4) sell, lease or otherwise dispose of all or substantially all of its undertaking; or (5) continue the company into another jurisdiction. The BCA provides that beneficial owners of shares who wish to exercise their dissent rights with respect to their shares must dissent with respect to all of the shares beneficially owned by them, whether or not they are registered in their name.
Annual Meetings
The Restated Articles provide that, unless an annual general meeting is deferred or waived in accordance with the BCA, Algoma must hold its first annual general meeting within 18 months after the date on which it was incorporated or otherwise recognized, and after that must hold an annual general meeting at least once in each calendar year and not more than 15 months after the last annual reference date at such time and place as may be determined by the directors. An annual general meeting may be partially or entirely virtual.
Board and Shareholder Ability to Call Special Meetings
The Restated Articles provide that meetings of the shareholders may be called by the board of directors at any time. In addition, under the BCA, the holders of not less than 5% of the issued shares of a corporation that carry the right to vote at a general meeting may requisition that the directors call a meeting of shareholders for such purposes as stated in the requisition. Upon meeting the technical requirements set out in the BCA, the directors must, within 21 days after receiving the requisition, call a meeting of shareholders to be held not more than four months after receiving the requisition. If the directors do not call such a meeting within 21 days after receiving the requisition, the requisitioning shareholders or any of them holding in aggregate more than 2.5% of the issued shares of the company that carry the right to vote at general meetings may send notice of a meeting to be held to transact the business stated in the requisition.
Shareholder Meeting Quorum
The Restated Articles provide that two persons who are, or who represent by proxy, shareholders who, in the aggregate, hold at least 25% of the issued shares of Algoma entitled to be voted at the meeting, constitute a quorum at any annual or special meeting of the shareholders.
Voting Rights
Under the BCA, at any meeting of shareholders at which a quorum is present, any action that must or may be taken or authorized by the shareholders, except as otherwise provided under the BCA and Restated Articles, may be taken or authorized by an ordinary resolution, which is a simple majority of the votes cast by shareholders voting shares that carry the right to vote at general meetings. The Restated Articles provide that every motion put to a vote at a meeting of shareholders will be decided by a show of hands or the functional equivalent unless a poll is directed by the chair or demanded by any shareholder entitled to vote who is present in person or by proxy. Votes by a show of hands or functional equivalent result in each person having one vote (regardless of the number of shares such person is entitled to vote). If voting is conducted by poll, each holder of Common Shares is entitled to one vote for each Common Share held.
There are no limitations on the right of nonresident or foreign owners to hold or vote Algoma securities imposed by Canadian law or by the charter or other constituent document of Algoma.
Shareholder Action by Written Consent
Under the BCA, shareholder action without a meeting may be taken by a consent resolution of shareholders, which requires that, after being submitted to all shareholders entitled to vote at a general meeting, the resolution is consented to in writing by: (1) in the case of a matter that would normally require an ordinary resolution, shareholders who, in the aggregate, hold shares carrying at least 66 2/3% of the votes entitled to be cast on such consent resolution, or (2) in the case of any other resolution of the shareholders, all of the shareholders entitled to vote on such resolution. A consent resolution of shareholders is deemed to be a proceeding at a meeting of those shareholders and to be as valid and effective as if it had been passed at a meeting of shareholders that satisfies all the requirements of the BCA and its related regulations, and all the requirements of the Restated Articles, relating to meetings of shareholders.
Inspection of Corporation Records
Algoma must keep at its records office, or at such other place as the BCA may permit, the documents, copies, registers, minutes and other records which Algoma is required by the BCA to keep at such places. Algoma must keep adequate accounting records to record properly its financial affairs and condition in compliance with the provisions of the BCA. Under the BCA, any director or shareholder may, without charge, inspect certain of Algomas records at Algomas records office or such other place where such records are kept during the corporations statutory business hours. Former shareholders and directors may also inspect certain records, free of charge, but only those records pertaining to the times that they were shareholders or directors. Further, a public company must allow all persons to inspect certain records of the company free of charge. As permitted by the BCA, the Restated Articles prohibit shareholders from inspecting any accounting records of Algoma, unless the directors determine otherwise.
Election and Appointment of Directors
The Restated Articles do not provide for the board of directors to be divided into classes.
Pursuant to the Restated Articles, any casual vacancy occurring on the board of directors may be filled by the remaining directors. If Algoma has fewer directors in office than the number set by the Restated Articles as the necessary quorum for the directors, the directors may only act for the purpose of appointing directors up to that number or of calling a meeting of shareholders for the purpose of filling any vacancies on the board of directors. If Algoma has no directors or fewer directors in office than the number set by the Restated Articles as the necessary quorum for the directors, the shareholders may elect or appoint, by ordinary resolution, directors to fill the vacancies on the board. Pursuant to the Restated Articles, the Algoma directors may appoint one or more additional directors, but the number of additional directors shall not exceed one third the number of the first directors and, thereafter, one third of the number of current directors who were elected or appointed other than as such additional directors. The filling of a casual vacancy by the Algoma directors shall not be counted against such cap.
Removal of Directors
Pursuant to the Restated Articles, the shareholders of Algoma may remove any director before the expiration of his or her term of office by special resolution, which requires a special majority requirement of two-thirds of the votes cast in favor of the resolution. In that event, the shareholders may elect, or appoint by ordinary resolution, another individual as director to fill the resulting vacancy. If the shareholders do not appoint a director to fill the vacancy contemporaneously with removal, then either the directors or the shareholders by ordinary resolution may appoint an additional director to fill that vacancy.
The directors of Algoma may remove a director before the expiration of his or her period of office if the director is convicted of an indictable offence or otherwise ceases to qualify as a director and the directors may appoint a director to fill the resulting vacancy.
Proceedings of Board of Directors
A resolution of the directors or of any committee of the directors consented to in writing by all of the directors entitled to vote on it is as valid and effective as if it had been passed at a meeting of the directors or of the committee of the directors duly called and held.
Requirements for Advance Notification of Shareholder Nominations
Pursuant to the Restated Articles, shareholders of record may nominate persons for election to our Board only by providing notice to Algomas secretary that is both timely and in proper written form. To be timely, a shareholders notice shall be received by the secretary of Algoma (a) in the case of an annual general meeting of shareholders, not less than 30 days prior to the date of the annual general meeting of shareholders; provided, however, that in the event that the annual general meeting of shareholders is to be held on a date that is less than 50 days after the date (the Notice Date) on which the first public announcement of the date of the annual general meeting was made, notice by the nominating shareholder may be made not later than the close of business on the tenth day following the Notice Date, and (b) in the case of a special meeting (which is not also an annual general meeting) of shareholders called for the purpose of electing directors (whether or not called for other purposes as well), not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting of shareholders was made. To be in proper written form, such notice must include, among other information, certain information with respect to each proposed nominee and each shareholder nominating persons for elections to the Board and must disclose about any contract, agreement, arrangement, understanding or relationship pursuant to which the nominating shareholder has a right to vote shares of Algoma or between the proposed nominee and the nominating shareholder and any other information relating to the proposed nominee or nominating shareholder that would be required to be disclosed in a dissidents proxy circular under applicable securities laws.
Approval of Mergers and Other Corporate Transactions
Under the BCA, certain corporate actions, such as: (1) amalgamations (other than with certain affiliated corporations); (2) continuances; (3) sales, leases or exchanges of all, or substantially all, the undertaking of a corporation other than in the ordinary course of business; (4) reductions of paid-up capital for any purpose, e.g. in connection with the payment of special distributions (subject, in certain cases, to the satisfaction of solvency tests); and (5) other actions such as liquidations or arrangements, are required to be approved by special resolution. A special resolution is a resolution passed by not less than two-thirds of the votes cast by the shareholders who voted in respect of the resolution or signed by all shareholders entitled to vote on the resolution.
In certain cases where share rights or special rights may be prejudiced or interfered with, a special separate resolution of shareholders of the affected class or series, including a class or series of shares not otherwise carrying voting rights, to approve the corporate action in question is also required. In specified extraordinary corporate actions, such as approval of plans of arrangement and amalgamations, all shares have a vote, whether or not they generally vote and, in certain cases, have separate class votes.
Limitations on Director Liability
Under the BCA, no provision in a contract or the articles may relieve a director or officer from (1) the duty to act in accordance with the BCA and its related regulations, or (2) liability that by virtue of any enactment or rule of law or equity would otherwise attach to that director or officer in respect of any negligence, default, breach of duty or breach of trust of which the director or officer may be guilty in relation to a corporation.
A director is not liable under the BCA for certain acts if the director relied, in good faith, on (1) financial statements of the corporation represented to the director by an officer of the corporation or in a written report of the auditor of the corporation to fairly reflect the financial position of the corporation, (2) a written report of a lawyer, accountant, engineer, appraiser or other person whose profession lends credibility to a statement made by that person, (3) a statement of fact represented to the director by an officer of the corporation to be correct, or (4) any record, information or representation that the court considers provides reasonable grounds for the actions of the director, whether or not the record was forged, fraudulently made or inaccurate or the information or representation was fraudulently made or inaccurate. Further, a director is not liable for certain acts if the director did not know and could not reasonably have known that the act done by the director or authorized by the resolution voted for or consented to by the director was contrary to the BCA.
Derivative Actions and Other Remedies
Under the BCA, a complainant (a director or shareholder of a corporation, which includes a beneficial shareholder, and any other person that a court considers to be an appropriate person to make such an application) may apply to the Supreme Court of the Province of British Columbia for leave to bring an action in the name and on behalf of Algoma for the purpose of prosecuting or defending an action on behalf of Algoma.
The court may grant leave if: (1) the complainant has made reasonable efforts to cause the directors of Algoma to prosecute or defend the action; (2) notice of the application for leave has been given to Algoma and any other person that the court may order; (3) the complainant is acting in good faith; and (4) it appears to the court to be in the best interests of Algoma for the action to be brought, prosecuted or defended.
Under the BCA, the court in a derivative action may make any order it determines to be appropriate. In addition, under the BCA, a court may order a corporation to pay the shareholders interim costs, including legal fees and disbursements. However, the shareholder may be held accountable for the costs on final disposition of the action.
The BCA also contains an oppression remedy, which enables a court to make almost any order to rectify the matters complained of if the court is satisfied upon application by a shareholder (including a beneficial shareholder and any other person that the court considers to be an appropriate person to make such an application) that the affairs of Algoma are being or have been conducted, or that the powers of the directors are being or have been exercised, in a manner that is oppressive to one or more shareholders, or that some action has been or may be taken that is unfairly prejudicial to one or more shareholders. The applicant must be one of the persons being oppressed or prejudiced and the application must be brought in a timely manner.
The oppression remedy provides the court with extremely broad and flexible jurisdiction to intervene in corporate affairs to protect shareholders. While conduct that is in breach of fiduciary duties of directors or that is contrary to the legal right of a complainant would normally be expected to trigger the courts jurisdiction under the oppression remedy, the exercise of that jurisdiction does not depend on a finding of a breach of such legal and equitable rights.
Exclusive Forum
The Restated Articles do not provide for an exclusive forum.
Transfer Agents and Registrar
The transfer agent and registrar for Common Shares is TSX Trust Company. Its address is 301 100 Adelaide Street West, Toronto, Ontario M5H 4H1 and its telephone number is (416) 261-0930. The U.S. co-transfer agent and registrar for Common Shares is Continental Stock Transfer & Trust Company. Its address is 1 State Street, 30th Floor, New York, New York 10004, and its telephone number is 212-509-4000.
Description of Warrants
Each warrant (Warrant) entitles the registered holder to purchase one Common Share at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing November 18, 2021, the date that is 30 days following the consummation of the merger of Merger Sub with and into Legato Merger Corp. (Legato, with Legato surviving the merger and becoming a wholly-owned subsidiary of Algoma (the Merger). However, no Warrants will be exercisable for cash unless Algoma has an effective and current registration statement covering the Common Shares issuable upon exercise of the Warrants and a current prospectus relating to such Common Shares. Notwithstanding the foregoing, if a registration statement covering the Common Shares issuable upon exercise of the Public Warrants is not effective within a specified period following the consummation of the Merger, warrant holders may, until such time as there is an effective registration statement and during any period when we shall have failed to maintain an effective registration statement, exercise Warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their Warrants on a cashless basis. In the event of such cashless exercise, each holder would pay the exercise price by surrendering the Warrants for that number of Common Shares equal to the quotient obtained by dividing (x) the product of the number of Common Shares underlying the Warrants, multiplied by the difference between the exercise price of the Warrants and the fair market value (defined below) by (y) the fair market value. The fair market value for this purpose will mean the average reported last sale price of the Common Shares for the 5 trading days ending on the trading day prior to the date of exercise. The Warrants will expire on the fifth anniversary of the completion of the Merger, or October 19, 2026, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.
The Private Warrants are identical to the Public Warrants except that the Private Warrants are exercisable for cash or on a cashless basis, at the holders option, and are not redeemable by Algoma, in each case so long as they are still held by the Founders, EarlyBirdCapital, or their permitted transferees.
We may call the Warrants for redemption (excluding the Private Warrants and any Warrants underlying additional units issued to the Founders in payment of working capital loans made to Legato), in whole and not in part, at a price of $0.01 per Warrant,
| at any time after the Warrants become exercisable, |
| upon not less than 30 days prior written notice of redemption to each Warrant holder, |
| if, and only if, the reported last sale price of the Common Shares equals or exceeds $18.00 per Common Share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period commencing at any time after the Warrants become exercisable and ending on the third business day prior to the notice of redemption to warrant holders; and |
| if, and only if, there is a current registration statement in effect with respect to the Common Shares underlying such Warrants. |
The right to exercise will be forfeited unless the Warrants are exercised prior to the date specified in the notice of redemption. On and after the redemption date, a record holder of a Warrant will have no further rights except to receive the redemption price for such holders Warrant upon surrender of such Warrant.
The redemption criteria for the Warrants have been established at a price which is intended to provide warrant holders a reasonable premium to the initial exercise price and provide a sufficient differential between the then-prevailing Common Share price and the Warrant exercise price so that if the Common Share price declines as a result of a redemption call, the redemption will not cause the Common Share price to drop below the exercise price of the Warrants.
If we call the Warrants for redemption as described above, our management will have the option to require all holders that wish to exercise Warrants to do so on a cashless basis. In such event, each holder would pay the exercise price by surrendering the Warrants for that number of Common Shares equal to the quotient obtained by dividing (x) the product of the number of Common Shares underlying the Warrants, multiplied by the difference between the exercise price of the Warrants and the fair market value (defined below) by (y) the fair market value. The fair market value for this purpose shall mean the average reported last sale price of the Common Shares for the 5 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of Warrants.
The Warrants are in registered form and are governed by a Warrant Agreement (the Warrant Agreement) between Continental Stock Transfer & Trust Company, as warrant agent, and Legato, as amended and assigned to Algoma pursuant to an amendment agreement, dated as of the closing of the Merger, among Algoma, Legato, Continental Stock Transfer & Trust Company, as warrant agent and TSX Trust Company, as Canadian co-warrant agent. The Warrant Agreement will provides that the terms of the Warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, but requires the approval, by written consent or vote, of the holders of at least a majority of the then outstanding Warrants in order to make any change that adversely affects the interests of the registered holders.
The exercise price and number of Common Shares issuable on exercise of the Warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary dividend or Algomas recapitalization, reorganization, merger or consolidation. However, except as described below, the Warrants will not be adjusted for issuances of Common Shares at a price below their respective exercise prices.
The Warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price, by certified or official bank check payable to us, for the number of Warrants being exercised. The warrant holders do not have the rights or privileges of holders of Common Shares and any voting rights until they exercise their Warrants and receive Common Shares. After the issuance of Common Shares upon exercise of the Warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by shareholders.
Warrant holders may elect to be subject to a restriction on the exercise of their Warrants such that an electing Warrant holder would not be able to exercise their Warrants to the extent that, after giving effect to such exercise, such holder would beneficially own in excess of 9.8% of the Common Shares outstanding.
Pursuant to the lock-up agreement entered into concurrently with the execution of the Merger Agreement by Algomas sole shareholder and the Founders, as such agreement may be amended from time to time (the Lock-Up Agreement), Eric S. Rosenfeld, David Sgro, and Brian Pratt have agreed that the Warrants held by them will be subject to transfer restrictions until the earlier of (a) the twelve-month anniversary of the closing of the Merger and (b) the date on which the closing share price of the Common Shares equals or exceeds $12.50 per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period following the closing of the Merger. The Lock-Up Agreement may be waived with the written consent of Algoma and persons holding a majority of the shares subject to the lock-up.
Warrant Agents
The warrant agent for the Warrants is Continental Stock Transfer & Trust Company. Its address is 1 State Street, 30th Floor, New York, New York 10004, and its telephone number is 212-509-4000. The Canadian co-warrant agent for the Warrants is TSX Trust Company. Its address is 301 100 Adelaide Street West, Toronto, Ontario M5H 4H1 and its telephone number is (416) 261-0930.
Exhibit 8.1
List of wholly owned subsidiaries of Algoma Steel Group Inc.
1. | Algoma Steel Holdings Inc. |
2. | Algoma Steel Intermediate Holdings Inc. |
3. | Algoma Steel Inc. |
4. | Algoma Steel USA Inc. |
5. | Algoma Docks GP Inc. |
6. | Algoma Docks Limited Partnership |
Exhibit 12.1
CERTIFICATION
I, Michael Garcia, certify that:
1. | I have reviewed this annual report on Form 20-F of Algoma Steel Group Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report; |
4. | The companys other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the company and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Evaluated the effectiveness of the companys disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
c) | Disclosed in this report any change in the companys internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the companys internal control over financial reporting; and |
5. | The companys other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the companys auditors and the audit committee of the companys board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the companys ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the companys internal control over financial reporting. |
Date: June 17, 2022
By: | /s/ Michael Garcia | |
Michael Garcia | ||
Chief Executive Officer |
Exhibit 12.2
CERTIFICATION
I, Rajat Marwah, certify that:
1. | I have reviewed this annual report on Form 20-F of Algoma Steel Group Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report; |
4. | The companys other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the company and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Evaluated the effectiveness of the companys disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
c) | Disclosed in this report any change in the companys internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the companys internal control over financial reporting; and |
5. | The companys other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the companys auditors and the audit committee of the companys board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the companys ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the companys internal control over financial reporting. |
Date: June 17, 2022
By: | /s/ Rajat Marwah | |
Rajat Marwah | ||
Chief Financial Officer |
Exhibit 13.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with this annual report on Form 20-F of Algoma Steel Group Inc. (the Company) for the fiscal year ended March 31, 2022 as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Michael Garcia, Chief Executive Officer of the Company, hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
(i) | The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and |
(ii) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: June 17, 2022
By: | /s/ Michael Garcia | |
Michael Garcia | ||
Chief Executive Officer (Principal Executive Officer) |
The foregoing certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code) and is not being filed as part of the Form 20-F or as a separate disclosure document.
Exhibit 13.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with this annual report on Form 20-F of Algoma Steel Group Inc. (the Company) for the fiscal year ended March 31, 2022 as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Rajat Marwah, Chief Financial Officer of the Company, hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
(i) The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and
(ii) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: June 17, 2022
By: | /s/ Rajat Marwah | |
Rajat Marwah | ||
Chief Financial Officer (Principal Financial Officer) |
The foregoing certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code) and is not being filed as part of the Form 20-F or as a separate disclosure document.
Exhibit 15.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in Registration Statement No. 333-264063 on Form S-8 of our report dated June 14, 2022 relating to the financial statements of Algoma Steel Group Inc. appearing in this Annual Report on Form 20-F for the year ended March 31, 2022.
/s/ Deloitte LLP
Chartered Professional Accountants
Licensed Public Accountants
Toronto, Canada
June 17, 2022
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Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - CAD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement of comprehensive income [abstract] | |||
Income tax relating to cash flow hedges included in other comprehensive income | $ 7.8 | $ 16.1 | $ 0.0 |
Income tax relating to remeasurements of defined benefit plans included in other comprehensive income | $ 0.0 | $ 0.0 | $ 7.2 |
Consolidated Statement of Changes in Shareholders' Equity - CAD ($) $ in Millions |
Total |
Issued capital |
Contributed (Deficit) Surplus |
Foreign exchange gain (loss) on translation to presentation currency |
Actuarial gain (loss) on pension and other post-employment benefit obligation, net of tax |
Cash flow hedge reserve - unrealized loss |
Accumulated other compre- hensive income (loss) |
Retained earnings (deficit) |
Capital stock
Issued capital
|
||
---|---|---|---|---|---|---|---|---|---|---|---|
Beginning Balance at Mar. 31, 2019 | $ 391.7 | $ 1.9 | $ (22.4) | $ (20.5) | $ 2.7 | $ 409.5 | |||||
Net income (loss) | (175.9) | (175.9) | |||||||||
Other comprehensive (loss) income | 84.1 | 9.5 | 74.6 | 84.1 | |||||||
Ending Balance at Mar. 31, 2020 | 299.9 | 11.4 | 52.2 | 63.6 | (173.2) | 409.5 | |||||
Net income (loss) | (76.1) | (76.1) | |||||||||
Other comprehensive (loss) income | (54.1) | (12.3) | 23.0 | $ (64.8) | (54.1) | ||||||
Issuance of capital stock | [1] | $ 409.5 | |||||||||
Ending Balance at Mar. 31, 2021 | 173.8 | $ 4.1 | (0.9) | 75.2 | (64.8) | 9.5 | (249.3) | 409.5 | |||
Net income (loss) | 857.7 | 857.7 | |||||||||
Other comprehensive (loss) income | 142.5 | (15.5) | 117.9 | 40.1 | 142.5 | ||||||
Issuance and modification of performance share units | (30.0) | (30.0) | |||||||||
Issuance of deferred share units | 0.7 | 0.7 | |||||||||
Issuance of capital stock | 976.8 | 976.8 | |||||||||
Return of capital | (8.3) | (8.3) | |||||||||
Earnout rights | (521.3) | (521.3) | |||||||||
Dividends paid | (9.3) | (9.3) | |||||||||
Ending Balance at Mar. 31, 2022 | $ 1,582.6 | $ (25.2) | $ (16.4) | $ 193.1 | $ (24.7) | $ 152.0 | $ 77.8 | $ 1,378.0 | |||
|
General Information |
12 Months Ended | ||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||||||||||
General Information |
Algoma Steel Group Inc., formerly known as 1295908 B.C. Ltd. (the “Company”), was incorporated on March 23, 2021 under the Business Corporations Act of British Columbia solely for the purpose of purchasing Algoma Steel Holdings Inc. under section 85(1) of the Income Tax Act (Canada) effecting the purchase on an income tax-deferred basis. Algoma Steel Group Inc. is the ultimate parent holding company of Algoma Steel Inc. and does not conduct any business operations. Algoma Steel Inc. (“ASI”), the operating company and a wholly-owned subsidiary of Algoma Steel Holdings Inc. was incorporated on May 19, 2016 under the Business Corporations Act of British Columbia. ASI was incorporated solely for the purpose of purchasing substantially all of the operating assets and liabilities in of Essar Steel Algoma Inc. (“Old Steelco Inc.”). The purchase transaction was completed November 30, 2018. Prior to November 30, 2018, ASI had no operations, and was capitalized with 1 common share with a nominal value. ASI is an integrated steel producer with its active operations located entirely in Sault Ste. Marie, Ontario and Canada. ASI produces sheet and plate products that are sold primarily in Canada and the United States. The registered address of the Company is 1055 West Hastings Street, Vancouver, British Columbia, Canada. The head office of the Company is located at 105 West Street, Sault Ste. Marie, Ontario, Canada. On May 24, 2021, the Company entered into a Merger Agreement, by and among the Company, a wholly-owned subsidiary of the Company (“Merger Sub”) and Legato Merger Corp. (“Legato”). On October 19, 2021 (the “Closing”), Algoma Steel Group Inc. completed its merger with Legato, listing its common shares and warrants under the symbol ‘ASTL’ and ASTLW’, respectively, on the Toronto Stock Exchange (TSX) and the Nasdaq Stock Market (Nasdaq). Refer to Note 4. The consolidated financial statements of the Company for the years ended March 31, 2022, March 31, 2021 and March 31, 2020 are comprised of the Company and its wholly-owned subsidiaries as follows:
Algoma Steel Holdings Inc., Algoma Steel Intermediate Holdings Inc. and Algoma Docks GP Inc. are holding companies and do not conduct any business operations. |
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Parent [member] | |||||||||||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||||||||||
General Information |
Algoma Steel Group Inc. (the “Parent Company”) is a holding company that conducts all of its business operations through its subsidiaries. The Parent Company holds a direct 100% ownership interest in Algoma Steel Holdings Inc., which holds the Parent Company’s interest in its operating subsidiaries, Algoma Steel Intermediate Holdings Inc., Algoma Steel Inc. USA and Algoma Steel Inc. The Parent company was incorporated on March 23, 2021 under the Business Corporations Act of British Columbia solely for the purpose of purchasing Algoma Steel Holdings Inc. under section 85(1) of the Income Tax Act (Canada) effecting the purchase on an income tax-deferred basis. The Parent Company has accounted for the earnings of its subsidiaries under the equity method in these unconsolidated condensed financial statements. The comparatives reflect the financial information of Algoma Steel Holdings Inc., the predecessor of our Parent Company, for financial reporting purposes for the years ended March 31, 2021 and 2020. No dividends have been received from any of our subsidiaries in the past three years. |
Basis of Presentation |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 | |||
Text Block [Abstract] | |||
Basis of Presentation |
Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (the “IASB”). These consolidated financial statements have been approved and authorized for issuance by the Board of Directors on June 13, 2022 . Entities under common control On March 29, 2021, the Company entered into an agreement with Algoma Steel Intermediate Parent S.A.R.L. to purchase all of the issued and outstanding Common shares (100,000,001) held in Algoma Steel Holdings Inc. in exchange for 100,000,000 additional Common shares in the Company. This acquisition was deemed a transaction among entities under common control. The ultimate parent company at the time of the transaction, Algoma Steel Parent S.C.A. was unchanged. The transaction was among entities under common control and therefore did not result in a change in control at the ultimate parent level. Accordingly, the Company accounted for this transaction at the carrying amount of net assets. The difference between the share consideration received or transferred and the carrying amount of the net assets was considered immaterial, as such no gain or loss was recognized in the consolidated financial statements of the Company. Resultantly, the Company’s financial position and results of operations are presented as though they were operating continuously from the beginning. The consolidated financial statements have been prepared on a going concern assumption using historical cost basis, except for certain financial instruments that are measured at fair value, as explained in the accounting policies disclosed in Note 3. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The going concern assumption assumes the realization of assets and the discharge of liabilities in the normal course of business. Functional and presentation currency The Company and its subsidiaries’ functional currency is the United States dollar (“US dollar”). The US dollar is the currency of the primary economic environment in which the Company and subsidiaries operate. For reporting purposes, the consolidated financial statements are presented in millions of Canadian dollars (“$C”). The assets and liabilities are translated into the reporting currency using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at average exchange rates for the reporting period. Exchange differences arising are recognized in other comprehensive (loss) income and accumulated in equity under the heading ‘Foreign exchange on translation to presentation currency’. Equity transactions, as disclosed in Note 28, are translated at the historical exchange rates. The resulting net translation adjustment has been recorded in other comprehensive income (loss) for the year. |
Significant Accounting Policies |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies |
Foreign exchange transactions Transactions in currencies other than the Company’s functional currency are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are translated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost are not re-translated. Exchange gains or losses arising from translations of foreign currency monetary assets, liabilities and transactions are recorded in foreign exchange loss (gain) in the consolidated statements of net income (loss). Financial Instruments The Company’s financial assets and liabilities (financial instruments) include cash, restricted cash, accounts receivable, margin payments, related party receivable, derivative financial instruments, bank indebtedness, accounts payable and accrued liabilities, warrant liability, earnout liability, debt and governmental loans. Recognition Financial assets and financial liabilities are recognised in the consolidated statements of financial position when the Company becomes party to the contractual provisions of the instrument, and they are initially measured at fair value. Financial assets are derecognized when the contractual rights to the cash flows expire or when the Company transfers substantially all the risks and rewards of ownership of the financial assets to another party. Financial liabilities are derecognized when the contractual obligations are discharged, cancelled, or expired. A write-off of a financial asset (or a portion thereof) constitutes a derecognition event. Write-off occurs when the Company has no reasonable expectations of recovering the contractual cash flows associated with a financial asset. Classification and measurement The classification of financial instruments is determined at the time of initial recognition, within the following categories:
Financial assets are classified and subsequently measured based on the business model in which they are managed and their cash flow characteristics. Financial assets are measured at amortized cost if they meet both of the following conditions and are not designated as FVTP(L):
All other financial assets are measured at their fair values at each subsequent reporting period, with any changes recorded through profit and loss or through other comprehensive income, if the designation is made as an irrevocable election upon initial recognition. Financial liabilities are classified as subsequently measured at amortized cost or FVTPL. A financial liability is classified as FVTPL if it is contingent consideration of an acquirer in a business combination, held-for-trading, Derivative financial instruments are recognised initially at fair value on the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting date. Impairment of financial assets carried at amortized cost The Company utilizes an ‘expected credit loss’ (“ECL”) model, as required by IFRS 9 – Financial Instruments . Accounts receivable are subject to lifetime ECL which is measured as the difference in the present value of the contractual cash flows that are due under the contract, and the cash flows that are expected to be received. The Company applies the simplified approach at each reporting date on its accounts receivable and considers both current and forward-looking macro-economic factors that may affect historical default rates when estimating ECL. Accounts receivable, together with the associated allowance, are written off when there is no realistic prospect of future recovery and all collateral has been realized or has been transferred to the Company. If, in a subsequent year, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognized, the previously recognized impairment loss is increased or decreased by adjusting the carrying value of the loan or receivable. If a past write-off is later recovered, the recovery is recognized in the consolidated statements of net income (loss). Fair value of financial instruments Fair value is the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In assessing the fair value of a particular contract, the market participant would consider the credit risk of the counterparty to the contract. Consequently, when it is appropriate to do so, the Company adjusts the valuation models to incorporate a measure of credit risk. Fair value represents management’s estimates of the current market value at a given point in time. The Company has certain financial assets and liabilities that are measured at fair value. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (for example, interest rate and yield curves observable at commonly quoted intervals, forward pricing curves used to value currency and commodity contracts), or inputs that are derived principally from or corroborated by observable market data or other means. Level 3 inputs are unobservable (supported by little or no market activity). The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. There were no transfers among Levels 1, 2 and 3 during the years ended March 31, 2022, 2021 and 2020. The Company’s policy is to recognize transfers into and transfers out of fair value hierarchy levels as of the date of the event or change in circumstances that caused the transfer. The Company reclassifies financial assets only when its business model for managing those assets changes. Financial liabilities are not reclassified. Hedge accounting Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. The method of recognizing the resulting gain and loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The derivatives are designated as hedges of a particular risk associated with a recognized asset or liability or highly probable forecasted transaction (cash flow hedge). The Company designates certain derivatives as hedging instruments in respect of commodity price risk , which are accounted for as cash flow hedges. At the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and hedged item, as well as its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, the Company documents its assessment, both at hedge inception and on an ongoing basis, as to whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk. Hedge relationship meets effectiveness requirements when it meets all of the following:
The full fair value of a derivative financial instrument is classified as a non-current asset or liability when the remaining life of the hedged item is more than 12 months and as a current asset or liability when the remaining life of the hedged item is less than 12 months. Cash flow hedges The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify as cash flow hedge is recognized in other comprehensive income (loss) and accumulated under the heading of cash flow hedge reserve – unrealized loss, limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss, and is included in revenue (steel hedges) and cost of sales (natural gas hedge) line items. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss in equity at that time remains in equity and is recognized when the forecasted transaction affects income (loss). When a forecasted transaction does not occur, the cumulative gain or loss that was reported in equity is immediately classified to the statement of profit and loss. Accounts receivable Accounts receivable are recognized initially at transaction price and are non-interest bearing. Management analyzes accounts receivable and notes receivable to determine the allowance for doubtful accounts by assessing the collectability of receivables owing from each individual customer. This assessment takes into consideration certain factors including the age of outstanding receivable, customer operating performance, historical payment patterns and current collection efforts, relevant forward looking information and the Company’s security interests, if any. Recoveries of accounts receivables previously provided for in the allowance for doubtful accounts are deducted from administrative and selling expenses in the consolidated statements of net income (loss). Inventories Raw materials, work in process and finished products inventories are measured at the lower of average cost and net realizable value. Average cost for finished goods and work in process is comprised of direct costs and an allocation of production overheads, including depreciation expense. Supplies inventories are measured at the lower of average cost and net realizable value. Property, plant and equipment, net Items of property, plant and equipment are recorded at cost less accumulated amortization and impairment. The cost of an item of property or equipment comprises costs that can be directly attributed to its acquisition and to bringing the asset to a working condition for its intended use, including borrowing costs that meet the criteria for capitalization and initial estimates of the cost of dismantling and removing the item and restoring the site on which it is located. The cost of self-constructed and self-installed assets includes the cost of direct labour in addition to the costs listed above. Depreciation is calculated generally by the straight-line method based on estimated useful lives as follows:
The Company also separately recognizes the cost of replacement parts and major overhaul or inspection costs if the cost of the item can be reliably measured or estimated and it is probable that the future economic benefits will be realized by the Company. When such items are replaced the carrying amount of the replaced component is derecognized. The costs of maintenance and repairs of property, plant and equipment are recognized in profit or loss as incurred. Componentization When significant components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items and depreciated over the respective useful lives. Useful life, depreciation method, residual value Estimates of the useful lives of items of property, plant and equipment are based on management’s judgement as to the physical and economic useful lives of assets and as such are subject to change in future periods. Depreciation methods, useful lives and residual values are reviewed at each reporting date with the effect of any changes in estimate being accounted for on a prospective basis. Derecognition of property plant and equipment An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss. Accounting policies relevant to government funding The benefit of Government funding is not recognized until there is reasonable assurance that the Company will comply with the conditions attaching to it and that the funding will be received. Benefits related to Government funding in the form of low interest rate loans, interest free loans and grants for items of capital are presented in the consolidated statements of financial position as an offset to the carrying value of the property, plant and equipment to which the benefits relate. In the case of low interest rate loans and interest free loans, the benefit is calculated as the difference between the fair value amount of the low interest rate loan or the interest free loan and the proceeds received. Claims under government grant programs related to income are recorded within the consolidated statement of profit and loss as a reduction of the related item the grant is intended to offset, in the period in which the eligible expenses were incurred or when the services have been performed. Intangible assets, net Intangible assets are measured and stated at cost, net of accumulated depreciation and any recognized impairment in value. The Company’s intangible assets comprising computer software are amortized on a straight-line basis over their estimated useful lives ranging from 3 to 10 years. Derecognition of intangible assets An intangible asset is derecognized on disposal, or when no future economic benefits are expected from its use. Gains or losses arising from derecognition of an intangible asset measured as the difference between the net disposal proceeds and the carrying amount of the asset are recognized in profit or loss when the asset is derecognized. Impairment of tangible and intangible assets Property, plant and equipment and intangible assets are reviewed at the end of each reporting period to determine whether there is any indication of impairment. If any such indication exists then the recoverable amount of the asset is estimated. The recoverable amount of an asset is defined as the higher of its fair value less costs to sell and its value in use. Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the Cash Generating Unit (“CGU”) to which the asset belongs. The CGU corresponds to the smallest identifiable group of assets whose continuing use generates cash inflows that are largely independent of the cash flows from other groups of assets. An impairment loss is recognized when the carrying amount of an asset, or of the CGU to which it belongs, exceeds the recoverable amount. In determining value in use, the Company estimates cash flows before taxes based on most recent actual results and forecasts and then determines the current value of future estimated cash flows. Impairment losses are recognized in the consolidated statements of net income (loss). An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. The increased carrying amount of an asset attributable to a reversal of impairment loss may not exceed the carrying amount that would have been determined had no impairment loss been recognized in prior periods. Leases At inception of a contract, the Company assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company, as a lessee, recognizes a right-of-use net income (loss). The Company has elected not to recognize right-of-use low-value assets. These types of leases are recorded in the consolidated statement of net income (loss) as incurred. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognized in profit or loss in the period in which they are incurred. Retirement benefit costs The Company provides pensions and certain health care, dental care, life insurance and other benefits for certain retired employees pursuant to Company policy. For defined benefit pension plans and other post-employment benefits, the defined benefit cost is actuarially determined on an annual basis by independent actuaries using the projected unit credit method. Remeasurement comprising of actuarial gains and losses, the effect of the asset ceiling and the return on plan assets (excluding interest) are recognized immediately in the consolidated statements of financial position with a charge to other comprehensive income (loss) in the period in which they occur. The Company has elected to transfer those amounts recognized in other comprehensive income (loss) to a separate reserve within equity. Net-interest is calculated by applying the discount rate to the net defined benefit liability. Defined benefit and other post-employment benefit costs are split into three categories:
The Company recognizes the first two components of defined benefit costs in profit or loss in its consolidated statements of net income (loss): service cost, past service cost, gains and losses on curtailments and settlements in Cost of sales and Administrative and selling expenses; and net interest expense in Interest on pension and other post-employment benefit obligations. The determination of a benefit expense requires assumptions such as the discount rate, the expected mortality, the expected rate of future compensation increases and the expected healthcare cost trend rate. Actual results will differ from estimated results which are based on these assumptions. The asset or liability recognized in the consolidated statements of financial position represents the actual plan situation in the Company’s defined benefit and other post-employment benefit plans. All actuarial gains and losses that arise in calculating the present value of the defined benefit obligation and the plan assets, the remeasurement components, are recognized immediately in other comprehensive income (loss). Any defined benefit asset resulting from this calculation is limited to the present value of any economic benefit in the form of refunds from the plan or reduction in future contributions to the plan. Payments to defined contribution retirement benefit plans are recognized as an expense when employees have rendered service entitling them to the contributions. Termination benefits Termination benefits are recognized as an expense when the Company is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary retirement. Termination benefits for voluntary retirements are recognized the earlier of the date when the Company recognizes related restructuring costs and the date when the Company can no longer withdraw the offer of the benefits related to the voluntary retirement. Short-term benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. Environmental liabilities An environmental liability is recognized if, as a result of an agreement, the Company has a present legal obligation that can be estimated reliably and it is probable that an outflow of economic benefits will be required to settle the obligation. The amount recognized as an environmental liability is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account risks and uncertainty of cash flow. Where the effect of discounting is material, environmental liabilities are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance cost.Revenue is measured at the fair value of the consideration received or receivable, net of returns and allowances, trade discounts, volume rebates and other incentives. Revenue from the sale of goods is recognized to the extent that it is probable that the economic benefits will flow to the Company, can be reliably measured, and at a point-in-time when the performance obligation is satisfied by transferring the promised good to a customer. A good is considered transferred when the customer obtains control, which is defined as the ability to direct the use of and obtain substantially all of the remaining benefits of an asset. Upon the fulfillment of these criteria, revenue and costs associated with such are included in the consolidated statements of net income (loss). Freight and other transportation costs billed to customers are recorded gross within revenue and cost of goods sold. The Company has pricing latitude in revenue arrangements and is also exposed to inventory and credit risks. The Company offers industry standard payment terms that typically requires payment from customers 30 days after title and control transfers . Research Research costs are charged to operations as incurred, due to the nature of the projects. Where government incentives in the form of investment tax credits and grants are received for research projects initiated by the Company for its own purposes, these incentives are deducted from the applicable category of expenditures. Finance income Finance income is comprised of interest income on short-term deposits. Interest income Interest income from financial assets is recognized when it is probable that the economic benefits will flow to the Company and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable. Finance cost Finance cost is comprised of interest expense on borrowings, amortization of issuance costs, and accretion of environmental liabilities. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognized in profit or loss using the effective interest method. Costs related to issuance of the Secured Term Loan Facility and the Algoma Docks Term Loan Facility are recorded as a component of the carrying amount of the related debt and are amortized to profit or loss using the effective interest method. Costs related issuance of the Revolving Credit Facility are recorded in other assets and are amortized to profit or loss on a straight line basis over the period of the facility. Actuarially determined interest costs related to the defined benefit pension obligation and the other post-employment benefit obligation are recorded respectively as components of the carrying amount of the accrued pension liability and the accrued other post-employment benefit obligation. Taxation Current and deferred income tax are recognized in net income (loss), except when they relate to items that are recognized in other comprehensive income (loss) or directly in equity, in which case, the current and deferred income tax are also recognized in other comprehensive income (loss) or directly in equity, respectively. Current tax The current tax expense is based on taxable income for the year. Taxable income differs from net income (loss) before taxes as reported in the consolidated statements of net income (loss) because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred income tax Deferred income tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable income . Deferred income tax liabilities are generally recognized for all taxable temporary differences. Deferred income tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable income will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the asset to be recovered. The Company had incurred net losses for the years ended March 31, 2021 and March 31, 2020. For the years ended March 31, 2021 and March 31, 2020, the Company did not have sufficient evidence to support a determination that sufficient future taxable income was probable. In accordance with IFRS, the Company did not recognize deferred tax assets. For the year ended March 31, 2022, the Company has utilized all non-capital losses carried forward and there is no balance recognized as a deferred tax asset associated with these losses. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred income tax assets and liabilities reflects the tax consequences, based on management’s expectation at the end of the reporting period, Share-based payment The Company provides certain employees with long-term incentive awards. Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value includes the effect of market based vesting conditions but excludes the effect of non-market-based performance conditions. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in Note 4 and Note 34.The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the expected vesting period, which is determined based on the Company’s expected timing on meeting the non-market performance condition. The impact of the revision of the original estimates, if any, is recognized in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity. For cash-settled share-based payments, a liability is recognized for the goods or services acquired, measured initially at the fair value of the liability. At each reporting date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognized in profit or loss for the year. Comprehensive Income (Loss) Other comprehensive income (loss) (“OCI(L)”) includes foreign exchange gain on translation to the Company’s presentation currency from the US Dollar functional currency. OCI(L) includes actuarially determined gains and losses on post employment benefits offered to certain employees and the effect of any limits applied to the defined benefit asset. OCI(L) also includes unrealized loss on cash flow hedge reserve. Comprehensive income (loss) is composed of net income (loss) and OCI(L). Accumulated OCI(L) is a separate component of Shareholders’ Equity which includes the accumulated balances of all components of OCI(L) which are recognized in comprehensive income (loss) but excluded from net income (loss). New IFRS Standards, Amendments and Interpretations adopted as of April 1, 2021 (effective January 1, 2021) The Company adopted the following amendments which did not have a material impact on its financial statements: Interest Rate Benchmark Reform – Phase 2 In August 2020, the IFRS Board issued amendments that complemented those issued in 2019 and focus on the effects of the interest rate benchmark reform on a Company’s financial statements that arise when, for example, an interest rate benchmark used to calculate interest on a financial asset is replaced with an alternative benchmark rate. The Phase 2 amendments address issues that might affect financial reporting during the reform of an interest rate benchmark, including the effects of changes to contractual cash flows or hedging relationships arising from the replacement of an interest rate benchmark with an alternative benchmark rate (replacement issues). The amendment is effective for annual reporting periods beginning on or after January 1, 2021. Although the Company has various debt instruments with interest rate benchmarked to LIBOR, these facilities were fully repaid before March 31, 2022. Further, the Company intends to renegotiate the related debt agreements before June 2023. Refer to Notes 16, 19 and 32. Standards and Interpretations issued and not yet adopted Proceeds before Intended Use IAS 16 “Property, Plant and Equipment (PPE)” sets out an amendment prohibiting an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while Cost of Fulfilling a Contract IAS 37 “Onerous Contracts” sets out an amendment clarifying the meaning of “costs to fulfil a contract”. The amendment clarifies that, before a separate provision for an onerous contract is established, an entity recognizes any impairment loss that has occurred on assets used in fulfilling the contract, rather than on assets dedicated to that contract. The application of this amendment is not expected to have a significant impact on the financial position and performance of the Company, or on the Company’s financial reporting. The amendment is effective for annual reporting periods beginning on or after January 1, 2022. Amended Disclosure for Accounting Policies IAS 1 “Presentation of Financial Statements” sets out amendments that are intended to help preparers in deciding which accounting policies to disclose in their financial statements. The application of this amendment is not expected to have a significant impact on the financial position and performance of the Company, or on the Company’s financial reporting. The amendments are effective for annual reporting periods beginning on or after January 1, 2023. Amended Scope of Recognition IAS 12 “Income Taxes” sets out amendments that narrow the scope of recognition exemption in paragraphs 15 and 24 (recognition exemption) so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. The application of this amendment is not expected to have a significant impact on the financial position and performance of the Company, or on the Company’s financial reporting. The amendments are effective for annual reporting periods beginning on or after January 1, 2023. Early adoption is permitted. Definition of Accounting Estimates IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors” sets out amendments introducing the definition of an accounting estimate and include other amendments to assist entities distinguish changes in accounting estimates from changes in accounting policies. The application of this amendment is not expected to have a significant impact on the financial position and performance of the Company, or on the Company’s financial reporting. The amendment is effective for annual reporting periods beginning on or after January 1, 2023 and changes in accounting estimates that occur on or after the start of that period. Early adoption is permitted. Classification of Liabilities as Current or Non-current IAS 1 “Presentation of Financial Statements” sets out amendments to remove the requirement for a right to defer settlement or roll over of a liability for at least twelve months to be unconditional. Instead, such a right must have substance and exist at the end of the reporting period. The amendments also clarify how a company classifies a liability that includes a counterparty conversion option. The application of this amendment is not expected to have a significant impact on the financial position and performance of the Company, or on the Company’s financial reporting. This amendment is effective for annual reporting periods beginning on or after January 1, 2023. Early adoption is permitted. Long-term debt Long-term debt is recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; transaction costs related to the Secured Term Loan Facility and the Algoma Docks Term Loan Facility are amortized in profit or loss using the effective interest method. Revenue recognition The Company’s revenue is generated primarily from contracts to produce, ship and deliver steel products, and to a lesser extent, to deliver non-steel by-products of the steelmaking processes, such as tar, crude light oil and related freight revenue. |
Merger Transaction |
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Merger Transaction |
On October 19, 2021, the Merger between Merger Sub and Legato was completed, with Legato becoming a wholly-owned subsidiary of the Company and the shareholders of Legato becoming shareholders of the Company (“Closing”). Pursuant to the Merger Agreement, the Company effected a reverse stock split such that each outstanding common share became such number of common shares, as determined by the conversion factor of 71.76775% (as defined in the Merger Agreement). As a result of the Merger, the shares were dual listed on the TSX and NASDAQ and became publicly traded on October 20, 2021. Pursuant to the Merger, each outstanding share of Legato common stock was converted into and exchanged for one newly issued common share of the Company. This resulted in the issuance of 30,306,320 common shares of the Company, after redemption by initial Legato shareholders. On Closing, the Company accounted for the Merger as a share-based payment transaction, with the fair value of the Algoma common shares issued to the Legato shareholders measured at the market price of Legato’s publicly traded common shares on October 19, 2021. The total fair value of the Algoma common shares issued to Legato shareholders was $421.3 million (US $340.9 million). As part of the Merger, Algoma acquired cash, a receivable previously owed between Legato and Algoma Steel Inc. (“ASI”) and warrants, with the difference accounted for as a listing expense. The following table reconciles the elements of the Merger:
The listing expense is presented in the consolidated statement of net income (loss). Following the consummation of the Merger on Closing, Legato was dissolved and its assets and liabilities were distributed to the Company. Concurrent with the execution of the Merger Agreement, the Company and Legato entered into subscription agreements with certain investors (the “PIPE Investors”) pursuant to which the PIPE Investors agreed to purchase, and the Company and Legato agreed to issue to the PIPE Investors, an aggregate of 10,000,000 common shares of Legato common stock, for the purchase price of US$10.00 per share and at an aggregate purchase price of US$100.0 million (the “PIPE Investment”) on closing. Those PIPE Investors that subscribed for Legato common stock exchanged their PIPE shares for common shares pursuant to the PIPE subscription agreements immediately prior to the Merger. After giving effect to such exchange 10,000,000 common shares of the Company were issued in the PIPE Investment. The following table shows the number of common shares outstanding immediately following the consummation of the Merger:
Warrants Pursuant to the Merger Agreement, the previously outstanding Legato warrants were converted into an equal number of warrants issued by the Company. These warrants comprise 23,575,000 Public Warrants and 604,000 Private Warrants (collectively “Warrants”). In connection with this conversion, there were no substantial changes to the rights assigned to the holders of the warrants and assumed by the Company. Each of the Company’s Warrants are exercisable for one common share in the Company at US$11.50 per share, subject to adjustment, with the exercise period beginning on November 18, 2021.
The Public Warrants expire five years after the completion of the Merger, or earlier upon redemption or liquidation in accordance with the warrant terms. The Public Warrants are exercisable for cash or on a cashless basis at the Company’s option.
The Private Warrants are identical to the Public Warrants, except that the Private Warrants will be exercisable for cash or on a cashless basis, at the holder’s option, and are non-redeemable so long as they are held by the initial purchasers. Given the cash and cashless settlement options, the Company has accounted for the Warrants as a liability which are measured at fair value on initial recognition and at each reporting date with the changes in fair value recorded in the consolidated statement of net income (loss). On Closing, the Company recognized a liability in the amount of $92.0 million (US $74.5 million) using the market price of the Legato Warrants as an approximation of fair value for each Warrant. As at March 31, 2022, the 24,179,000 Warrants remain outstanding with an estimated fair value of US$3.29 per Warrant based on the market price of the Warrants, for which the Company recognized a liability of $99.4 million (US $79.6 million) in warrant liability on the consolidated statements of financial position. The loss for change in fair value of the warrant liability of $6.4 million is presented in the consolidated statements of net income (loss). Replacement Long Term Incentive Plan (“LTIP”) Awards On Closing, the LTIP awards granted by Algoma Steel Holdings Inc. (“ASHI”) became vested and were exchanged for replacement LTIP awards issued by the Company (“Replacement LTIP Awards”) as determined by the conversion factor of 71.76775% (as defined in the Merger Agreement). Based on the conversion factor, 3,232,628 Replacement LTIP Awards were issued. Similar to the LTIP awards, each Replacement LTIP Award allows the holders to purchase one common share of Algoma. The Replacement LTIP Awards are considered fully vested and can be exercised for US$0.013 per common share, pursuant to an LTIP exchange agreement with each holder, at the earlier of a significant disposal of Algoma common shares held by the Company’s shareholders immediately prior to the Closing, or December 31, 2025. Should the participants’ employment with the Company ceases, a cash-out option is available as an alternative method of settlement for a portion of the vested Replacement LTIP Awards based on the five-day volume-weighted average trading price of the Company’s common shares, subjected to the approval of the Board of Directors. On the day preceding the Closing, the Company remeasured the fair value of the original LTIP Awards as they become fully vested on the day before the Merger. Consequently, the Company recognized a liability in the amount of $44.9 million (US $36.4 million) using the market price of the Algoma common shares as an approximation of fair value for each unit of Replacement LTIP Awards. The gain on change in fair value of previously recognized LTIP awards accounted for as cash-settled share-based payments, including restricted share units and director units, were recognized in profit or loss in the amount of $ 10.4 million. In addition, the Company had previously recognized an amount of $5.2 million (US $4.1 million) in contributed surplus relating to the fully vested performance share units issued under the original long-term incentive plan dated May 13, 2020. The fair value of these awards, which were previously accounted for as equity-settled share-based payments was recognized as a liability in the amount of $ 35.2 million (US $ 28.7 million) with an offsetting charge to equity to reflect the modification of these units to cash settled awards. The Company accounted for the Replacement LTIP Awards as a modification of share-based payment as the LTIP awards and the Replacement LTIP Awards share similar terms and conditions, and were only replaced as a result of a liquidating event (the Merger) as described by the original long-term incentive plan. Given the alternative settlement options at the election of the participant, the Company has accounted for the Replacement LTIP Awards as cash-settled share-based transactions, which are measured at fair value on initial recognition and at each reporting date with the changes in fair value recorded in the consolidated statements of net income (loss). The Company applied modification accounting by remeasuring the fair value of the LTIP awards previously granted by ASHI as at the day prior to Closing and determined that there is no resulting gain or loss. Upon the consummation of the Merger (refer to Note 34), the Company issued Replacement LTIP Awards to replace previously issued restricted share units, director units and performance share units. The Replacement LTIP Awards are accounted for as cash-settled share-based payment and are immediately vested on Closing. The previous long-term incentive plan established by Algoma Steel Holdings Inc. dated May 13, 2020 was cancelled on Closing and no additional awards can be granted under this plan. On October 19, 2021, the Company approved an Omnibus Equity Incentive Plan (“October 2021 LTIP Plan”) that would allow the Company to grant various awards to its employees. Refer to Note 34. As at March 31, 2022, the 3,232,628 Replacement LTIP Awards remain outstanding with an estimated fair value of US$11.25 per unit based on the market price of the Company’s common shares, for which the Company recognized a liability of $45.4 million (US $36.4 million) in share-based payment compensation liability on the consolidated statements of financial position. Earnout Rights Pursuant to the Merger Agreement, holders of the Company’s common shares and each holder of Replacement LTIP Awards were granted the contingent right to receive their pro rata portion of up to 37.5 million common shares of the Company if certain targets based on Earnout Adjusted EBITDA (as defined in the Merger Agreement) and the trading price of the Company’s common shares were met as at December 31, 2021 and thereafter. The Company has accounted for the earnout rights as a derivative liability, which are measured at fair value on initial recognition and at each reporting date with the changes in fair value, recorded in the consolidated statements of net income (loss). On Closing, the Company forecasted that the highest level of the Earnout Adjusted EBITDA would be achieved as at December 31, 2021. Accordingly, the Company recognized an earnout liability based on the expectation that all 37.5 million Algoma common shares underlying the earnout rights would become issuable. On October 19, 2021, the Company recorded an earnout liability in the amount of $521.3 million (US $421.9 million) using the market price of the Algoma common shares as an approximation of fair value for each unit of earnout rights. Given that the earnout rights were granted to all of the previous shareholders of the Company, the amount was recorded as a distribution through retained earnings. As at December 31, 2021, all the conditions related to the earnout rights were satisfied and the Board of Directors subsequently approved the issuance of common shares to non-management holders of the earnout rights. On February 9, 2022, the Company issued 35,883,692 common shares related to the earnout rights at US$ 9.54 per share. As a result, the Company derecognized the related earnout liability. Gain in the fair value of the earnout liability of $78.1 million is presented in the consolidated statements of net income (loss). As at March 31, 2022, 1,616,305 earnout rights remain outstanding with an estimated fair value of US$11.25 per unit based on the market price of the Company’s common shares, for which an earnout liability of $22.7 million (US $18.2 million) was recognized on the consolidated statements of financial position. |
Critical Estimates and Judgements |
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Critical Estimates and Judgements |
The preparation of these consolidated financial statements, in accordance with IFRS, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Judgement is used mainly in determining whether a balance or transaction should be recognized in the consolidated financial statements. Estimates and assumptions are used mainly in determining the measurement of recognized transactions and balances. However, judgement and estimates are often interrelated. In the determination of cash generating units (“CGU”), the Company assessed its identifiable group of assets that generates cash inflows and concluded the Company has a single cash generating unit. Judgements, estimates and assumptions are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in future periods affected. The following discussion sets forth management’s most critical estimates and assumptions in determining the value of assets , liabilities, revenue and expenses: Allowance for doubtful accounts Management analyzes accounts receivable to determine the allowance for doubtful accounts by assessing the collectability of receivables owing from each individual customer. This assessment takes into consideration certain factors including the age of outstanding receivable, customer-operating performance, historical payment patterns and current collection efforts, relevant forward-looking information and the Company’s security interests, if any. Useful lives of property, plant and equipment and Intangible assets The Company reviews the estimated useful lives of property, plant and equipment and intangible assets at the end of each annual reporting period, and whenever events or circumstances indicate a change in useful life. Estimated useful lives of items of property, plant and equipment and intangible assets are based on a best estimate and the actual useful lives may be different. Impairment of property , plant and equipment and Intangible assets Determining whether property, plant and equipment and intangible assets are impaired requires the Company to determine the recoverable amount of the CGU to which the asset is allocated. To determine the recoverable amount of the CGU, management is required to estimate its fair value. To calculate the value of the CGU in use, management determines expected future cash flows, which involves, among other items, realization rates on future steel output, costs and volume of production, growth rate, and the estimated selling costs, using an appropriate weighted average cost of capital. Defined Benefit Retirement Plans The Company’s determination of employee benefit expense and obligations requires the use of assumptions such as the discount rate applied to determine the present value of all future cash flows expected in the plan. Since the determination of the cost and obligations associated with employee future benefits requires the use of various assumptions, there is measurement uncertainty inherent in the actuarial valuation process. Actual results could differ from estimated results which are based on assumptions. Taxation The Company computes and recognizes an income tax provision in each of the jurisdictions in which it operates. Actual amounts of income tax expense and scientific research and experimental development investment tax credits only become final upon filing and acceptance of the returns by the relevant authorities, which occur subsequent to the issuance of the consolidated financial statements. Additionally, the estimation of income taxes includes evaluating the recoverability of deferred income tax assets based on an assessment of the ability to use the underlying future tax deductions before they expire against future taxable income. The assessment is based upon existing tax laws and estimates of future taxable income. To the extent estimates differ from the final tax return, net income (loss) will be affected in a subsequent period. The Company will file tax returns that may contain interpretations of tax law and estimates. Positions taken and estimates utilized by the Company may be challenged by the relevant tax authorities. Rulings that result in adjustments to tax returns filed will be recorded in the period where the ruling is made known to the Company. |
Capital Management |
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Capital Management |
The Company’s objectives when managing capital are: (a) to maintain a flexible capital structure which optimizes the cost of capital at acceptable risk; (b) to meet external capital requirements on debt and credit facilities; (c) to ensure adequate capital to support long-term growth strategy; and (d) to provide an adequate return to shareholders. The Company continuously monitors and reviews the capital structure to ensure the objectives are met. Management defines capital as the combination of its indebtedness, as disclosed in Note 16, its governmental loans, as disclosed in Note 20 and the equity balance, as disclosed in Note 28 .The Company manages the capital structure within the context of the business strategy, general economic conditions, market conditions in the steel industry and the risk characteristics of assets. The Company is in compliance with the covenants under its existing debt agreements at March 31, 2022 and March 31, 2021, as disclosed in Note 16. |
Revenue and Segmented Information |
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Revenue and Segmented Information |
The Company is viewed as a single business segment involving basic steel production for purposes of internal performance measurement and resource allocation. The Company’s non-current assets at March 31, 2022 and March 31, 2021 are in Canada.
For the year ended March 31, 2022, sales of $409.5 million to one customer represented greater than 10% of total revenue. For the year ended March 31, 2021, the sales to any one customer did not represent greater than 10% of total revenue. For the year ended March 31, 2020, sales of $203.5 million to one customer represented greater than 10% of total revenue. The geographical distribution of revenue was derived from the shipping location of sales to customers. |
Cost of Sales |
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Cost of Sales |
F-2 8 Amortization included in cost of steel revenue for the year ended March 31, 2022 was $ 86.7 million (March 31, 2021 - $ 86.8 million and March 31, 2020 - $ 127.6 million). Wages and benefits included in cost of steel revenue for the year ended March 31, 2022 was $ 305.6 million (March 31, 2021 - $ 288.8 million and March 31, 2020 — $ 325.1 million). Government Grant (Canada Emergency Wage Subsidy) The Government of Canada passed the CEWS (Canada Emergency Wage Subsidy) in response to the COVID-19 pandemic. For the year ended March 31, 2022, the Company did not receive CEWS funding. For the year ended March 31, 2021, the Company recorded a $52.8 million reduction to cost of sales in connection with the CEWS (March 31, 2020 – nil). Federal Greenhouse Gas Pollution Pricing Act On June 28, 2019, the Company became subject to the Federal Greenhouse Gas Pollution Pricing Act (the “Carbon Tax Act”). The Carbon Tax Act was enacted with retroactive effect to January 1, 2019. During the year ended March 31, 2022, total Carbon Tax recognized as a reduction in cost of sales was $ 0.6 million. During the year ended March 31, 2021, total carbon tax recognized as an expense in cost of sales was $ 13.4 million (March 31, 2020 – $ 6.9million). United States Steel Tariff On June 1, 2018, Canadian Steel producers became subject to 25% tariffs on all steel revenues earned on shipments made to the United States. On May 17, 2019, the United States announced a complete lifting of this tariff effective May 20, 2019. For the years ended March 31, 2022 and March 31, 2021, there were no tariff costs included in the cost of sales (March 31, 2020 – $27.8 million). |
Administrative and Selling Expenses |
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Administrative and Selling Expenses |
Government Grant (Canada Emergency Wage Subsidy) For the year ended March 31, 2022, the Company did not receive CEWS funding. For the year ended March 31, 2021, the Company recorded a $4.2 million reduction to
personnel expenses in connection with the CEWS (March 31, 2020 – nil). |
Finance Costs |
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Finance Costs |
As disclosed in Note 19, for the year ended March 31, 2021, management elected to pay the interest due on the Secured Term Loan Facility on April 1, 2020, July 1, 2020 and October 1, 2020 in kind for interest accrued during the period January to September 2020. The interest expense on the Secured Term Loan Facility in respect of this 1% premium was $ 2.9 million (US $ 2.1 million). For the years ended March 31, 2022 and March 31, 2020, interest was paid in cash, not in kind. |
Interest On Pension And Other Post-Employment Benefit Obligations |
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Cash and Restricted Cash |
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Cash and Restricted Cash |
At March 31, 2022, the Company had $915.3 million of cash (March 31, 2021 million) and restricted cash of $ 3.9 million (March 31, 2021 - $ million), held to provide collateral for letters of credit and other obligations of the Company. |
Accounts Receivable, Net |
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Accounts Receivable, Net |
Allowance for doubtful accounts
As disclosed in Note 20, the Company has entered into agreements together with the governments of Canada and Ontario for which the Company has applied for reimbursement of costs incurred related to specifically identified projects. |
Inventories, Net |
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Inventories, Net |
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Property, Plant and Equipment, Net |
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Property, Plant and Equipment, Net |
The following table presents the changes to the cost of the Company’s property, plant and equipment for the years ended March 31, 2022 and March 31, 2021:
The following table presents the changes to accumulated amortization on the Company’s property, plant and equipment for the years ended March 31, 2022 and March 31, 2021:
Acquisitions During the year ended March 31, 2022, the Company’s net acquisition of property, plant and equipment totaled $167.9 million (March 31, 2021 - $71.7 million); comprised of property, plant and equipment acquired with a total cost of $172.1 million (March 31, 2021 - $81.5 million), against which the Company recognized benefits totalling $4.2 million (March 31, 2021 - $9.8 million) in respect of the governmental loans and grant, discussed below and in Note 20. For the year ended March 31, 2022, property under construction includes prepaid progress payments of $46.9 million for the transition from blast furnace steel production to electric arc furnace (“EAF”) (March 31, 2021 – nil). Amortization of property, plant and equipment Amortization of property, plant and equipment for the year ended March 31, 2022, was $87.7 million (March 31, 2021 - $86.0 million, March 31, 2020 - $120.2 million). Amortization included in inventories at March 31, 2022, was $ 7.9 million (March 31, 2021 - $ 5.6million, March 31, 2020 - $6.5 million). Government Funding Agreements On November 30, 2018, the Company, together with the governments of Canada and Ontario entered into agreements totaling up to $120.0 million of modernization and expansion related capital expenditure support from the governments of Canada and Ontario. Additionally, on March 29, 2019, the Company, together with the government of Canada entered into an agreement totaling up to $30.0 million of modernization and expansion related capital expenditure support from the government of Canada. On September 20, 2021, the Company, together with the government of Canada entered into an agreement for support up to $420 million related to the transition from blast furnace steel production to electric arc furnace (“EAF”). The $420 million of financial support consists of (i) a loan of up to $200 million from the Innovation Science and Economic Development Canada’s Strategic Innovation Fund (“SIF”) and (ii) a loan of up to $ 220 million from the Canada Infrastructure Bank (“CIB”). Each of these agreements are discussed below and additional disclosures are located in Note 20. Federal Economic Development Agency for Southern Ontario On November 30, 2018, the Company, together with the government of Canada, entered into an agreement executed on December 19, 2018, whereby a benefit of $60.0 million would flow to the Company in the form of an interest free loan from the Federal Economic Development Agency, through the Advanced Manufacturing Fund. Under this agreement, the Company may apply for reimbursement of costs incurred by Old Steelco Inc. between October 1, 2014 and November 30, 2018 and by the Company between December 1, 2018 and March 31, 2021, related to specifically identified projects. As at March 31, 2022, the Company had applied for and received reimbursements of $60.0 million. In accordance with IFRS, the benefit of the interest free loan has been presented in the consolidated statements of financial position as an offset to the carrying value of the property, plant and equipment to which it relates. During the year ended March 31, 2022, the Company recognized benefits in respect of this agreement of nil (March 31, 2021 - $3.9 million). As at March 31, 2022, the total benefit recognized in respect of this agreement was $26.5 million (March 31, 2021 - $26.5 million). Ministry of Energy, Northern Development and Mines On November 30, 2018, the Company, together with the government of Ontario, entered into an agreement whereby a benefit of $60.0 million would flow to the Company in the form of a low interest rate loan from the Ministry of Energy, Northern Development and Mines. Under this agreement, the Company may apply for reimbursement of costs incurred by Old Steelco Inc. between April 1, 2017 and November 30, 2018 and by the Company between December 1, 2018 and November 30, 2024, related to specifically identified projects. As at March 31, 2022, the Company had applied for and received reimbursements of $60.0 million. In accordance with IFRS, the benefit of the low interest rate loan has been presented in the consolidated statements of financial position as an offset to the carrying value of the property, plant and equipment to which it relates. During the year ended March 31, 2022, the Company recognized benefits in respect of this agreement of nil (March 31, 202 1 - $0.3 million). As at March 31, 2022, the total benefit recognized in respect of this agreement was $26.4 million (March 31, 2021 - $26.4 million).Ministry of Industry On March 29, 2019, the Company, together with the government of Canada, entered into an agreement of which a benefit of $30.0 million would flow to the Company whereby 50% of the contribution ($15.0 million) is repayable to the Ministry of Industry, Strategic Innovation Fund in the form of an interest free loan. Under this agreement, the Company may apply for reimbursement of costs incurred by Old Steelco Inc. between November 1, 2018 and November 30, 2018 and by the Company between December 1, 2018 and May 1, 2021, related to specifically identified projects. As at March 31, 2022, the Company had applied for reimbursements of $15.0 million under the grant portion and $15.0 million under the loan portion of the agreement, and had a receivable of $ 3.0 million. In accordance with IFRS, the benefit of the grant has been presented in the consolidated statements of financial position as an offset to the carrying value of the property, plant and equipment to which it relates. During the year ended March 31, 2022, the Company recognized benefits in respect of the loan portion of this agreement of nil (March 31, 2021 – $ 3.9 million). As at March 31, 2022, the total benefit recognized in respect of this agreement was $ 22.8 million (March 31, 2021 - $ million). On September 20, 2021, the Company, together with the government of Canada, entered into an agreement of which a benefit of up to $200.0 million would flow to the Company in the form of a loan from the SIF. Under the terms of March 3, 2021the SIF agreement, the Company will be reimbursed for certain defined capital expenditures incurred to transition from blast furnace steel production to EAF steel production between and March 31, 2025. As at March 31, 2022, the Company had applied for reimbursements under the SIF loan agreement of $ 2.2 million for which the amount is receivable (March 31, 2021 – nil). In accordance with IFRS, the benefit of the grant has been presented in the consolidated statements of financial position as an offset to the carrying value of the property, plant and equipment to which it relates. During the year ended March 31, 2022, the Company recognized benefits in respect of this agreement of $ 1.1 million (March 31, 2021 – nil). Canada Infrastructure Bank On September 20, 2021, the Company, entered into an agreement of which a benefit of up to $220.0 million would flow to the Company in the form of a loan from the CIB. CIB is an independent bank incorporated by special legislation, is not an agency of the government of Canada, but is accountable to the government of Canada through the Minister of Infrastructure and Communities. Under the terms of the CIB agreement, the Company may draw on a non-revolving construction credit facility to finance the transition from blast furnace steel production to EAF steel production. As at March 31, 2022, the Company has not drawn on this credit facility. The Company has recognized the governmental loan claims receivable, governmental loan payable and benefit associated with these agreements because the Company has fulfilled its obligations under the respective agreements. Disposals During the year ended March 31, 2022, the Company disposed of property, plant and equipment with a cost of $0.6 million (March 31, 2021 – $1.9 million). The disposal of property, plant and equipment during the fiscal year ended March 31, 2022 resulted in a net loss of $0.3 million (March 31, 2021 – loss of $1.7 million). |
Bank Indebtedness |
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Bank Indebtedness |
On November 30, 2018, the Company obtained US $250.0 million in the form of a traditional asset-based revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility is secured by substantially all of the Company’s assets. Under the General Security Agreement, the Revolving Credit Facility has a priority claim on the accounts receivable and the inventories of the Company and a secondary claim on the rest of the Company’s assets. The Revolving Credit Facility bears interest at a rate of London Inter-Bank Overnight Rate (“LIBOR”) plus an applicable margin of 1.5%. At March 31, 2022, the Company had drawn $0.1 million (US $0.09 million), and there was $278.2 million (US $222.6 million) of unused availability after taking into account $34.1 million (US $27.3 million) of outstanding letters of credit and borrowing base reserves. At March 31, 2021, the Company had drawn $90.1 million (US $71.7 million), and there was $200.8 million (US $156.5 million) of unused availability after taking into account $27.4 million (US $21.8 million) of outstanding letters of credit, and borrowing base reserves. The Revolving Credit Facility has an initial maturity date of November 30, 2023. Transaction costs related to the Revolving Credit Facility amounted to $ million, and are disclosed as other assets in the consolidated statements of financial position, and have been amortized to net 2.1 income (loss) on a straight line basis over the life of this facility. At March 31, 2022, the unamortized transaction costs related to the Revolving Credit Facility amounted to $ million (March 31, 2021 - $ million) . Under the terms of the Revolving Credit Facility the Company is required to be in compliance with various restrictive covenants which, among other things, limit the incurrence of additional indebtedness, limit investments and dividends, permitted acquisitions, asset sales, liens and encumbrances and other matters customarily restricted in such agreements. At March 31, 2022 and March 31, 2021, the Company was in compliance with these covenants. The changes in the Company’s bank indebtedness for the years ended March 31, 2022 and March 31, 202 1 arising from financing activities are presented below:
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Accounts Payable and Accrued Liabilities |
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Long-Term Debt |
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Long-Term Debt |
Secured Term Loan Facility On November 30, 2018, the Company secured $378.8 million (US $285.0 million) in the form of a Secured Term Loan Facility (the “Secured Term Loan Facility”). The Company repaid the Secured Term Loan Facility in November 2021. The Secured Term Loan Facility was secured by substantially all of the Company’s assets. Under the General Security Agreement, the Secured Term Loan Facility had a second claim on the accounts receivable and the inventories of the Company and a priority claim on the rest of the Company’s assets. The facility bore interest at LIBOR plus 8.5%. The Term Loan Facility had an initial maturity date of November 30, 2025. For the year ended March 31, 2021, management elected to pay the interest due on the Secured Term Loan Facility on April 1, 2020, July 1, 2020 and October 1, 2020 in kind for interest accrued during the period April to September 2020. The interest expense on the Secured Term Loan Facility in respect of this 1% premium was $2.9 million (US $2.1 million). For the year ended March 31, 2022, interest paid on the Secured Term Loan Facility was paid in cash, not in kind. Transaction costs related to the Secured Term Loan Facility amounted to $7.8 million, and have been amortized to net (loss) income using the effective interest rate method over the life of this facility. At March 31, 2022, the unamortized transaction costs related to the Secured Term Loan Facility was nil (March 31, 2021 - $5.0 million). On November 30, 2018, the Company secured $97.0 million (US $73.0 million) in the form of a Term Loan Facility (the “Algoma Docks Term Loan Facility”). The Company repaid the Algoma Docks Term Loan Facility in November 2021. At March 31, 2021, the carrying value of the Algoma Docks Term Loan was $76.0 Reconciliation of liabilities arising from financing activities
F-3 8 |
Governmental Loans |
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Governmental Loans |
Federal Economic Development Agency for Southern Ontario On November 30, 2018, the Company, together with the Federal Economic Development Agency, through the Advanced Manufacturing Fund (“Federal AMF Loan”), entered into an agreement executed on December 19, 2018, under which, the Company will receive a $60.0 million interest free loan. Under the terms of the Federal AM Loan, the Company will be reimbursed for certain defined capital expenditures made by Old Steelco Inc. between October 1, 2014 and November 30, 2018 and by the Company between December 1, 2018 and March 31, 2021. The Company will repay the loan balance in equal monthly installments beginning on April 1, 2022 with the final installment payable on March 1, 2028. Under the General Security Agreement, this facility has a third priority claim on all of the Company’s assets which is pari passu with the Provincial MENDM Loan, defined below. As at March 31, 2022, the Company had applied for reimbursements of $60.0 million (March 31, 2021 - $60.0 million) and recognized a benefit, net of accretion, of $15.8 million (March 31, 2021 - $20.3 million). Accordingly, the carrying value of the Federal AMF Loan was $43.4 million at March 31, 2022 (March 31, 2021 - $39.7 million). Ministry of Energy, Northern Development and Mines On November 30, 2018, the Company entered into an agreement with the Ministry of Energy, Northern Development and Mines (the “Provincial MENDM Loan”) under which, the Company will receive a $60.0 million low interest loan. Under the terms of this agreement, the Company will be reimbursed for certain defined capital expenditures made by Old Steelco Inc. between April 1, 2017 and November 30, 2018 and by the Company between December 1, 2018 and November 30, 2024. Following the completion of the projects to which these certain defined capital expenditures relate the Company will repay the loan in monthly blended payments of principal and interest beginning on December 31, 2024 and ending on November 30, 2028. This facility bears interest at an annual interest rate equal to the greater of 2.5% per annum; and the lenders cost of funds. Under the General Security Agreement, this facility has a third priority claim on all of the Company’s assets which is pari passu The applicable interest rates since the inception of this agreement are as follows:
As at March 31, 2022, the Company had applied for reimbursements of $60.0 million (March 31, 2021 – $60.0 million) and recognized a benefit, net of accretion, of $18.1 million (March 31, 2021 - $ 21.3 million). Accordingly, the carrying value of the Provincial MENDM Loan was $41.9 million at March 31, 2022 (March 31, 2021 - $ 38.7 million).Ministry of Industry On March 29, 2019, the Company, together with the government of Canada, entered into an agreement whereby a benefit of $30.0 million would flow to the Company; $15.0 million in the form of a grant, and $15.0 million in the form of an interest free loan; from the Ministry of Industry, Strategic Innovation Fund (the “SIF Agreement”). Under the terms of this agreement, the Company will be reimbursed for certain defined capital expenditures made by Old Steelco Inc. between November 1, 2018 and November 30, 2018 and by the Company between December 1, 2018 and May 1, 2021. Following the completion of the projects to which these certain defined capital expenditures relate the Company will repay the $15.0 million interest free loan portion of this agreement in equal annual payments beginning on April 30, 2024 and ending on April 30, 2031. The agreement is guaranteed by the Company’s parent, Algoma Steel Intermediate Holdings Inc. At March 31, 2022, the Company had applied for reimbursements of $15.0 million under the grant portion of the agreement (March 31, 2021 - $ million (March 31, 2021 - $ 15.0 million). Additionally, at March 31, 2022, the Company had applied for reimbursements of $15.0 million under the loan portion of the agreement (March 31, 2021 – $6.3 million), and had recognized a benefit, net of accretion, of $6.2 million (March 31, 2021 – $3.9 million). The carrying value of the Federal SIF Agreement was $8.8 million at March 31, 2022 (March 31, 2021 – $8.0 million). On September 20, 2021, the Company, together with the government of Canada, entered into an agreement of which a benefit of up to million would flow to the Company in the form of a loan from the SIF. Under the terms of the SIF agreement, the Company will be reimbursed for certain defined capital expenditures incurred to transition from blast furnace steel production to EAF steel production between March 3, 2021 and March 31, 2025. Annual repayments of the SIF loan will be scalable based on the Company’s greenhouse gas emission performance. As at March 31, 2022, the Company had applied for reimbursements under the SIF loan agreement of $2.2 million for which the amount is receivable (March 31, 2021 – nil), and recognized a benefit in respect of this agreement of $1.1 million (March 31, 2021 – nil). As at March 31, 2022, the total benefit recognized in respect of this agreement was $1.1 million (March 31, 2021 - nil). Accordingly, the carrying value of the SIF EAF Agreement was $1.1 million (March 31, 2021 – nil).Canada Infrastructure Bank On September 20, 2021, the Company, entered into an agreement of which a benefit of up to $220.0 million would flow to the Company in the form of a loan from the CIB. CIB is an independent bank incorporated by special legislation, is not an agency of the government of Canada, but is accountable to the government of Canada through the Minister of Infrastructure and Communities. Further, on November 29, 2021, the CIB and the Company entered into a definitive agreement. Under the terms of the CIB agreement, the Company may draw on a non-revolving construction credit facility. Following the completion of the project, quarterly payments including interest at a rate per annum equal to the base rate from the date of borrowing until November 27, 2031, then at a base rate plus basis points until maturity of the loan are required prior to the loan maturity date, November 26, 2046. As of March 31, 2022, the Company has not drawn on this facility. The changes in the Company’s Long-term governmental loan facilities arising from financing activities are presented below:
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Derivative Financial Instruments |
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Disclosure of detailed information about financial instruments [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Detail Of Derivative Financial Instruments |
The Company is party to an International Swaps and Derivatives Association, Inc. (ISDA) 2002 master agreement with an investment and financial services company to hedge the commodity price risk associated with various commodities. At March 31, 2022, Algoma entered into agreements to hedge the revenue on the sale of steel and hedge the cost of the purchase of natural gas. The credit support annex to the master agreement requires the Company to make margin payments to satisfy collateral requirements based on Market to Market (MTM) exposure of the commodity contracts in excess of US $0.25 million. At March 31, 2022, the Company made margin payments totaling $29.5 million (March 31, 2021—$49.4 million) as a cash collateral, which does not meet the offsetting criteria in IAS 32. The commodity contracts to hedge the NYMEX price of the hot rolled coil price of steel and to hedge the NGX Union-Dawn price of natural gas are derivatives, which are designated as cash flow hedges for which hedge effectiveness is measured for the duration of the agreements and therefore carried at fair value through other comprehensive income (loss). The steel derivative contracts as at March 31, 2022 terminate over the course of the year from April 2022 to December 31, 2022. The natural gas derivative contracts expired at March 31, 2022, as such, the fair value liability for natural gas derivative contracts totaled $0.2 million for contracts expired March 31, 2022. The fair value and notional amounts of these derivatives are as follows:
The cumulative amount of gains and losses on cash flow hedging instruments assessed as effective are presented in the cash flow hedge reserve through other comprehensive income (loss) and is recognized in profit or loss only when the hedged transaction impacts the profit or loss, or is included directly in the initial cost or other carrying amount of the hedged non-financial items (basis adjustment). During the year ended March 31, 2022, the Company entered into an agreement to hedge the cost of natural gas that was consumed between January 1, 2022, and March 31, 2022. Management designated this hedge as a cash flow hedge, and accordingly measured the effectiveness of the hedge on a monthly basis throughout the life of the agreement. The realized loss resulting from this agreement of $2.1 million (March 31, 2021 – $1.7 million, March 31, 2020 - $2.5 million), was initially recorded in the Cash Flow Hedge Reserve in Other Comprehensive Income (Loss), and was subsequently recognized in cost of sales. During the year ended March 31, 2022, the unrealized loss resulting from the steel hedges of $24.7 million (March 31, 2021 - $ - $ The movements in the cash flow hedge reserve for the years ended March 31, 2022 and March 31, 2021, as a component of Accumulated other comprehensive income (loss) is as follows:
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Pension Benefits |
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Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits |
Defined contribution plan The Company maintains a defined contribution pension plan established by Old Steelco Inc.’s predecessor in 2004 for non-unionized employees in Canada joining the Company after January 1, 2003. As part of Old Steelco Inc.’s contract negotiations with its locals which concluded on July 31, 2010, the locals and Old Steelco Inc. agreed to include in this plan all unionized employees hired subsequent to August 1, 2010 and to offer to all the current employees the option to move to the Defined Contribution Pension Plan. The plan was revised by Old Steelco Inc. during the year ended March 31, 2011; these revisions went into effect March 1, 2011. Based on this revision, the Company is obligated to provide a base contribution of 5% of salary and also match employee contributions to a maximum of 2%, depending on years of service for non-unionized employees. Additionally, The Company is obligated to provide a contribution for unionized employees per qualified hour worked of $2.85. The pension expense under this plan is equal to the Company’s contribution. The pension expense for the year ended March 31, 2022 was $9.0 million (March 31, 2021 was $8.7 million). Defined benefit plans The Company maintains non-contributory defined benefit pension plans that are closed to new entrants and cover all employees in Canada not covered under the Defined Contribution Pension Plan. The benefits are based on years of service and average earnings for a defined period prior to retirement. The Company also maintains a closed plan for pensioners who retired prior to January 1, 2002, that provides the pensioners with a pension benefit in excess of the limits provided by the Ontario Pension Benefit Guarantee Fund (the “Closed Retiree Plan”). These defined benefit pension plans are registered under the Pension Benefits Act (Ontario), and are legally separated from the Company. The Pension Benefits Act (Ontario) is a regulatory framework that has jurisdiction over the administration and funding of defined benefit pension plans. Within this framework, the Company has fiduciary responsibility over the administration of the defined benefit pension plans, including the development and oversight of the investment policy for pension funds and the selection and oversight of pension fund investment managers. The defined benefit pension plans expose the Company to various risks such as: investment risk, interest rate risk, foreign currency risk, price risk, credit risk and liquidity risk. The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were carried out at March 1, 2021 for salaried and hourly plans and at April 1, 2021 for the wrap plan. The principal assumptions used for the purposes of the actuarial valuations were as follows:
The components of amounts recognized in the consolidated statements of net income (loss) in respect of these defined benefit plans are presented below:
The components of amounts recognized in the consolidated statements of comprehensive income (loss) in respect of these defined benefit plans are presented below:
The amounts included in the consolidated statements of financial position in respect of the Company’s net obligation in respect of its defined benefit plans are as follows:
Continuities of the defined benefit plan assets and obligations are as follows:
Reconciliation of the amounts recognized in accumulated other comprehensive income (loss) in the consolidated statements of changes in shareholders’ equity were as follows:
The major categories of plan assets were as follows:
Cash flow information The Company is required to make contributions equal to current service cost. Contributions for the year ended March 31, 2022 under these regulations were $18.4 million (March 31, 2021 - $50.3 million, March 31, 2020 - $51.4 million). The Company’s expected future cash flow in respect of its defined benefit pension plans for the fiscal year ending March 31, 2023 is $18.9 million. Sensitivity of results to actuarial assumptions The sensitivity of the defined benefit obligation to the key actuarial assumptions is as follows:
The discount rate sensitivities presented above are estimates based on plan durations. The defined benefit obligation and the current service cost have an implied duration of 10 and 17 years, respectively at current discount rates. If the returns on plan assets had been 10% lower than the actual returns of plan assets experienced in the year ended March 31, 2022, the actuarial loss immediately recognized in other comprehensive income (loss) would have increased by approximately $130.0 million (March 31, 2021 - $114.0 million). |
Other Post-Employment Benefits |
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Other Post-Employment Benefits |
The Company offers post-employment life insurance, health care and dental care to some of its retirees. These obligations are not pre-funded. The most recent actuarial valuations of the present value of the other post-employment benefit obligation were carried out at November 1, 2021. The principal assumptions used for the purposes of the actuarial valuations were as follows:
The components of amounts recognized in the consolidated statements of net income (loss) in respect of these other post-employment benefit plans are presented below:
The components of amounts recognized in the consolidated statements of comprehensive income (loss) in respect of these other post-employment benefit plans are presented below:
The amounts included in the consolidated statements of financial position arising from the Company’s obligation in respect of its other post-retirement benefit plans were as follows:
Reconciliation of the amounts recognized in accumulated other comprehensive income (loss) in the consolidated statements of changes in shareholder’s equity were as follows:
Continuities of the other post-employment benefit plan assets and obligations are as follows:
Cash flow information For the year ended March 31, 2022, the amounts included in the consolidated statements of cash flows in respect of these other post-employment benefit plans was $10.3million (March 31, 2021 - $ 11.0 million, March 31, 2020 - $11.6 million). The Company’s expected contributions for the fiscal year ending March 31, 2023 is $ Sensitivity of results to actuarial assumptions The sensitivity of the other post-employment benefit obligation to changes in the discount rate, health care cost trend rate and mortality assumptions are as follows:
The discount rate sensitivities presented above are estimates based on plan durations. The other post-employment benefit obligation and the current service cost have an implied duration of 14.4 and 30 years, respectively at current discount rates. |
Other Long-Term Liabilities |
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Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Other Long-Term Liabilities |
Long-term disability plan obligation The Company maintains a long-term disability plan. Under this plan, the Company offers continuation of medical and dental benefits for employees on long-term disability leaves of absence. The Company recognizes the present value of the long-term disability benefit obligation based on the number of employees on long-term disability. The most recent actuarial determination of the Company’s long-term disability obligation was carried out at March 31, 2022. At March 31, 2022, the long-term disability plan had a carrying value of $ 0.8 million (March 31, 2021 - $ 1.1 million). Accrued interest payable, Provincial MENDM Loan As disclosed in Note 20, the Company has entered into an agreement with the Ministry of Energy, Northern Development and Mines under which the Company will receive a $60.0 million low interest loan. At March 31, 2022, the accrued interest payable under this agreement was $2.3 million (March 31, 2021 – $1.4 million). |
Environmental Liabilities |
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Environmental Liabilites |
On November 30, 2018, the Company entered into agreements with the Province of Ontario, through the Ministry of the Environment, Conservation and Parks and the Ministry of Energy, Northern Development and Mines. These agreements relate to the Company’s operation site, and certain Northern Ontario mine sites owned by Old Steelco Inc., and not purchased by the Company. These agreements limit the Company’s obligations with respect to legacy environmental contamination, and impose certain risk management, risk mitigation, site remediation and funding obligations on the Company. The Company recognizes the present value of these environmental liabilities over 20 years commencing November 2018 at a discount rate of 9.0%. At March 31, 2022, the Company has provided letters of credit totalling of $16.1 million (March 31, 2021 - $ 17.2 million) to the Ministry of Energy, Northern Development and Mines; $13.7 million in respect of the Company’s operation site (March 31, 2021 - $ 13.7 million) and $2.4 million (March 31, 2021 - $ 3.5 million) in respect of certain Northern Ontario mine sites owned by Old Steelco Inc. Letters of credit are disclosed in Note 12 and Note 16.Reconciliation of Environmental liabilities
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Tax Matters |
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Tax Matters |
The components of income tax (recovery) expense for the years ended March 31, 2022, March 31, 2021, and March 31, 2020 are as follows:
Income taxes in the consolidated statements of net income (loss) for the years ended March 31, 2022, March 31, 2020 and March 31, 2020 vary from amounts that would be computed by applying statutory income tax rates for the following reason:
The applicable tax rate is the aggregate of the Canadian federal income tax rate of 15.0% and the Canadian provincial income tax rate of 10.0%. The tax-effected temporary differences which result in deferred income tax assets and (liabilities) and the amount of deferred income taxes recognized in the consolidated statements of comprehensive income (loss) for the year ended March 31, 2022 are as follows:
At March 31, 2022, the Company has fully utilized non-capital tax losses available of $306.5 million. The tax-effected temporary differences which result in deferred income tax assets and (liabilities) and the amount of deferred income taxes recognized in the consolidated statements of comprehensive income (loss) for the year ended March 31, 2021 are as follows:
As of March 31, 2021, net deferred tax assets of $60.1 million were not recognized as a result of Management’s assessment of whether sufficient future taxable income would be generated to permit use of the deferred tax assets. Management assessed the available positive and negative evidence. A significant piece of objective evidence was the cumulative loss the Company had incurred over the previous two years of its operations. Such objective evidence limited the ability to consider other subjective evidence, such as Management’s projections for future growth. |
Commitments and Contingencies |
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Commitments and Contingencies |
Property, plant and equipment In the normal course of business operations the Company has certain commitments for capital expenditures related to the maintenance and acquisition of property, plant and equipment. Key inputs to production The Company requires large quantities of iron ore, coal, oxygen, electricity and natural gas in order to satisfy the demands of the steel manufacturing operation. The Company makes most of its purchases of these principal raw materials at negotiated prices under annual and multi-year agreements. These agreements provide the Company with comfort that an adequate supply of these key raw materials will be available to the Company at a price acceptable to the Company. Legal Matters Additionally, from time to time, in the ordinary course of business, the Company is a defendant or party to a number of pending or threatened legal actions and proceedings. Although such matters cannot be predicted with certainty, management currently considers the Company’s exposure to such ordinary course claims and litigation, to the extent not covered by the Company’s insurance policies or otherwise provided for, not to have a material adverse effect on these consolidated financial statements. In addition, the Company is involved in and potentially subject to regular audits from federal and provincial tax authorities relating to income, capital and commodity taxes and, as a result of these audits, may receive assessments and reassessments. |
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Commitments and Contingencies |
The Parent Company has guaranteed the borrowings on the government loans and Revolving Credit Facility entered into by its subsidiaries. At March 31, 2022, the Company had drawn $0.1 million (US $0.09 million), and there was $278.2 million (US $222.6 million) of unused availability after taking into account $34.1 million (US $27.3 million) of outstanding letters of credit and borrowing base reserves. At March 31, 2021, the Company had drawn $90.1 million (US $71.7 million), and there was $200.8 million (US $156.5 million) of unused availability after taking into account $27.4 million (US $21.8 million) of outstanding letters of credit, and borrowing base reserves. At March 31, 2022, the government loans had a carrying amount of $95.2 million (March 31, 2021—$86.4 million). |
Capital Stock |
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Capital Stock |
1. Retrospectively adjusted to reflect the reverse stock split, described below. On March 23, 2021, the Company was incorporated with one share. On March 29, 2021, the Company entered into an agreement with Algoma Steel Intermediate Parent S.A.R.L. to purchase all of the issued and outstanding Common shares (100,000,001) held in Algoma Steel Holdings Inc. in exchange for 100,000,000 additional Common shares in the Company. On October 18, 2021, the Company executed a return of capital to Algoma Steel Intermediate Parent S.a.r.l., a former related party and commonly controlled affiliate of Algoma Steel Parent S.C.A., the Company’s former ultimate parent company. The Company’s subsidiary, Algoma Steel Inc. provided a loan to facilitate the payment totalling $8.3 million (US $6.7 million) (refer to Note 31). Pursuant to the Merger Agreement with Legato (refer to Note 4), on October 19, 2021, the Company effected a reverse stock split, such that each outstanding common share became such number of common shares as determined by the conversion factor of 71.76775% (as defined in the Merger Agreement). As a result, the 100,000,001 common shares outstanding on the day prior to the Merger were split into 71,767,775 common shares. Further, the Company issued an additional 30,306,320 and 10,000,000 common shares to the Legato common shareholders and certain investor (“PIPE Investors”), respectively, in accordance with the Merger Agreement. As a result, capital stock was increased by $542.7 million, net of share issuance costs of $2.2 million (US $439.1 million). On February 9 , 2022, the Company issued 35,883,692 common shares in connection with the earnout rights granted to non-management shareholders that existed prior to the Merger (refer to Note 4). On March 3, 2022, the Company announced a normal course issuer bid (the “NCIB”) after receiving regulatory approval from the Toronto Stock Exchange. Pursuant to the NCIB, the Company is authorized to acquire up to a maximum of 7,397,889 of its shares, or 5% of its 147,957,790 issued and outstanding shares as of February 18, 2022, subject to a daily maximum of 16,586 shares. The common shares are available for purchase for cancellation commencing on March 3, 2022 until no later than March 2, 2023. No shares were repurchased by the Company under the NCIB during the year ended March 31, 2022. On March 31, 2022, a dividend payment of $9.3 million (US $7.4 million)was paid and recorded as a distribution through retained earnings (refer to Note 35). |
Net Income (Loss) Per Share |
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Net Income (Loss) Per Share |
The following table sets forth the computation of basic and diluted net income (loss) per common share:
Concurrently, the Company issued an additional 30,306,320 and 10,000,000 common shares to the Legato common shareholders and PIPE Investors, respectively. These common shares have been included in the weighted average common shares outstanding. Further, upon the consummation of the Merger, the Company cancelled the previous long-term incentive plan (“LTIP” or “Plan”) and all outstanding awards under the Plan were replaced with Replacement LTIP awards (refer to Note 4). The 3,232,628 units of Replacement LTIP Awards granted to the former shareholders and LTIP award holders of the Company are also included within the weighted average common shares outstanding, as the Replacement LTIP Awards are fully vested and exercisable for a nominal price. Subsequent to the cancellation of the Plan, the C ompany introduced an Omnibus Equity Incentive Plan (“Omnibus Plan”). On February 9, 2022, the Board of Directors granted 38,577 deferred share units. The deferred share units are included within the weighted average common shares outstanding, as the units are exercisable for little or no consideration. As part of the Merger, a maximum of 37,500,000 earnout rights were granted to all of the previous shareholders of the Company, including LTIP award holders, and become issuable when specific financial targets are met within a prescribed timeframe. The required financial targets were achieved on December 31, 2021 and have been included in the calculation of basic and diluted net income (loss) per common share as if they were issued on that day. Refer to Note 4 for further details on the common shares, warrants, Replacement LTIPs and earnout rights related to the Merger. |
Net Change In Non-Cash Operating Working Capital |
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Net Change In Non-Cash Operating Working Capital |
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Related Party Transactions and Balances |
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Related Party Transactions And Balances |
Former parent company promissory note receivable Due to the merger transaction described in Note 4, the Company is no longer a related party of Algoma Steel Parent S.C.A., and its commonly controlled affiliates. Further, Algoma Steel Parent S.C.A. settled its promissory note payable to the Company for $2.2 million (US $1.7 million) by receiving a net amount of $6.5 million (US $5.0 million) in exchange for settling this note payable with the return of capital of $8.3 million (US $6.7 million), as explained in Note 28. To facilitate this payment, the Company entered an agreement with its subsidiary, Algoma Steel Inc. to pay the net amount of $6.5 million (US $5.0 million) on its behalf. The Company settled the loan to its subsidiary, Algoma Steel Inc. with net proceeds from the merger transaction. |
Financial Instruments |
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Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments |
Fair value of financial instruments The fair value of cash, restricted cash, accounts receivable, margin payments, bank indebtedness and accounts payable and accrued liabilities approximates their carrying value due to the short-term nature of these instruments. The fair value of the Revolving Credit Facility, disclosed in Note 16 approximates the respective carrying value due to variable interest rates. The fair value of natural gas and steel commodity swaps are classified as Level 2 and is calculated using the mark-to-market The fair value of the warrant liability, earnout liability and the share-based payment compensation liability are classified as Level 1 and is calculated using the quoted market price of the Company’s common shares at the end of each reporting period. The Company’s financial assets and financial liabilities are classified and measured as follows:
Financial risk management The Company’s activities expose it to a variety of financial risks including credit risk, liquidity risk, interest rate risk and market risk. The Company may use derivative financial instruments to hedge certain of these risk exposures. The use of derivatives is based on established practices and parameters, which are subject to the oversight of the Board of Directors. The Company does not utilize derivative financial instruments for trading or speculative purposes. Credit risk Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises primarily from the Company’s receivables from customers. The Company has an established credit policy under which each new customer is analyzed individually for creditworthiness before the Company’s standard payment and delivery terms and conditions are offered. The Company’s review includes a review of the potential customer’s financial information, external credit ratings and bank and supplier references. Credit limits are established for each new customer and customers that fail to meet the Company’s credit requirements may transact with the Company only on a prepayment basis. The maximum credit exposure at March 31, 2022 is the carrying amount of accounts receivable of $402.3 million (March 31, 2021 - $ 274.6 million). At March 31, 2022 and March 31, 2021, there was no customer account greater than 10% of the carrying amount of accounts receivable. As at March 31, 2022, $2.1 million, or 0.5% (March 31, 2021- $ 2.3 million, or 0.9%), of accounts receivable were more than 90 days old. The Company establishes an allowance for doubtful accounts that represents its estimate of losses in respect of accounts receivable. The main components of this allowance are a specific provision that relates to individual exposures and a provision for expected losses that have been incurred but not yet identified. The allowance for doubtful accounts at March 31, 2022 was $2.4 million (March 31, 2021 - $ 1.8 million), as disclosed in Note 13. The Company may be exposed to certain losses in the event of non-performance by counterparties to derivative financial instruments such as commodity price contracts and foreign exchange contracts. The Company mitigates this risk by entering into transactions with highly rated major financial institutions. Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they come due. The Company manages liquidity risk by maintaining adequate cash balances. The Company continuously monitors and reviews actual and forecasted cash flows to ensure adequate liquidity and anticipate liquidity requirements. The Company’s objectives and processes for capital management, including the management of long-term debt, are described in Note 6. The following table discloses the Company’s contractually agreed (undiscounted) cash flows payable under financial liabilities, as at March 31, 2022:
The following table discloses the Company’s contractually agreed (undiscounted) cash flows payable under financial liabilities as at March 31, 2021:
Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and commodity prices, will affect the Company’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return on risk. As disclosed in Note 21, during the year ended March 31, 2022, the Company was a party to agreements to hedge the commodity price risk associated with the cost of natural gas and the revenue on the sale of steel. These activities are carried out under the oversight of the Company’s Board of Directors. Currency risk The Company is exposed to currency risk on purchases, labour costs and pension and other post retirement employment benefits liabilities that are denominated in Canadian dollars. The prices for steel products sold in Canada are derived mainly from price levels in the US market in US dollars converted into Canadian dollars at the prevailing exchange rates. As a result, a stronger US dollar relative to the Canadian dollar increases the Company’s Canadian dollar selling prices for sales within Canada. The Company’s Canadian dollar denominated financial instruments as at March 31, 2022, and March 31, 2021, were as follows:
A $0.01 decrease (or increase) in the US dollar relative to the Canadian dollar for the year ended March 31, 2022 would have decreased (or increased) income (loss) from operations by $1.9 million (March 31, 2021 - $ 0.1 million). Interest rate risk Interest rate risk is the risk that the value of the Company’s assets and liabilities will be affected by a change in interest rates. The Company’s interest rate risk mainly arises from the interest rate impact on its banking facilities and debt. The Company may manage interest rate risk through the periodic use of interest rate swaps. For the years ended March 31, 2022 and March 31, 2021, a increase (or decrease) in interest rates would have decreased (or increased) net income (loss) by approximately nil and $6.4 million, respectively. The Company is exposed to interest rate benchmark, LIBOR, which is subject to interest rate benchmark reform. The exposure arises on financial liabilities bearing interest at LIBOR plus basis points including the Company’s Revolving Credit Facility, Secured Term Loan Facility and Algoma Docks Term Loan Facility, as disclosed in Notes 16 and 19. The Company paid the Secured Term Loan and Algoma Docks Term Loan Facilities in full in November 2021. The Company is closely monitoring the market and the output from the various industry working groups managing the transition to new benchmark interest rates including announcements made by Interbank Offered Rate (IBOR). The referenced benchmark rates applicable to the Company are expected to be published until at least June of 2023 and prior to their expiry Algoma will work with the administrative agent of its various LIBOR exposed credit agreements to replace LIBOR with a fallback reference rate at similar commercial terms to today’s rates. Commodity price risk The Company is subject to price risk from fluctuations in the market prices of commodities, including natural gas, iron ore and coal. The Company enters into supply agreements for certain of these commodities as disclosed in Note 27. To manage risks associated with future variability in cash flows attributable to certain commodity purchases, the Company may use derivative instruments with maturities of 12 months or less as disclosed in Note 21 to hedge the commodity price risk associated with the cost of natural gas and the revenue on the sale of steel. At March 31, 2022, the Company had commodity-based swap contracts with an aggregate notional quantity of 90,000 net tons (March 31, 2021
hot-rolled coil (U.S. Midwest Domestic Hot-Rolled Coil Steel (CRU) Index), assuming foreign exchange remains unchanged, would result in approximately $15.6 million (March 31, 2021- $ 16.8 million) decrease in the Company’s profit or loss. |
Key Management Personnel |
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Key Management Personnel |
The Company’s key management personnel, and persons connected with them, are also considered to be related parties for disclosure purposes. Key management personnel are defined as those individuals having authority and responsibility for planning, directing and controlling the activities of the Company and include the executive leadership team (ELT) and the Board of Directors. Remuneration of the Company’s Board of Directors and ELT for the respective periods is as follows:
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Share Based Compensation |
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Mar. 31, 2022 | |||
Text Block [Abstract] | |||
Share Based Compensation |
Long-term incentive plan On May 13, 2020, Algoma Steel Holdings Inc. established a long-term incentive plan (“LTIP” or “Plan”), which was approved by the Board of Directors. The LTIP was designed to promote the alignment of senior management and employees of the Company with long-term shareholder interests. Upon the consummation of the Merger on October 19, 2021, the Company cancelled the previous Plan and all outstanding awards under the Plan were replaced with Replacement LTIP awards (refer to Note 4). Subsequent to the cancellation of the Plan, the company introduced an Omnibus Equity Incentive Plan (“Omnibus Plan”). Under the terms of the Omnibus Plan, the maximum number of common shares that may be subjected to awards is 8.8 million common shares. The awards issuable under the Plan consists of Restricted Share Units (“RSU”), Deferred Share Units (“DSU”) Performance Share Units (“PSU”) and stock options. Deferred share units Under the terms of the Omnibus Plan, DSUs may be issued to members of the Board of Directors as may be designated by the Board of Directors from time-to-time non-market based performance conditions. DSUs do not have an exercise price and become exercisable for one common share of the Company upon the retirement of the Director, or in the event of incapacity. The price of the Company’s common shares on the grant date is used to approximate the grant date fair value of each unit of DSUs.As of March 31 2022 , 54,558 DSUs under the Omnibus Plan were granted to certain Directors of the Company, with a grant date fair value of US $9.54 per DSUbased on the market price of the Company’s common shares. The DSUs vested immediately upon issuance . Accordingly, the Company recorded a share-based payment compensation expense of $0.7 million (March 31, 2021 - $ 14.1 million) in administrative and selling expenses on the consolidated statement of net income (loss) and contributed surplus on the consolidated statements of financial position. No exercises or forfeiture of DSUs have been recorded to date. Restricted share units and performance share units On March 28, 2022, the Board of Directors approved the resolution to grant RSUs and PSUs in accordance with the Omnibus Plan during the first quarter of the year ending March 31, 2023. Grant agreements will be issued to certain employees with specific terms and conditions, as well as certain performance targets that will need to be met during the year ending March 31, 2023 in order for the awards to vest. |
Dividends |
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Dividends |
On March 31, 2022, the Company made a dividend payment of US$0.05 per common share for shareholders of record at market close on February 28, 2022. A total of $9.3 million (US $7.4 million) was paid and recorded as a distribution through retained earnings. |
Subsequent Events |
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Subsequent Events |
On June 9, 2022, the Company experienced an incident where an oil-based lubricant was released from our hot mill in Sault Ste. Marie. We may be subject to regulatory fines and other public and private actions in the future as a result of the incident but the financial and other impact of this incident is currently unknown. On June 13, 2022, the Board of Directors approved the Company’s intention to pursue a Substantial Issuer Bid in Canada, as well as Tender Offer in the United States (collectively, the “Share Repurchase”) using a “Modified Dutch Auction” to repurchase its common shares and aggregate value of the Share Repurchase of US $400 million. Conditions of the Share Repurchase, including the pricing range per share will be determined following the release of the Company’s financial results for the year ended March 31, 2022. The Company will fund the purchase of tendered shares from cash on hand. |
Schedule I - Combined Condensed Statements of Net Income (loss) |
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Combined Condensed Statements of Net Income (loss) | Schedule I – Combined Condensed Statements of Net Income (loss)
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Schedule I - Combined Condensed Statements of Comprehensive Income (loss) |
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Statement of comprehensive income [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Statement Of Comprehensive Income [Text Block] | Schedule I – Combined Condensed Statements of Comprehensive Income (loss)
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Schedule I - Combined Condensed Statements of Financial Position |
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Statement of financial position [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Combined Condensed Statements of Financial Position | Schedule I - Combined Condensed Statements of Financial Position
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Schedule I - Combined Condensed Statement of Changes in Shareholders' Equity |
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Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Combined Condensed Statement of Changes in Shareholders' Equity | Schedule I - Combined Condensed Statement of Changes in Shareholders’ Equity
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Schedule I - Combined Condensed Statements of Cash Flows |
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Parent Company Combined Condensed Statements Of Cash Flows [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Combined Condensed Statements of Cash Flows | Schedule I – Combined Condensed Statements of Cash Flows
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Significant Accounting Policies (Policies) |
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Foreign exchange transactions | Foreign exchange transactions Transactions in currencies other than the Company’s functional currency are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are translated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost are not re-translated. Exchange gains or losses arising from translations of foreign currency monetary assets, liabilities and transactions are recorded in foreign exchange loss (gain) in the consolidated statements of net income (loss). |
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Financial Instruments | Financial Instruments The Company’s financial assets and liabilities (financial instruments) include cash, restricted cash, accounts receivable, margin payments, related party receivable, derivative financial instruments, bank indebtedness, accounts payable and accrued liabilities, warrant liability, earnout liability, debt and governmental loans. Recognition Financial assets and financial liabilities are recognised in the consolidated statements of financial position when the Company becomes party to the contractual provisions of the instrument, and they are initially measured at fair value. Financial assets are derecognized when the contractual rights to the cash flows expire or when the Company transfers substantially all the risks and rewards of ownership of the financial assets to another party. Financial liabilities are derecognized when the contractual obligations are discharged, cancelled, or expired. A write-off of a financial asset (or a portion thereof) constitutes a derecognition event. Write-off occurs when the Company has no reasonable expectations of recovering the contractual cash flows associated with a financial asset. Classification and measurement The classification of financial instruments is determined at the time of initial recognition, within the following categories:
Financial assets are classified and subsequently measured based on the business model in which they are managed and their cash flow characteristics. Financial assets are measured at amortized cost if they meet both of the following conditions and are not designated as FVTP(L):
All other financial assets are measured at their fair values at each subsequent reporting period, with any changes recorded through profit and loss or through other comprehensive income, if the designation is made as an irrevocable election upon initial recognition. Financial liabilities are classified as subsequently measured at amortized cost or FVTPL. A financial liability is classified as FVTPL if it is contingent consideration of an acquirer in a business combination, held-for-trading, Derivative financial instruments are recognised initially at fair value on the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting date. Impairment of financial assets carried at amortized cost The Company utilizes an ‘expected credit loss’ (“ECL”) model, as required by IFRS 9 – Financial Instruments . Accounts receivable are subject to lifetime ECL which is measured as the difference in the present value of the contractual cash flows that are due under the contract, and the cash flows that are expected to be received. The Company applies the simplified approach at each reporting date on its accounts receivable and considers both current and forward-looking macro-economic factors that may affect historical default rates when estimating ECL. Accounts receivable, together with the associated allowance, are written off when there is no realistic prospect of future recovery and all collateral has been realized or has been transferred to the Company. If, in a subsequent year, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognized, the previously recognized impairment loss is increased or decreased by adjusting the carrying value of the loan or receivable. If a past write-off is later recovered, the recovery is recognized in the consolidated statements of net income (loss). |
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Fair value of financial instruments | Fair value of financial instruments Fair value is the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In assessing the fair value of a particular contract, the market participant would consider the credit risk of the counterparty to the contract. Consequently, when it is appropriate to do so, the Company adjusts the valuation models to incorporate a measure of credit risk. Fair value represents management’s estimates of the current market value at a given point in time. The Company has certain financial assets and liabilities that are measured at fair value. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (for example, interest rate and yield curves observable at commonly quoted intervals, forward pricing curves used to value currency and commodity contracts), or inputs that are derived principally from or corroborated by observable market data or other means. Level 3 inputs are unobservable (supported by little or no market activity). The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. There were no transfers among Levels 1, 2 and 3 during the years ended March 31, 2022, 2021 and 2020. The Company’s policy is to recognize transfers into and transfers out of fair value hierarchy levels as of the date of the event or change in circumstances that caused the transfer. |
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Hedge accounting | Hedge accounting Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. The method of recognizing the resulting gain and loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The derivatives are designated as hedges of a particular risk associated with a recognized asset or liability or highly probable forecasted transaction (cash flow hedge). The Company designates certain derivatives as hedging instruments in respect of commodity price risk , which are accounted for as cash flow hedges. At the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and hedged item, as well as its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, the Company documents its assessment, both at hedge inception and on an ongoing basis, as to whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk. Hedge relationship meets effectiveness requirements when it meets all of the following:
The full fair value of a derivative financial instrument is classified as a
non-current asset or liability when the remaining life of the hedged item is more than 12 months and as a current asset or liability when the remaining life of the hedged item is less than 12 months. |
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Cash flow hedges | Cash flow hedges The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify as cash flow hedge is recognized in other comprehensive income (loss) and accumulated under the heading of cash flow hedge reserve – unrealized loss, limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss, and is included in revenue (steel hedges) and cost of sales (natural gas hedge) line items. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss in equity at that time remains in equity and is recognized when the forecasted transaction affects income (loss). When a forecasted transaction does not occur, the cumulative gain or loss that was reported in equity is immediately classified to the statement of profit and loss. |
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Accounts receivable | Accounts receivable Accounts receivable are recognized initially at transaction price and are non-interest bearing. Management analyzes accounts receivable and notes receivable to determine the allowance for doubtful accounts by assessing the collectability of receivables owing from each individual customer. This assessment takes into consideration certain factors including the age of outstanding receivable, customer operating performance, historical payment patterns and current collection efforts, relevant forward looking information and the Company’s security interests, if any. Recoveries of accounts receivables previously provided for in the allowance for doubtful accounts are deducted from administrative and selling expenses in the consolidated statements of net income (loss). |
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Inventories | Inventories Raw materials, work in process and finished products inventories are measured at the lower of average cost and net realizable value. Average cost for finished goods and work in process is comprised of direct costs and an allocation of production overheads, including depreciation expense. Supplies inventories are measured at the lower of average cost and net realizable value. |
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Property, plant and equipment, net | Property, plant and equipment, net Items of property, plant and equipment are recorded at cost less accumulated amortization and impairment. The cost of an item of property or equipment comprises costs that can be directly attributed to its acquisition and to bringing the asset to a working condition for its intended use, including borrowing costs that meet the criteria for capitalization and initial estimates of the cost of dismantling and removing the item and restoring the site on which it is located. The cost of self-constructed and self-installed assets includes the cost of direct labour in addition to the costs listed above. Depreciation is calculated generally by the straight-line method based on estimated useful lives as follows:
The Company also separately recognizes the cost of replacement parts and major overhaul or inspection costs if the cost of the item can be reliably measured or estimated and it is probable that the future economic benefits will be realized by the Company. When such items are replaced the carrying amount of the replaced component is derecognized. The costs of maintenance and repairs of property, plant and equipment are recognized in profit or loss as incurred. Componentization When significant components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items and depreciated over the respective useful lives. Useful life, depreciation method, residual value Estimates of the useful lives of items of property, plant and equipment are based on management’s judgement as to the physical and economic useful lives of assets and as such are subject to change in future periods. Depreciation methods, useful lives and residual values are reviewed at each reporting date with the effect of any changes in estimate being accounted for on a prospective basis. Derecognition of property plant and equipment An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss. Accounting policies relevant to government funding The benefit of Government funding is not recognized until there is reasonable assurance that the Company will comply with the conditions attaching to it and that the funding will be received. Benefits related to Government funding in the form of low interest rate loans, interest free loans and grants for items of capital are presented in the consolidated statements of financial position as an offset to the carrying value of the property, plant and equipment to which the benefits relate. In the case of low interest rate loans and interest free loans, the benefit is calculated as the difference between the fair value amount of the low interest rate loan or the interest free loan and the proceeds received. Claims under government grant programs related to income are recorded within the consolidated statement of profit and loss as a reduction of the related item the grant is intended to offset, in the period in which the eligible expenses were incurred or when the services have been performed. |
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Intangible assets, net | Intangible assets, net Intangible assets are measured and stated at cost, net of accumulated depreciation and any recognized impairment in value. The Company’s intangible assets comprising computer software are amortized on a straight-line basis over their estimated useful lives ranging from 3 to 10 years. Derecognition of intangible assets An intangible asset is derecognized on disposal, or when no future economic benefits are expected from its use. Gains or losses arising from derecognition of an intangible asset measured as the difference between the net disposal proceeds and the carrying amount of the asset are recognized in profit or loss when the asset is derecognized. |
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Impairment of tangible and intangible assets | Impairment of tangible and intangible assets Property, plant and equipment and intangible assets are reviewed at the end of each reporting period to determine whether there is any indication of impairment. If any such indication exists then the recoverable amount of the asset is estimated. The recoverable amount of an asset is defined as the higher of its fair value less costs to sell and its value in use. Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the Cash Generating Unit (“CGU”) to which the asset belongs. The CGU corresponds to the smallest identifiable group of assets whose continuing use generates cash inflows that are largely independent of the cash flows from other groups of assets. An impairment loss is recognized when the carrying amount of an asset, or of the CGU to which it belongs, exceeds the recoverable amount. In determining value in use, the Company estimates cash flows before taxes based on most recent actual results and forecasts and then determines the current value of future estimated cash flows. Impairment losses are recognized in the consolidated statements of net income (loss). An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. The increased carrying amount of an asset attributable to a reversal of impairment loss may not exceed the carrying amount that would have been determined had no impairment loss been recognized in prior periods. |
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Leases | Leases At inception of a contract, the Company assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company, as a lessee, recognizes a right-of-use net income (loss). The Company has elected not to recognize
right-of-use low-value assets. These types of leases are recorded in the consolidated statement of net income (loss) as incurred. |
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Borrowing costs | Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognized in profit or loss in the period in which they are incurred. |
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Retirement benefit costs | Retirement benefit costs The Company provides pensions and certain health care, dental care, life insurance and other benefits for certain retired employees pursuant to Company policy. For defined benefit pension plans and other post-employment benefits, the defined benefit cost is actuarially determined on an annual basis by independent actuaries using the projected unit credit method. Remeasurement comprising of actuarial gains and losses, the effect of the asset ceiling and the return on plan assets (excluding interest) are recognized immediately in the consolidated statements of financial position with a charge to other comprehensive income (loss) in the period in which they occur. The Company has elected to transfer those amounts recognized in other comprehensive income (loss) to a separate reserve within equity. Net-interest is calculated by applying the discount rate to the net defined benefit liability. Defined benefit and other post-employment benefit costs are split into three categories:
The Company recognizes the first two components of defined benefit costs in profit or loss in its consolidated statements of net income (loss): service cost, past service cost, gains and losses on curtailments and settlements in Cost of sales and Administrative and selling expenses; and net interest expense in Interest on pension and other post-employment benefit obligations. The determination of a benefit expense requires assumptions such as the discount rate, the expected mortality, the expected rate of future compensation increases and the expected healthcare cost trend rate. Actual results will differ from estimated results which are based on these assumptions. The asset or liability recognized in the consolidated statements of financial position represents the actual plan situation in the Company’s defined benefit and other post-employment benefit plans. All actuarial gains and losses that arise in calculating the present value of the defined benefit obligation and the plan assets, the remeasurement components, are recognized immediately in other comprehensive income (loss). Any defined benefit asset resulting from this calculation is limited to the present value of any economic benefit in the form of refunds from the plan or reduction in future contributions to the plan. Payments to defined contribution retirement benefit plans are recognized as an expense when employees have rendered service entitling them to the contributions. |
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Termination benefits | Termination benefits Termination benefits are recognized as an expense when the Company is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary retirement. Termination benefits for voluntary retirements are recognized the earlier of the date when the Company recognizes related restructuring costs and the date when the Company can no longer withdraw the offer of the benefits related to the voluntary retirement. |
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Short-term benefits | Short-term benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. |
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Environmental liabilities | Environmental liabilities An environmental liability is recognized if, as a result of an agreement, the Company has a present legal obligation that can be estimated reliably and it is probable that an outflow of economic benefits will be required to settle the obligation. The amount recognized as an environmental liability is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account risks and uncertainty of cash flow. Where the effect of discounting is material, environmental liabilities are determined by discounting the expected future cash flows at a
pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance cost. |
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Long-term debt | Long-term debt Long-term debt is recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; transaction costs related to the Secured Term Loan Facility and the Algoma Docks Term Loan Facility are amortized in profit or loss using the effective interest method. |
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Revenue recognition | Revenue recognition The Company’s revenue is generated primarily from contracts to produce, ship and deliver steel products, and to a lesser extent, to deliver non-steel by-products of the steelmaking processes, such as tar, crude light oil and related freight revenue. Revenue is measured at the fair value of the consideration received or receivable, net of returns and allowances, trade discounts, volume rebates and other incentives. Revenue from the sale of goods is recognized to the extent that it is probable that the economic benefits will flow to the Company, can be reliably measured, and at a point-in-time when the performance obligation is satisfied by transferring the promised good to a customer. A good is considered transferred when the customer obtains control, which is defined as the ability to direct the use of and obtain substantially all of the remaining benefits of an asset. Upon the fulfillment of these criteria, revenue and costs associated with such are included in the consolidated statements of net income (loss). Freight and other transportation costs billed to customers are recorded gross within revenue and cost of goods sold. The Company has pricing latitude in revenue arrangements and is also exposed to inventory and credit risks. The Company offers industry standard payment terms that typically requires payment from customers 30 days after title and control transfers . |
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Research | Research Research costs are charged to operations as incurred, due to the nature of the projects. Where government incentives in the form of investment tax credits and grants are received for research projects initiated by the Company for its own purposes, these incentives are deducted from the applicable category of expenditures. |
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Finance income | Finance income Finance income is comprised of interest income on short-term deposits. Interest income Interest income from financial assets is recognized when it is probable that the economic benefits will flow to the Company and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable. |
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Finance cost | Finance cost Finance cost is comprised of interest expense on borrowings, amortization of issuance costs, and accretion of environmental liabilities. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognized in profit or loss using the effective interest method. Costs related to issuance of the Secured Term Loan Facility and the Algoma Docks Term Loan Facility are recorded as a component of the carrying amount of the related debt and are amortized to profit or loss using the effective interest method. Costs related issuance of the Revolving Credit Facility are recorded in other assets and are amortized to profit or loss on a straight line basis over the period of the facility. Actuarially determined interest costs related to the defined benefit pension obligation and the other post-employment benefit obligation are recorded respectively as components of the carrying amount of the accrued pension liability and the accrued other post-employment benefit obligation. |
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Taxation | Taxation Current and deferred income tax are recognized in net income (loss), except when they relate to items that are recognized in other comprehensive income (loss) or directly in equity, in which case, the current and deferred income tax are also recognized in other comprehensive income (loss) or directly in equity, respectively. Current tax The current tax expense is based on taxable income for the year. Taxable income differs from net income (loss) before taxes as reported in the consolidated statements of net income (loss) because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred income tax Deferred income tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable income . Deferred income tax liabilities are generally recognized for all taxable temporary differences. Deferred income tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable income will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the asset to be recovered. The Company had incurred net losses for the years ended March 31, 2021 and March 31, 2020. For the years ended March 31, 2021 and March 31, 2020, the Company did not have sufficient evidence to support a determination that sufficient future taxable income was probable. In accordance with IFRS, the Company did not recognize deferred tax assets. For the year ended March 31, 2022, the Company has utilized all non-capital losses carried forward and there is no balance recognized as a deferred tax asset associated with these losses. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred income tax assets and liabilities reflects the tax consequences, based on management’s expectation at the end of the reporting period, |
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Share-based payment | Share-based payment The Company provides certain employees with long-term incentive awards. Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value includes the effect of market based vesting conditions but excludes the effect of non-market-based performance conditions. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in Note 4 and Note 34.The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the expected vesting period, which is determined based on the Company’s expected timing on meeting the non-market performance condition. The impact of the revision of the original estimates, if any, is recognized in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity. For cash-settled share-based payments, a liability is recognized for the goods or services acquired, measured initially at the fair value of the liability. At each reporting date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognized in profit or loss for the year. |
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Comprehensive Income (Loss) | Comprehensive Income (Loss) Other comprehensive income (loss) (“OCI(L)”) includes foreign exchange gain on translation to the Company’s presentation currency from the US Dollar functional currency. OCI(L) includes actuarially determined gains and losses on post employment benefits offered to certain employees and the effect of any limits applied to the defined benefit asset. OCI(L) also includes unrealized loss on cash flow hedge reserve. Comprehensive income (loss) is composed of net income (loss) and OCI(L). Accumulated OCI(L) is a separate component of Shareholders’ Equity which includes the accumulated balances of all components of OCI(L) which are recognized in comprehensive income (loss) but excluded from net income (loss). |
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New IFRS Standards, Amendments and Interpretations adopted as of April 1, 2021 (effective January 1, 2021) | New IFRS Standards, Amendments and Interpretations adopted as of April 1, 2021 (effective January 1, 2021) The Company adopted the following amendments which did not have a material impact on its financial statements: Interest Rate Benchmark Reform – Phase 2 In August 2020, the IFRS Board issued amendments that complemented those issued in 2019 and focus on the effects of the interest rate benchmark reform on a Company’s financial statements that arise when, for example, an interest rate benchmark used to calculate interest on a financial asset is replaced with an alternative benchmark rate. The Phase 2 amendments address issues that might affect financial reporting during the reform of an interest rate benchmark, including the effects of changes to contractual cash flows or hedging relationships arising from the replacement of an interest rate benchmark with an alternative benchmark rate (replacement issues). The amendment is effective for annual reporting periods beginning on or after January 1, 2021. Although the Company has various debt instruments with interest rate benchmarked to LIBOR, these facilities were fully repaid before March 31, 2022. Further, the Company intends to renegotiate the related debt agreements before June 2023. Refer to Notes 16, 19 and 32. |
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Standards and Interpretations issued and not yet adopted | Standards and Interpretations issued and not yet adopted Proceeds before Intended Use IAS 16 “Property, Plant and Equipment (PPE)” sets out an amendment prohibiting an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while Cost of Fulfilling a Contract IAS 37 “Onerous Contracts” sets out an amendment clarifying the meaning of “costs to fulfil a contract”. The amendment clarifies that, before a separate provision for an onerous contract is established, an entity recognizes any impairment loss that has occurred on assets used in fulfilling the contract, rather than on assets dedicated to that contract. The application of this amendment is not expected to have a significant impact on the financial position and performance of the Company, or on the Company’s financial reporting. The amendment is effective for annual reporting periods beginning on or after January 1, 2022. Amended Disclosure for Accounting Policies IAS 1 “Presentation of Financial Statements” sets out amendments that are intended to help preparers in deciding which accounting policies to disclose in their financial statements. The application of this amendment is not expected to have a significant impact on the financial position and performance of the Company, or on the Company’s financial reporting. The amendments are effective for annual reporting periods beginning on or after January 1, 2023. Amended Scope of Recognition IAS 12 “Income Taxes” sets out amendments that narrow the scope of recognition exemption in paragraphs 15 and 24 (recognition exemption) so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. The application of this amendment is not expected to have a significant impact on the financial position and performance of the Company, or on the Company’s financial reporting. The amendments are effective for annual reporting periods beginning on or after January 1, 2023. Early adoption is permitted. Definition of Accounting Estimates IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors” sets out amendments introducing the definition of an accounting estimate and include other amendments to assist entities distinguish changes in accounting estimates from changes in accounting policies. The application of this amendment is not expected to have a significant impact on the financial position and performance of the Company, or on the Company’s financial reporting. The amendment is effective for annual reporting periods beginning on or after January 1, 2023 and changes in accounting estimates that occur on or after the start of that period. Early adoption is permitted. Classification of Liabilities as Current or Non-current IAS 1 “Presentation of Financial Statements” sets out amendments to remove the requirement for a right to defer settlement or roll over of a liability for at least twelve months to be unconditional. Instead, such a right must have substance and exist at the end of the reporting period. The amendments also clarify how a company classifies a liability that includes a counterparty conversion option. The application of this amendment is not expected to have a significant impact on the financial position and performance of the Company, or on the Company’s financial reporting. This amendment is effective for annual reporting periods beginning on or after January 1, 2023. Early adoption is permitted. |
Significant Accounting Policies (Tables) |
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Summary of Detailed Information About Estimated Useful life | Depreciation is calculated generally by the straight-line method based on estimated useful lives as follows:
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Merger Transaction (Tables) |
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Summary of Table Reconciles the Elements of the Merge | The following table reconciles the elements of the Merger:
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Summary of Common Shares Outstanding | The following table shows the number of common shares outstanding immediately following the consummation of the Merger:
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Revenue and Segmented Information (Tables) |
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Summary of Internal Performance Measurement and Resource Allocation |
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Cost of Sales (Tables) |
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Summary of Detailed Information About Cost of Sales Explanatory |
F-2 8 |
Administrative and Selling Expenses (Tables) |
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Summary of Detailed Information About Administrative and Selling Expenses |
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Finance Cost (Tables) |
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Summary of Detailed Information About Finance Cost Explanatory |
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Interest On Pension And Other Post-Employment Benefit Obligations (Tables) |
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Summary of Interest On Pension And Other Post Employment Benefit Obligations |
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Accounts Receivable, Net (Tables) |
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Summary of Account Receivable Net Explanatory |
Allowance for doubtful accounts
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Inventories, Net (Tables) |
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Summary of Inventories Net Explanatory |
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Property, Plant and Equipment, Net (Tables) |
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Summary of Property Plant and Equipment, Net |
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Summary of Changes in Cost of Property Plant and Equipment | The following table presents the changes to the cost of the Company’s property, plant and equipment for the years ended March 31, 2022 and March 31, 2021:
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Summary of Changes to Accumulated Amortization of Property Plant and Equipment | The following table presents the changes to accumulated amortization on the Company’s property, plant and equipment for the years ended March 31, 2022 and March 31, 2021:
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Bank Indebtedness (Tables) |
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Summary of Company's Bank Indebtedness Arising from Financing Activities | The changes in the Company’s bank indebtedness for the years ended March 31, 2022 and March 31, 202 1 arising from financing activities are presented below:
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Accounts Payable and Accrued Liabilities (Tables) |
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Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Accounts Payable and Accrued Liabilities |
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Taxes Payable and Accrued Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Taxes Payable and Accrued Taxes |
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Long-Term Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Long Term Borrowings Other Than Bank Loan [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Long Term Borrowings Other Than Bank Loans |
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Summary of Company's Long-term Debt Facilities Arising From Financing Activities | The changes in the Company’s bank indebtedness for the years ended March 31, 2022 and March 31, 202 1 arising from financing activities are presented below:
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Secured Term Loans And Algoma Dock Term Loan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Long Term Borrowings Other Than Bank Loan [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Company's Long-term Debt Facilities Arising From Financing Activities |
F-3 8 |
Governmental Loans (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Details in Tabular Form of Governmental Loans |
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Summary of Company's Long-term Debt Facilities Arising From Financing Activities | The changes in the Company’s Long-term governmental loan facilities arising from financing activities are presented below:
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Summary of applicable interest rates | The applicable interest rates since the inception of this agreement are as follows:
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Derivative Financial Instruments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Fair Value and Notional Amount of Derivatives | The fair value and notional amounts of these derivatives are as follows:
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Summary of Movements in Cash Flow Hedge Reserve | The movements in the cash flow hedge reserve for the years ended March 31, 2022 and March 31, 2021, as a component of Accumulated other comprehensive income (loss) is as follows:
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Pension Benefits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of principal assumptions used for the purposes of the actuarial valuations | The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were carried out at March 1, 2021 for salaried and hourly plans and at April 1, 2021 for the wrap plan. The principal assumptions used for the purposes of the actuarial valuations were as follows:
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Summary of Pension benefit expense recognized in profit or loss, defined benefit plans | The components of amounts recognized in the consolidated statements of net income (loss) in respect of these defined benefit plans are presented below:
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Summary of Pension Benefits Recognized in Statements of Other Comprehensive income Loss | The components of amounts recognized in the consolidated statements of comprehensive income (loss) in respect of these defined benefit plans are presented below:
The amounts included in the consolidated statements of financial position in respect of the Company’s net obligation in respect of its defined benefit plans are as follows:
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Summary of Continuities of the defined benefit plan assets and obligations | Continuities of the defined benefit plan assets and obligations are as follows:
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Summary of Reconciliation of the amounts recognized in accumulated other comprehensive income (loss) | Reconciliation of the amounts recognized in accumulated other comprehensive income (loss) in the consolidated statements of changes in shareholders’ equity were as follows:
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Summary of major categories of plan assets | The major categories of plan assets were as follows:
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Summary of sensitivity the defined benefit obligation to the key actuarial assumptions | The sensitivity of the defined benefit obligation to the key actuarial assumptions is as follows:
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Other Post-Employment Benefits (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure In Tabular Form Of Acturial Assumptons For Pension Plans [Table Text Block] | The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were carried out at March 1, 2021 for salaried and hourly plans and at April 1, 2021 for the wrap plan. The principal assumptions used for the purposes of the actuarial valuations were as follows:
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Summary of Financial Position in Respect of its Other Post-Retirement Benefit Plans | The components of amounts recognized in the consolidated statements of net income (loss) in respect of these defined benefit plans are presented below:
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Summary of Other Comprehensive Income (Loss) in the Consolidated Statements of Changes in Shareholder's Equity | Reconciliation of the amounts recognized in accumulated other comprehensive income (loss) in the consolidated statements of changes in shareholders’ equity were as follows:
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Summary of Other Post-Employment Benefit Obligation to Changes in the Discount Rate, Health Care Cost Trend Rate and Mortality Assumptions | The sensitivity of the defined benefit obligation to the key actuarial assumptions is as follows:
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Other Post Employment Benefits [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure In Tabular Form Of Acturial Assumptons For Pension Plans [Table Text Block] | The principal assumptions used for the purposes of the actuarial valuations were as follows:
The components of amounts recognized in the consolidated statements of net income (loss) in respect of these other post-employment benefit plans are presented below: |
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Disclosure of Detailed Information About Other Post Employment Benefits Recognized in Statements of Income Loss Explanatory |
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Disclosure of Detailed Information About Other Post Employment Benefits Recognized in Statements of Other Comprehensive income Loss Explanatory | The components of amounts recognized in the consolidated statements of comprehensive income (loss) in respect of these other post-employment benefit plans are presented below:
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Summary of Financial Position in Respect of its Other Post-Retirement Benefit Plans | The amounts included in the consolidated statements of financial position arising from the Company’s obligation in respect of its other post-retirement benefit plans were as follows:
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Summary of Other Comprehensive Income (Loss) in the Consolidated Statements of Changes in Shareholder's Equity |
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Summary of Continuities of the Defined Benefit Plan Assets and Obligations | Continuities of the other post-employment benefit plan assets and obligations are as follows:
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Summary of Other Post-Employment Benefit Obligation to Changes in the Discount Rate, Health Care Cost Trend Rate and Mortality Assumptions | The sensitivity of the other post-employment benefit obligation to changes in the discount rate, health care cost trend rate and mortality assumptions are as follows:
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Other Long-Term Liabilities (Tables) |
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Summary of Detailed about Other Long term Liabilities |
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Environmental Liabilities (Tables) |
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Summary of Environmental Liabilities |
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Summary of Reconciliation of Environmental Liabilities |
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Tax Matters (Tables) |
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Summary of Detailed Information About Components of Income Tax Expense Explanatory | The components of income tax (recovery) expense for the years ended March 31, 2022, March 31, 2021, and March 31, 2020 are as follows:
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Summary of Income taxes in the consolidated statements of net (loss) income | Income taxes in the consolidated statements of net income (loss) for the years ended March 31, 2022, March 31, 2020 and March 31, 2020 vary from amounts that would be computed by applying statutory income tax rates for the following reason:
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Summary of tax-effected temporary differences which result in deferred income tax assets and (liabilities) | The tax-effected temporary differences which result in deferred income tax assets and (liabilities) and the amount of deferred income taxes recognized in the consolidated statements of comprehensive income (loss) for the year ended March 31, 2022 are as follows:
The tax-effected temporary differences which result in deferred income tax assets and (liabilities) and the amount of deferred income taxes recognized in the consolidated statements of comprehensive income (loss) for the year ended March 31, 2021 are as follows:
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Capital Stock (Tables) |
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Summary of classes of share capital |
1. Retrospectively adjusted to reflect the reverse stock split, described below. |
Net Income (Loss) Per Share (Tables) |
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Summary of Computation of Basic and Diluted Net Income (Loss) Per Common Share | The following table sets forth the computation of basic and diluted net income (loss) per common share:
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Net Change In Non-Cash Operating Working Capital (Tables) |
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Summary Of Changes In Non Cash Operating Working Capital |
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Financial Instruments (Tables) |
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Summary of Detailed Information Financial Assets And Liabilities Classified And Measured | The Company’s financial assets and financial liabilities are classified and measured as follows:
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Summary of Company's Canadian Dollar Denominated Financial Instruments | The Company’s Canadian dollar denominated financial instruments as at March 31, 2022, and March 31, 2021, were as follows:
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Summary of Company's Contractually Agreed (Undiscounted) Cash Flows Payable Under Financial Liabilities | The following table discloses the Company’s contractually agreed (undiscounted) cash flows payable under financial liabilities, as at March 31, 2022:
The following table discloses the Company’s contractually agreed (undiscounted) cash flows payable under financial liabilities as at March 31, 2021:
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Key Management Personnel (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Remuneration of the Company's Board of Directors and ELT | Remuneration of the Company’s Board of Directors and ELT for the respective periods is as follows:
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Basis Of Presentation - Additional Information (Detail) - shares |
12 Months Ended | |
---|---|---|
Mar. 29, 2021 |
Mar. 31, 2022 |
|
Disclosure of Basis of Presentation [Line Items] | ||
Description of functional currency | United States dollar | |
Description of presentation currency | Canadian dollars | |
Ordinary shares [member] | PurchaseAgreement [Member] | ||
Disclosure of Basis of Presentation [Line Items] | ||
Conversion of Shares Issued | 100,000,001 | |
Conversion of Shares Converted | 100,000,000 |
Significant Accounting Policies - Additional information (Detail) - Computer software [member] |
12 Months Ended |
---|---|
Mar. 31, 2022 | |
Bottom of range [member] | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 3 years |
Top of range [member] | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 10 years |
Merger Transaction - Summary of Table Reconciles the Elements of the Merger (Detail) - Oct. 19, 2021 $ in Millions, $ in Millions |
USD ($) |
CAD ($) |
CAD ($) |
---|---|---|---|
Disclosure Details of Allocation of Asset and Liabilities Pursuant to Share Based Arrangement in a Merger Transaction [Line Items] | |||
Net assets acquired: Cash | $ 340.9 | ||
Total listing expense | 190.7 | $ 235.6 | |
Legato [Member] | |||
Disclosure Details of Allocation of Asset and Liabilities Pursuant to Share Based Arrangement in a Merger Transaction [Line Items] | |||
Total fair value of consideration | 30.3 | $ 421.3 | |
Net assets acquired: Cash | 211.4 | 261.2 | |
Intercompany loan settled the subsequent day of transaction close | 16.2 | 20.0 | |
Less: warrant liability | (74.5) | (92.0) | |
Less: Legato liabilities assumed | $ (2.8) | $ (3.5) |
Merger Transaction - Summary of Table Reconciles the Elements of the Merger (Parenthetical) (Detail) - Oct. 19, 2021 $ / shares in Units, $ in Millions, $ in Millions |
USD ($)
$ / shares
|
CAD ($) |
CAD ($) |
---|---|---|---|
Disclosure Details of Allocation of Asset and Liabilities Pursuant to Share Based Arrangement in a Merger Transaction [Line Items] | |||
Share based transaction cash acquired | $ | $ 340.9 | ||
Total listing expense | 190.7 | $ 235.6 | |
Legato [Member] | |||
Disclosure Details of Allocation of Asset and Liabilities Pursuant to Share Based Arrangement in a Merger Transaction [Line Items] | |||
Total fair value of consideration | $ 30.3 | $ 421.3 | |
Share based transaction shares issued price per share | $ / shares | $ 11.25 | ||
Share based transaction cash acquired | $ 211.4 | 261.2 | |
Intercompany loan settled the subsequent day of transaction close | 16.2 | 20.0 | |
Less: warrant liability | (74.5) | (92.0) | |
Less: Legato liabilities assumed | $ 2.8 | $ 3.5 |
Merger Transaction - Summary of Common Shares Outstanding (Detail) |
Oct. 19, 2021
shares
|
---|---|
Ordinary shares [member] | |
Disclosure of classes of share capital [line items] | |
Number of shares outstanding | 112,074,095 |
Common shares outstanding prior to Merger (post stock-split) [Member] | |
Disclosure of classes of share capital [line items] | |
Number of shares outstanding | 71,767,775 |
Common shares issued to Legato shareholders [Member] | |
Disclosure of classes of share capital [line items] | |
Number of shares outstanding | 30,306,320 |
Common shares issued to PIPE investors [Member] | |
Disclosure of classes of share capital [line items] | |
Number of shares outstanding | 10,000,000 |
Revenue and Segmented Information - Additional Information (Detail) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2022
CAD ($)
Customer
|
Mar. 31, 2021
CAD ($)
Customer
|
Mar. 31, 2020
CAD ($)
Customer
|
|
Disclosure Of Revenue [Line Items] | |||
Revenue | $ 3,806.0 | $ 1,794.9 | $ 1,956.9 |
Major Customer [Member] | |||
Disclosure Of Revenue [Line Items] | |||
Revenue | $ 409.5 | $ 203.5 | |
Number Of customer over ten percent revenue benchmark | Customer | 1 | 0 | 1 |
Percentage of entities revenue | 10.00% | 10.00% | 10.00% |
Cost of Sales - Additional Information (Detail) - Cost of sales [member] - CAD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Jun. 01, 2018 |
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Disclosure of Detailed Information About Cost of Sales [Line Items] | ||||
Carbon tax recognized as recovery | $ 0.6 | |||
Carbon tax recognized as expense | 13.4 | $ 6.9 | ||
Steel [Member] | ||||
Disclosure of Detailed Information About Cost of Sales [Line Items] | ||||
Amortisation expense | 86.7 | 86.8 | $ 127.6 | |
Government grant recognized | 52.8 | 0.0 | ||
Wages and benefit costs | 305.6 | 288.8 | 325.1 | |
Steel [Member] | United States Steel Tariff [Member] | ||||
Disclosure of Detailed Information About Cost of Sales [Line Items] | ||||
Percentage of steel revenues | 25.00% | |||
Tariff costs | $ 0.0 | $ 0.0 | $ 27.8 |
Cost of Sales - Summary of Detailed Information About Cost of Sales Explanatory (Detail) - CAD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Disclosure of Detailed Information About Cost of Sales [Line Items] | |||
Cost of sales | $ 2,292.0 | $ 1,637.7 | $ 2,037.0 |
Cost of sales [member] | |||
Disclosure of Detailed Information About Cost of Sales [Line Items] | |||
Inventories recognized as cost of sales | 2,118.9 | 2,974.6 | 1,861.9 |
Net inventory write-downs as a result of net realizable value lower than cost included in cost of sales | 2.8 | 2.5 | |
Steel [Member] | |||
Disclosure of Detailed Information About Cost of Sales [Line Items] | |||
Cost of sales | 2,054.6 | 1,457.9 | 1,822.7 |
Freight [Member] | |||
Disclosure of Detailed Information About Cost of Sales [Line Items] | |||
Cost of sales | 173.1 | 150.4 | 175.1 |
Non Steel [Member] | |||
Disclosure of Detailed Information About Cost of Sales [Line Items] | |||
Cost of sales | $ 64.3 | $ 29.4 | $ 39.2 |
Administrative and Selling Expenses - Summary of Detailed Information About Administrative and Selling Expenses (Detail) - CAD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Administrative and selling expense is comprised of: | |||
Personnel expenses | $ 54.2 | $ 39.6 | $ 29.7 |
Professional, consulting, legal and other fees | 36.2 | 22.2 | 17.1 |
Software licenses | 4.6 | 3.1 | 2.7 |
Amortization of intangible assets and non-producing assets | 0.4 | 0.4 | 0.5 |
Other administrative and selling | 7.6 | 7.1 | 6.9 |
Selling, general and administrative expense | $ 103.0 | $ 72.4 | $ 56.9 |
Administrative and Selling Expenses - Additional Information (Detail) - CAD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Government Grant [Member] | ||
Statement [Line Items] | ||
Adjustment to personnel expenses | $ 4.2 | $ 0.0 |
Finance Costs - Additional Information (Detail) $ in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 10, 2020 |
Mar. 31, 2022
CAD ($)
|
Mar. 31, 2022
USD ($)
|
|
Disclosure Of Detailed Information About Finance Cost Explanatory [Line Items] | |||
Percentage of premium paid | 1.00% | ||
Secured Term Loans Facility [Member] | |||
Disclosure Of Detailed Information About Finance Cost Explanatory [Line Items] | |||
Paid In kind Interest | $ 2.9 | $ 2.1 |
Finance Costs - Summary of Detailed Information About Finance Cost Explanatory (Detail) - CAD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Disclosure Of Detailed Information About Finance Cost Explanatory [Line Items] | |||
Other interest expense | $ 1.5 | $ 1.5 | $ 1.5 |
Unwinding of issuance costs of debt facilities and accretion of governmental loan benefits and discounts on environmental liabilities | 18.8 | 13.8 | 10.3 |
Finance costs | 48.6 | 68.5 | 63.8 |
Revolving Credit Facility [Member] | |||
Disclosure Of Detailed Information About Finance Cost Explanatory [Line Items] | |||
Interest expense | 0.1 | 4.3 | 2.1 |
Revolving credit facility fees | 1.6 | 1.2 | 2.2 |
Secured Term Loans Facility [Member] | |||
Disclosure Of Detailed Information About Finance Cost Explanatory [Line Items] | |||
Interest expense | 24.1 | 43.0 | 41.0 |
Algoma Dock Term Loan [Member] | |||
Disclosure Of Detailed Information About Finance Cost Explanatory [Line Items] | |||
Interest expense | $ 2.5 | $ 4.7 | $ 6.7 |
Interest On Pension And Other Post-Employment Benefit Obligations - Summary of Interest On Pension And Other Post Employment Benefit Obligations (Detail) - CAD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Interest on pension and other post employment benefit obligations [Abstract] | |||
Interest on defined benefit pension obligation | $ 3.6 | $ 7.4 | $ 8.4 |
Interest on other post-employment benefit obligation | 8.0 | 9.6 | 8.9 |
Interest On Pension And Other Post-Employment Benefit Obligations | $ 11.6 | $ 17.0 | $ 17.3 |
Cash and Restricted Cash - Additional Information (Detail) - CAD ($) $ in Millions |
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2020 |
---|---|---|---|
Disclosure Of Restricted Cash And Cash Equivalents [Abstract] | |||
Cash | $ 915.3 | $ 21.2 | |
Restricted cash and cash equivalents | $ 3.9 | $ 3.9 | $ 3.9 |
Inventories, Net - Summary of Inventories Net Explanatory (Detail) - CAD ($) $ in Millions |
Mar. 31, 2022 |
Mar. 31, 2021 |
---|---|---|
Classes of current inventories [abstract] | ||
Raw materials and consumables | $ 308.7 | $ 278.3 |
Work in progress | 103.6 | 109.2 |
Finished goods | 67.7 | 27.8 |
Inventories | $ 480.0 | $ 415.3 |
Bank Indebtedness - Summary of Company's Bank Indebtedness Arising from Financing Activities (Detail) - Secured Asset Based Revolving Credit Facility [Member] - CAD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Disclosure Of Bank Indebtedness [Line Items] | ||
Beginning balance | $ 90.1 | $ 256.2 |
Revolving Credit Facility drawn | 18.3 | 173.3 |
Repayment of Revolving Credit Facility | (105.1) | (318.4) |
Foreign exchange | (3.2) | (21.0) |
Ending balance | $ 0.1 | $ 90.1 |
Accounts Payable and Accrued Liabilities - Summary of Accounts Payable and Accrued Liabilities (Detail) - CAD ($) $ in Millions |
Mar. 31, 2022 |
Mar. 31, 2021 |
---|---|---|
Disclosure of Detailed Information About Accounts Payable and Accrued Liabilities [Line Items] | ||
Accounts payable | $ 54.6 | $ 43.3 |
Accrued liabilities | 54.3 | 58.3 |
Wages and accrued vacation payable | 153.0 | 52.2 |
Accounts Payable and Accrued Liabilities Current | $ 261.9 | $ 153.8 |
Taxes Payable and Accrued Taxes - Summary of Taxes Payable and Accrued Taxes (Detail) - CAD ($) $ in Millions |
Mar. 31, 2022 |
Mar. 31, 2021 |
---|---|---|
Disclosure of Detailed Information About Taxes Payable and Accrued Taxes [Abstract] | ||
Payroll taxes payable | $ 3.7 | $ 3.5 |
Sales taxes payable | 4.2 | 3.5 |
Carbon tax accrual | 3.1 | 20.2 |
Income taxes payable | 53.3 | |
Taxes Payable and Accrued Taxes Current | $ 64.3 | $ 27.2 |
Long-Term Debt - Additional Information (Detail) $ in Millions, $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Nov. 29, 2021 |
Nov. 30, 2018
CAD ($)
|
Mar. 31, 2022
CAD ($)
|
Mar. 31, 2022
USD ($)
|
Mar. 31, 2021
CAD ($)
|
Mar. 31, 2021
USD ($)
|
Nov. 30, 2018
USD ($)
|
|
Disclosure Of Long Term Borrowings Other Than Bank Loan [Line Items] | |||||||
Borrowings maturity | November 26, 2046 | ||||||
Secured Term Loan Facility [Member] | |||||||
Disclosure Of Long Term Borrowings Other Than Bank Loan [Line Items] | |||||||
Notioanl amount | $ 378.8 | $ 285.0 | |||||
Borrowings interest rate adjustment percentage | 8.50% | 8.50% | |||||
Borrowings maturity | November 30, 2025 | ||||||
Percentage of premium | 1.00% | 1.00% | |||||
Interest expense | $ 2.9 | $ 2.1 | |||||
Transaction cost | 7.8 | ||||||
Unamortized transaction cost | $ 0.0 | $ 5.0 | |||||
Algoma Docks Term Loan Facility [Member] | |||||||
Disclosure Of Long Term Borrowings Other Than Bank Loan [Line Items] | |||||||
Notioanl amount | $ 97.0 | $ 73.0 | |||||
Borrowings interest rate adjustment percentage | 5.00% | ||||||
Repayments of non-current borrowings | $ 76.0 | $ 60.4 |
Long-Term Debt - Summary of Long Term Borrowings Other Than Bank Loans (Detail) - CAD ($) $ in Millions |
Mar. 31, 2022 |
Mar. 31, 2021 |
---|---|---|
Disclosure Of Long Term Borrowings Other Than Bank Loan [Line Items] | ||
Less: unamortized financing costs - Current portion | $ 0.0 | $ 1.1 |
Less: unamortized financing costs - Long-term portion | 0.0 | 3.9 |
Other borrowings | 0.0 | 5.0 |
Current portion of long-term debt | 0.0 | 13.6 |
Long-term portion of long-term debt | 0.0 | 439.3 |
Other borrowings | 0.0 | 452.9 |
Secured Term Loan Facility due November 30, 2025 [Member] | ||
Disclosure Of Long Term Borrowings Other Than Bank Loan [Line Items] | ||
Current portion | 0.0 | 3.6 |
Long-term portion | 0.0 | 378.3 |
Other borrowings gross | 0.0 | 381.9 |
Algoma Docks Term Loan Facility due May 31, 2025 [Member] | ||
Disclosure Of Long Term Borrowings Other Than Bank Loan [Line Items] | ||
Current portion | 0.0 | 11.1 |
Long-term portion | 0.0 | 64.9 |
Other borrowings gross | $ 0.0 | $ 76.0 |
Long-Term Debt - Summary of Company's Long-term Debt Facilities Arising From Financing Activities (Detail) - Secured Term Loans And Algoma Dock Term Loan [Member] - CAD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2019 |
|
Secured Term Loan Facility [Member] | |||
Disclosure Of Long Term Borrowings Other Than Bank Loan [Line Items] | |||
Beginning balance | $ 377.0 | $ 389.9 | $ 372.9 |
Interest payment in kind | 33.2 | ||
Facility repayment | (381.8) | (3.8) | (3.8) |
Unwinding of issuance costs of debt facility | 5.2 | 1.2 | 1.2 |
Foreign exchange | (0.4) | (43.4) | 19.6 |
Ending balance | 0.0 | 377.0 | |
Algoma Docks Term Loan Facility [Member] | |||
Disclosure Of Long Term Borrowings Other Than Bank Loan [Line Items] | |||
Beginning balance | 76.0 | 94.4 | 95.9 |
Interest payment in kind | 0.0 | ||
Facility repayment | (76.0) | (8.8) | (6.5) |
Unwinding of issuance costs of debt facility | 0.0 | 0.0 | |
Foreign exchange | 0.0 | (9.6) | $ 5.0 |
Ending balance | $ 0.0 | $ 76.0 |
Governmental Loans - Summary of Details in Tabular Form of Governmental Loans (Detail) - CAD ($) $ in Millions |
Mar. 31, 2022 |
Mar. 31, 2021 |
---|---|---|
Disclosure Details Of Governmental Loans [Line Items] | ||
Long-term governmental loans | $ 85.2 | $ 86.4 |
Current portion of governmental loans | 10.0 | 0.0 |
Governmental loans current and non current | 95.2 | 86.4 |
Federal AMF Loan [Member] | ||
Disclosure Details Of Governmental Loans [Line Items] | ||
Long-term governmental loans | 33.4 | 39.7 |
MENDM Loan [Member] | ||
Disclosure Details Of Governmental Loans [Line Items] | ||
Long-term governmental loans | 41.9 | 38.7 |
Federal SIF Agreement Loan [Member] | ||
Disclosure Details Of Governmental Loans [Line Items] | ||
Long-term governmental loans | 8.8 | 8.0 |
Federal SIF Agreement Loan Due January One Two Thousand And Thirty [Member] | ||
Disclosure Details Of Governmental Loans [Line Items] | ||
Long-term governmental loans | $ 1.1 | $ 0.0 |
Derivative Financial Instruments - Summary of Fair Value and Notional Amount of Derivatives (Detail) $ in Millions |
12 Months Ended | |
---|---|---|
Mar. 31, 2022
CAD ($)
t
|
Mar. 31, 2021
CAD ($)
t
|
|
Disclosure of detailed information about financial instruments [line items] | ||
Fair Value Liability | $ 28.8 | $ 49.4 |
Natural Gas [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Fair Value Liability | 0.2 | |
Cash flow hedges [member] | Natural Gas [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Fair Value Liability | $ 0.2 | $ 0.0 |
Notional Amounts | t | 0 | 0 |
Average Price (USD) | 0 | 0 |
Cash flow hedges [member] | Steel [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Fair Value Liability | $ 28.6 | $ 49.4 |
Notional Amounts | t | 90,000 | 117,000 |
Average Price (USD) | 1,091 | 728.7 |
Derivative Financial Instruments - Summary of Movements in Cash Flow Hedge Reserve (Detail) - CAD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Disclosure Of Movements In Cash Flow Hedge Reserve [Line Items] | |||
Loss arising on changes in fair value of cash flow hedges, net of tax of $7.8 million, $16.1 million and nil, respectively | $ 40.1 | $ (64.8) | $ 0.0 |
Steel [Member] | |||
Disclosure Of Movements In Cash Flow Hedge Reserve [Line Items] | |||
Opening balance | 64.8 | 0.0 | 0.0 |
Loss arising on changes in fair value of cash flow hedges, net of tax of $7.8 million, $16.1 million and nil, respectively | 89.5 | 70.7 | 2.5 |
Loss reclassified to net income (loss) | (129.6) | (5.9) | (2.5) |
Net unrealized (income) loss on cash flow hedges | (40.1) | 64.8 | 0.0 |
Ending balance | $ 24.7 | $ 64.8 | $ 0.0 |
Derivative Financial Instruments - Summary of Movements in Cash Flow Hedge Reserve (Parenthetical) (Detail) - CAD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Disclosure Of Movements In Cash Flow Hedge Reserve [Line Items] | |||
Income tax component in other comprehensive income relating to cash flow hedges | $ 7.8 | $ 16.1 | $ 0.0 |
Steel [Member] | |||
Disclosure Of Movements In Cash Flow Hedge Reserve [Line Items] | |||
Income tax component in other comprehensive income relating to cash flow hedges | $ 7.8 | $ 16.1 | $ 0.0 |
Pension Benefits - Summary of principal assumptions used for the purposes of the actuarial valuations (Details) - Pension defined benefit plans [member] - $ / t |
12 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Disclosure In Tabular Form Of Acturial Assumptons For Pension Plans [Line Items] | ||
Defined obligation and past service cost | 3.28% | 4.03% |
Net interest cost | 2.53% | 3.47% |
Current service cost | 3.55% | 4.25% |
Interest cost on current service cost | 3.13% | 3.92% |
Discount rate for determination of defined benefit obligation | 4.16% | 3.16% |
Ultimate rate of compensation increase | 2.00% | 2.00% |
Mortality | 105 | 105 |
Pension Benefits - Summary of Pension Benefits Recognized in Statements of Other Comprehensive Income Loss (Detail) - CAD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Amounts recognized in other comprehensive income (loss) were as follows: | |||
Less tax effect | $ 0.0 | $ 0.0 | $ 7.2 |
Actuarial (income) losses on accrued post employment benefit liability | 117.9 | 23.0 | 74.6 |
Pension defined benefit plans [member] | |||
Amounts recognized in other comprehensive income (loss) were as follows: | |||
Actuarial gain on accrued pension liability | (57.9) | (51.8) | (48.6) |
Less tax effect | 0.0 | 0.0 | 4.6 |
Actuarial (income) losses on accrued post employment benefit liability | $ (57.9) | $ (51.8) | $ (44.0) |
Pension Benefits - Summary of amounts included in the consolidated statements of financial position in respect of the Company's net obligation (Details) - Pension defined benefit plans [member] - CAD ($) $ in Millions |
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2020 |
---|---|---|---|
Disclosure of defined benefit plans [line items] | |||
Present value of defined benefit obligation | $ 1,343.6 | $ 1,504.3 | $ 1,400.8 |
Fair value of plan assets | 1,225.5 | 1,334.2 | $ 1,155.8 |
Net accrued pension liability | $ 118.1 | $ 170.1 |
Pension Benefits - Summary of Movements in the present value of the plan assets (Details) - Pension defined benefit plans [member] - CAD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Disclosure In Tabular Form Of Changes In Net Defined Benefit Plan Assets At Fair Value [Line Items] | |||
Fair value of plan assets at beginning of year | $ 1,334.2 | $ 1,155.8 | |
Actual return (net of investment management expenses) | (46.5) | 209.5 | |
Administration expenses | (1.5) | (1.2) | |
Employer contributions | 18.4 | 50.3 | $ 51.4 |
Benefits paid | (79.1) | (80.2) | |
Fair value of plan assets at end of the year, | $ 1,225.5 | $ 1,334.2 | $ 1,155.8 |
Pension Benefits - Summary of Movements in the present value of the defined benefit obligation (Details) - Pension defined benefit plans [member] - CAD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Disclosure In Tabular Form Of Changes In Net Defined Benefit Obligation At Present Value [Line Items] | ||
Defined benefit obligation at the beginning of the year | $ 1,504.3 | $ 1,400.8 |
Current service cost | 19.8 | 18.7 |
Interest cost | 37.0 | 47.2 |
Actuarial (gains) losses arising from financial assumptions | (154.6) | 127.3 |
Effect of experience adjustments | 16.2 | (8.3) |
Effect of demographic assumptions | 0.0 | (1.2) |
Benefits paid | (79.1) | (80.2) |
Defined benefit obligation at end of the year, | $ 1,343.6 | $ 1,504.3 |
Pension Benefits - Summary of major categories of plan assets (Details) - Pension defined benefit plans [member] |
Mar. 31, 2022 |
Mar. 31, 2021 |
---|---|---|
Disclosure In Tabular Form Of Portfolio Of Plan Assets In Percentage Terms [Line Items] | ||
Cash and cash equivalents | 1.00% | 1.00% |
Equity instruments | 45.00% | 51.00% |
Debt instruments | 43.00% | 42.00% |
Other | 11.00% | 6.00% |
Percentage Contributed To Fair Value Of Plan Assets | 100.00% | 100.00% |
Pension Benefits - Summary of sensitivity the defined benefit obligation to the key actuarial assumptions (Parentheticals) (Details) |
Mar. 31, 2022 |
Mar. 31, 2021 |
---|---|---|
Actuarial assumption of discount rates [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of reasonably possible increase in actuarial assumption | 1.00% | 1.00% |
Percentage of reasonably possible decrease in actuarial assumption | 1.00% | 1.00% |
Actuarial assumption of expected rates of salary increases [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of reasonably possible increase in actuarial assumption | 1.00% | 1.00% |
Percentage of reasonably possible decrease in actuarial assumption | 1.00% | |
Actuarial assumption of mortality rates [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Reasonably Possible Increase In Acturial Assumption By One Year | 1 | 1 |
Reasonably Possible Decrease In Acturial Assumption By One Year | 1 | 1 |
Other Post-Employment Benefits - Summary of statements of financial position (Detail) - Other Post Employment Benefits [Member] |
Mar. 31, 2022 |
Mar. 31, 2021 |
---|---|---|
Statement [Line Items] | ||
Defined benefit obligation | 3.41% | 4.15% |
Current service cost | 3.68% | 4.43% |
Interest cost on benefit obligation | 2.79% | 3.65% |
Interest cost on current service cost | 3.58% | 4.31% |
Health care cost immediate trend rate | 5.04% | 5.09% |
Effective discount rate | 4.31% | 3.41% |
Health care cost immediate trend rate | 5.04% | 5.04% |
Health care cost ultimate trend rate | 4.00% | 4.00% |
Year ultimate health care cost trend rate reached | 2040 years | 2040 years |
Salary Increases per annum | 2.00% | 2.00% |
Mortality | 105 | 105 |
Other Post-Employment Benefits - Disclosure of the consolidated statements of comprehensive loss in respect of these defined benefit plans (Details) - Other Post Employment Benefits [Member] - CAD ($) $ in Millions |
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2020 |
---|---|---|---|
Disclosure of defined benefit plans [line items] | |||
Present value of post-employment benefit obligation | $ 239.8 | $ 297.8 | $ 267.3 |
Fair value of plan assets | 0.0 | 0.0 | |
Accrued other post-employment benefit obligation | $ 239.8 | $ 297.8 |
Other Post-Employment Benefits - Summary of Other Comprehensive Income (Loss) in the Consolidated Statements of Changes in Shareholder's Equity (Detail) - Other Post Employment Benefits [Member] - CAD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Statement [Line Items] | ||
Beginning balance , Actuarial gain immediately recognized | $ 6.0 | $ (22.8) |
Actuarial gain immediately recognized , Actuarial gain immediately recognized | (60.0) | 28.8 |
Ending balance , Actuarial gain immediately recognized | (54.0) | 6.0 |
Beginning balance , Tax effect | 0.0 | 0.0 |
Actuarial loss immediately recognized , Tax effect | 0.0 | 0.0 |
Ending balance , Tax effect | 0.0 | 0.0 |
Beginning balance , Actuarial gain immediately recognized, net of tax | 6.0 | (22.8) |
Actuarial gain immediately recognized , Actuarial gain immediately recognized, net of tax | (60.0) | 28.8 |
Ending balance , Actuarial gain immediately recognized, net of tax | $ (54.0) | $ 6.0 |
Other Post-Employment Benefits - Disclosure of Detailed Information About Other Post Employment Benefits Recognized in Statements of Other Comprehensive income Loss Explanatory (Detail) - CAD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Amounts recognized in other comprehensive (income) loss, were as follows | |||
Actuarial (income) losses on accrued post employment benefit liability | $ 117.9 | $ 23.0 | $ 74.6 |
Less tax effect | 0.0 | 0.0 | 7.2 |
Other Post Employment Benefits [Member] | |||
Amounts recognized in other comprehensive (income) loss, were as follows | |||
Actuarial (income) losses on accrued post employment benefit liability | (60.0) | 28.8 | (33.2) |
Less tax effect | 0.0 | 0.0 | 2.6 |
Other Post Employment Benefits Total [Member] | |||
Amounts recognized in other comprehensive (income) loss, were as follows | |||
Actuarial (income) losses on accrued post employment benefit liability | $ (60.0) | $ 28.8 | $ (30.6) |
Other Post-Employment Benefits - Additional Information (Detail) - Other Post Employment Benefits [Member] - CAD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement [Line Items] | ||||
Contribution to defined benefit plan | $ 10.3 | $ 11.0 | $ 11.6 | |
Estimate of contribution expected to be paid to plan | $ 12.6 |
Other Long-Term Liabilities - Summary of Detailed about Other Long term Liabilities (Detail) - CAD ($) $ in Millions |
Mar. 31, 2022 |
Mar. 31, 2021 |
---|---|---|
Disclosure of Detailed about Other Long term Liabilities Lineitems [Line Items] | ||
Other non-current non-financial liabilities | $ 4.0 | $ 2.5 |
MENDM Loan [Member] | ||
Disclosure of Detailed about Other Long term Liabilities Lineitems [Line Items] | ||
Other non-current non-financial liabilities | 2.3 | 1.4 |
Long-term disability plan obligation [Member] | ||
Disclosure of Detailed about Other Long term Liabilities Lineitems [Line Items] | ||
Other non-current non-financial liabilities | 0.8 | 1.1 |
Longterm portion of lease liability [Member] | ||
Disclosure of Detailed about Other Long term Liabilities Lineitems [Line Items] | ||
Other non-current non-financial liabilities | $ 0.9 | $ 0.0 |
Other Long-Term Liabilities - Additional Information (Detail) - CAD ($) $ in Millions |
Mar. 31, 2022 |
Mar. 31, 2021 |
---|---|---|
Disclosure of Detailed about Other Long term Liabilities Lineitems [Line Items] | ||
Other non-current non-financial liabilities | $ 4.0 | $ 2.5 |
Non-current loans and receivables | 60.0 | |
Long-term disability plan obligation [Member] | ||
Disclosure of Detailed about Other Long term Liabilities Lineitems [Line Items] | ||
Other non-current non-financial liabilities | 0.8 | 1.1 |
MENDM Loan [Member] | ||
Disclosure of Detailed about Other Long term Liabilities Lineitems [Line Items] | ||
Other non-current non-financial liabilities | 2.3 | 1.4 |
Non-current loans and receivables | $ 2.3 | $ 1.4 |
Environmental Liabilities - Summary of Environmental Liabilities (Detail) - CAD ($) $ in Millions |
Mar. 31, 2022 |
Mar. 31, 2021 |
---|---|---|
Disclosure of Detailed Information About Environmental liabilities [Line Items] | ||
Environmental Liabilities | $ 38.0 | $ 39.9 |
Current portion | 4.5 | 4.5 |
Long-term portion | 33.5 | 35.4 |
The Companys Operation Site [Member] | ||
Disclosure of Detailed Information About Environmental liabilities [Line Items] | ||
Environmental Liabilities | 33.7 | 35.0 |
Northern Ontario mine sites owned by Old Steelco Inc [Member] | ||
Disclosure of Detailed Information About Environmental liabilities [Line Items] | ||
Environmental Liabilities | $ 4.3 | $ 4.9 |
Environmental Liabilities - Additional Information (Detail) - CAD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Statement [Line Items] | ||
Letters Of Credit | $ 16.1 | $ 17.2 |
Environmental costs recognized ,captalized in period | 20 years | |
Environmental liabilities [member] | ||
Statement [Line Items] | ||
Environmental costs recognized ,discount rate | 9.00% | |
The companys operation site [member] | ||
Statement [Line Items] | ||
Letters Of Credit | $ 13.7 | 13.7 |
Northern ontario mine sites owned by old steelco inc [member] | ||
Statement [Line Items] | ||
Letters Of Credit | $ 2.4 | $ 3.5 |
Tax Matters - Additional Information (Detail) - CAD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement [Line Items] | |||
Summary Of Utilization of non capital tax losses during the period | $ 306.5 | ||
Applicable tax rate | 25.00% | 25.00% | 25.00% |
Deferred tax asset when utilisation is dependent on future taxable profits in excess of profits from reversal of taxable temporary differences and entity has suffered loss in jurisdiction to which deferred tax asset relates | $ 60.1 | ||
Canadian Federal Income Tax [Member] | |||
Statement [Line Items] | |||
Applicable tax rate | 15.00% | 15.00% | 15.00% |
Canadian Provincial Income Tax [Member] | |||
Statement [Line Items] | |||
Applicable tax rate | 10.00% | 10.00% | 10.00% |
Tax Matters - Summary of Detailed Information About Components of Income Tax Expense Explanatory (Detail) - CAD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Major components of tax expense (income) [abstract] | |||
Current tax expense | $ 197.2 | $ 0.0 | $ 0.0 |
Deferred income tax expense | 101.7 | 0.0 | (4.3) |
Income Tax Expense Continuing Operations | 298.9 | 0.0 | (4.3) |
Tax effect of net unrealized loss on cash flow hedges | 7.8 | 16.1 | 0.0 |
Tax effect of actuarial gains on defined benefit pension obligation | 0.0 | 0.0 | 4.6 |
Tax effect of actuarial gains on other post-employment benefits | 0.0 | 0.0 | 2.6 |
Income tax relating to components of other comprehensive income | $ 7.8 | $ 0.0 | $ 7.2 |
Tax Matters - Summary of Income taxes in the consolidated statements of net (loss) income (Details) - CAD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Disclosure Of Reconciliation Of Tax Expense Income At Applicable Tax Rate To Provision For Income Taxes [Abstract] | |||
Income (loss) before income taxes | $ 1,156.6 | $ (76.1) | $ (180.2) |
Income tax expense (recovery) based on the applicable tax rate | 289.1 | (19.0) | (45.1) |
Non-deductible post-employment benefits payments | 3.0 | 3.2 | 3.1 |
Non-deductible pension contributions | 4.7 | 3.3 | 3.8 |
Non-deductible accretion of financial obligations | 0.8 | 2.7 | 1.7 |
Change in unrecognized tax benefits | (45.1) | 2.7 | 45.9 |
Adjustment in respect of prior years | 2.2 | 7.2 | (13.7) |
Share-based payment compensation | 1.4 | 0.0 | 0.0 |
Listing expense | 58.9 | 0.0 | 0.0 |
Changes in fair value of warrant liability | 1.6 | 0.0 | 0.0 |
Changes in fair value of earnout liability | (19.2) | 0.0 | 0.0 |
Other | 1.5 | 0.0 | 0.0 |
Income tax expense (recovery) based on the applicable | $ 298.9 | $ 0.0 | $ (4.3) |
Tax Matters - Summary of Income taxes in the consolidated statements of net (loss) income (Parenthetical) (Details) |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Disclosure Of Reconciliation Of Tax Expense Income At Applicable Tax Rate To Provision For Income Taxes [Abstract] | |||
Applicable tax rate | 25.00% | 25.00% | 25.00% |
Capital Stock - Additional Information (Detail) $ in Millions, $ in Millions |
12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 18, 2022
shares
|
Feb. 09, 2022
shares
|
Oct. 19, 2021
shares
|
Oct. 18, 2021
CAD ($)
|
Oct. 18, 2021
USD ($)
|
Mar. 29, 2021
shares
|
Mar. 23, 2021
shares
|
Mar. 31, 2022
CAD ($)
shares
|
Mar. 31, 2022
USD ($)
shares
|
Mar. 31, 2021
shares
|
Mar. 03, 2022
shares
|
|||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of shares issued during period | 147,957,790 | ||||||||||||
Number Of Shares Authorized To Be Repurchased | 7,397,889 | ||||||||||||
Percentage Of Shares Authorized To Be Repurchased As Of Shares Issued | 5.00% | ||||||||||||
Maximum Number Of Shares To Be Repurchased Per Day | 16,586 | ||||||||||||
Stock Repurchased During Period Shares | 0 | 0 | |||||||||||
Dividends paid, ordinary shares | $ 9.3 | $ 7.4 | |||||||||||
Issued capital [member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of shares issued during period | [1] | 71,767,775 | |||||||||||
Increase (decrease) in equity | 542.7 | $ 439.1 | |||||||||||
Share issue related cost | $ | 2.2 | ||||||||||||
Reduction of issued capital | $ 8.3 | $ 6.7 | $ 8.3 | ||||||||||
EarnoutShares [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of shares issued during period | 35,883,692 | 35,883,692 | |||||||||||
Ordinary shares [member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of shares issued during period | 1 | ||||||||||||
Ordinary shares [member] | PurchaseAgreement [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Conversion of Shares Issued | 100,000,001 | ||||||||||||
Conversion of Shares Converted | 100,000,000 | ||||||||||||
Ordinary shares [member] | Merger Agreement [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Reverse stock split, Conversion ratio | 71.76775% | ||||||||||||
Ordinary shares [member] | Merger Agreement [Member] | LegatoCommonShareholders [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of shares issued during period | 30,306,320 | ||||||||||||
Ordinary shares [member] | Merger Agreement [Member] | PIPE Investors [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of shares issued during period | 10,000,000 | ||||||||||||
Common Stock Shares Issued Prior To Merger [Member] | EarnoutShares [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of shares issued during period | 35,883,692 | ||||||||||||
|
Capital Stock - Summary of classes of share capital (Detail) $ in Millions, $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Feb. 18, 2022
shares
|
Oct. 18, 2021
CAD ($)
|
Oct. 18, 2021
USD ($)
|
Mar. 31, 2022
CAD ($)
shares
|
Mar. 31, 2021
CAD ($)
shares
|
|||
Disclosure of classes of share capital [line items] | |||||||
Number of shares issued during period | shares | 147,957,790 | ||||||
Beginning balance | $ 409.5 | ||||||
Issue of equity | 976.8 | ||||||
Ending balance | $ 1,378.0 | $ 409.5 | |||||
Issued capital [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Beginning balance, Shares | shares | 71,767,775 | 0 | |||||
Number of shares issued during period | shares | [1] | 71,767,775 | |||||
Number of shares returned during period | shares | 0 | ||||||
Ending balance, Shares | shares | 147,957,787 | 71,767,775 | |||||
Beginning balance | $ 409.5 | $ 0.0 | |||||
Issue of equity | [1] | 409.5 | |||||
Reduction of issued capital | $ (8.3) | $ (6.7) | (8.3) | ||||
Ending balance | $ 1,378.0 | $ 409.5 | |||||
Merger transaction | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares issued during period | shares | 40,306,320 | ||||||
Issue of equity | $ 542.7 | ||||||
Earnout rights | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares issued during period | shares | 35,883,692 | ||||||
Issue of equity | $ 434.1 | ||||||
|
Net Income (Loss) Per Share - Summary of Computation of Basic and Diluted Net Income (Loss) Per Common Share (Detail) - CAD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Text Block [Abstract] | |||
Net income (loss) attributable to ordinary shareholders | $ 857.7 | $ (76.1) | $ (175.9) |
Loss on change in fair value of warrants(i) | 6.4 | 0.0 | 0.0 |
Net income (loss) attributable to ordinary shareholders (diluted) | $ 864.1 | $ (76.1) | $ (175.9) |
Weighted average common shares outstanding | 100,600 | 71,800 | 71,800 |
Dilutive effect of warrants | 10,900 | ||
Weighted average number of ordinary shares used in calculating diluted earnings per share | 111,500 | 71,800 | 71,800 |
Net income (loss) per common share: | |||
Basic | $ 8.53 | $ (1.06) | $ (2.46) |
Diluted | $ 7.75 | $ (1.06) | $ (2.46) |
Net Change In Non-Cash Operating Working Capital - Summary Of Changes In Non Cash Operating Working Capital (Detail) - CAD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Schedule Of Changes In Non Cash Operating Working Capital Line Item [Line Items] | |||
Increase (decrease) in working capital | $ (21.1) | $ (137.7) | $ 34.3 |
Non Cash Item [Member] | |||
Schedule Of Changes In Non Cash Operating Working Capital Line Item [Line Items] | |||
Accounts receivable | (127.0) | (47.2) | 88.4 |
Taxes payable and accrued taxes | (22.1) | 16.7 | 3.7 |
Inventories | (63.6) | (33.6) | (36.8) |
Prepaid expenses and other current assets | 12.5 | (70.3) | 20.2 |
Accounts payable and accrued liabilities | 166.6 | (21.2) | (42.4) |
Derivative financial instruments (net) | 12.5 | (15.3) | 1.2 |
Secured term loan interest payment in kind | $ 0.0 | $ 33.2 | $ 0.0 |
Financial Instruments - Summary of Company's Canadian Dollar Denominated Financial Instruments (Detail) - CAD ($) $ in Millions |
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2020 |
Mar. 31, 2019 |
---|---|---|---|---|
Statement [Line Items] | ||||
Cash | $ 915.3 | $ 21.2 | $ 265.0 | $ 135.5 |
Accounts receivable | 402.3 | 274.6 | ||
Currency risk [member] | ||||
Statement [Line Items] | ||||
Cash | 25.0 | 5.6 | ||
Restricted cash | 3.9 | 3.9 | ||
Accounts receivable | 164.1 | 111.2 | ||
Bank indebtedness | (0.1) | (42.1) | ||
Accounts payable and accrued liabilities | (204.5) | (131.6) | ||
Long-term governmental loans | (3.1) | (87.8) | ||
Net Canadian dollar denominated financial instruments | $ (14.7) | $ (140.8) |
Financial Instruments - Summary of Company's Canadian Dollar Denominated Financial Instruments (Parenthetical) (Detail) - USD [member] $ in Millions |
12 Months Ended | |
---|---|---|
Mar. 31, 2022
CAD ($)
|
Mar. 31, 2021
CAD ($)
|
|
Disclosure of detailed information about financial instruments [line items] | ||
Possible increase in the value of foreign currency against the location currency | 0.01 | 0.01 |
Possible decrease in the value of foreign currency against the local currency. | 0.01 | 0.01 |
Currency risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, recognised in profit or loss, after tax, liabilities | $ 1.9 | $ 0.1 |
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, recognised in profit or loss, after tax, liabilities | $ 1.9 | $ 0.1 |
Key Management Personnel - Summary of Remuneration of the Company's Board of Directors and ELT (Detail) - CAD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Disclosure of transactions between related parties [abstract] | |||
Salaries and benefits | $ 5.2 | $ 3.9 | $ 3.1 |
Director fees | 0.6 | 0.3 | 0.3 |
Share-based compensation (Note 34) | 5.7 | 14.1 | |
Key management personnel compensation | $ 11.5 | $ 18.3 | $ 3.4 |
Share Based Compensation - Additional Information (Detail) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Oct. 19, 2021
CAD ($)
|
Mar. 31, 2022
shares
$ / shares
|
Mar. 31, 2022
CAD ($)
shares
|
Mar. 31, 2021
CAD ($)
|
|
Statement [Line Items] | ||||
Number of share options exercised in share-based payment arrangement | shares | 0 | |||
Deferred Share Units [Member] | ||||
Statement [Line Items] | ||||
Number of outstanding share options | shares | 54,558 | 54,558 | ||
Weighted average share price | $ / shares | $ 9.54 | |||
Administrative And Selling Expenses [Member] | ||||
Statement [Line Items] | ||||
Expense from share-based payment transactions | $ | $ 0.7 | $ 14.1 | ||
Longterm Incentive Plan [Member] | ||||
Statement [Line Items] | ||||
Increase (decrease) through share-based payment transactions, equity | $ | $ 8.8 |
Dividends - Additional Information (Detail) - 12 months ended Mar. 31, 2022 $ / shares in Units, $ in Millions, $ in Millions |
CAD ($) |
USD ($)
$ / shares
|
---|---|---|
Disclosure Of Dividends [Line Items] | ||
Dividends paid, ordinary shares | $ 9.3 | $ 7.4 |
Common Share [Member] | ||
Disclosure Of Dividends [Line Items] | ||
Dividends paid, ordinary shares per share | $ 0.05 | |
Dividends paid, ordinary shares | $ 9.3 | $ 7.4 |
Subsequent Events - Additional Information (Detail) $ in Millions |
Jun. 13, 2022
USD ($)
|
---|---|
Subsequent Event [Member] | |
Disclosure of non-adjusting events after reporting period [line items] | |
Stock repurchased during period, value | $ 400 |
Schedule I - Combined Condensed Statements of Comprehensive Income (loss) (Detail) - CAD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement [Line Items] | |||
Net income (loss) | $ 857.7 | $ (76.1) | $ (175.9) |
Other comprehensive income (loss), net of income tax, that will not be reclassified subsequently to profit or loss | |||
Foreign exchange loss on translation to presentation currency | (15.5) | (12.3) | 9.5 |
Other comprehensive (loss) income | 142.5 | (54.1) | 84.1 |
Total comprehensive income (loss) | 1,000.2 | (130.2) | (91.8) |
Parent [member] | |||
Statement [Line Items] | |||
Net income (loss) | 857.7 | (76.1) | (175.9) |
Other comprehensive income (loss), net of income tax, that will not be reclassified subsequently to profit or loss | |||
Foreign exchange loss on translation to presentation currency | (15.1) | ||
Equity (deficit) in other comprehensive income of subsidiary | 157.6 | (54.1) | 84.1 |
Other comprehensive (loss) income | 142.5 | (54.1) | 84.1 |
Total comprehensive income (loss) | $ 1,000.2 | $ (130.2) | $ (91.8) |
Schedule I - Combined Condensed Statement of Changes in Shareholders' Equity (Detail) - CAD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|||
Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Line Items] | |||||
Beginning Balance | $ 173.8 | $ 299.9 | $ 391.7 | ||
Net income (loss) | 857.7 | (76.1) | (175.9) | ||
Issuance and modification of performance share units | (30.0) | ||||
Issuance of deferred share units | 0.7 | ||||
Other comprehensive (loss) income | (15.5) | (12.3) | 9.5 | ||
Issuance of capital stock | 976.8 | ||||
Return of capital | (8.3) | ||||
Earnout rights | (521.3) | ||||
Dividends paid | (9.3) | ||||
Ending Balance | 1,582.6 | 173.8 | 299.9 | ||
Parent [member] | |||||
Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Line Items] | |||||
Beginning Balance | 173.8 | 299.9 | 391.7 | ||
Net income (loss) | 857.7 | (76.1) | (175.9) | ||
Equity in other comprehensive income of subsidiary | 157.6 | 84.1 | |||
Exercise of performance share units and director units | 4.1 | ||||
Deficit in other comprehensive income of subsidiary | (54.1) | ||||
Issuance and modification of performance share units | (30.0) | ||||
Issuance of deferred share units | 0.7 | ||||
Other comprehensive (loss) income | (15.1) | ||||
Issuance of capital stock | 976.8 | ||||
Return of capital | (8.3) | ||||
Earnout rights | (521.3) | ||||
Dividends paid | (9.3) | ||||
Ending Balance | 1,582.6 | 173.8 | 299.9 | ||
Issued capital | |||||
Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Line Items] | |||||
Issuance of capital stock | [1] | 409.5 | |||
Issued capital | Capital stock | |||||
Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Line Items] | |||||
Beginning Balance | 409.5 | 409.5 | 409.5 | ||
Issuance of capital stock | 976.8 | ||||
Return of capital | (8.3) | ||||
Ending Balance | 1,378.0 | 409.5 | 409.5 | ||
Issued capital | Parent [member] | Capital stock | |||||
Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Line Items] | |||||
Beginning Balance | 409.5 | 409.5 | 409.5 | ||
Issuance of capital stock | 976.8 | ||||
Return of capital | (8.3) | ||||
Ending Balance | 1,378.0 | 409.5 | 409.5 | ||
Contributed Surplus | |||||
Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Line Items] | |||||
Beginning Balance | 4.1 | ||||
Issuance and modification of performance share units | (30.0) | ||||
Issuance of deferred share units | 0.7 | ||||
Ending Balance | (25.2) | 4.1 | |||
Contributed Surplus | Parent [member] | |||||
Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Line Items] | |||||
Beginning Balance | 4.1 | ||||
Exercise of performance share units and director units | 4.1 | ||||
Issuance and modification of performance share units | (30.0) | ||||
Issuance of deferred share units | 0.7 | ||||
Ending Balance | (25.2) | 4.1 | |||
Foreign exchange gain (loss) on translation to presentation currency | |||||
Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Line Items] | |||||
Beginning Balance | (0.9) | 11.4 | 1.9 | ||
Ending Balance | (16.4) | (0.9) | 11.4 | ||
Foreign exchange gain (loss) on translation to presentation currency | Parent [member] | |||||
Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Line Items] | |||||
Other comprehensive (loss) income | (15.1) | ||||
Ending Balance | (15.1) | ||||
Equity (Deficit) in Other Compre- hensive income of subsidiary | Parent [member] | |||||
Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Line Items] | |||||
Beginning Balance | 9.5 | 63.6 | (20.5) | ||
Equity in other comprehensive income of subsidiary | 157.6 | 84.1 | |||
Deficit in other comprehensive income of subsidiary | (54.1) | ||||
Ending Balance | 167.1 | 9.5 | 63.6 | ||
Accumulated other compre- hensive income (loss) | |||||
Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Line Items] | |||||
Beginning Balance | 9.5 | 63.6 | (20.5) | ||
Ending Balance | 152.0 | 9.5 | 63.6 | ||
Accumulated other compre- hensive income (loss) | Parent [member] | |||||
Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Line Items] | |||||
Beginning Balance | 9.5 | 63.6 | (20.5) | ||
Equity in other comprehensive income of subsidiary | 157.6 | 84.1 | |||
Deficit in other comprehensive income of subsidiary | (54.1) | ||||
Other comprehensive (loss) income | (15.1) | ||||
Ending Balance | 152.0 | 9.5 | 63.6 | ||
Retained earnings (deficit) | |||||
Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Line Items] | |||||
Beginning Balance | (249.3) | (173.2) | 2.7 | ||
Net income (loss) | 857.7 | (76.1) | (175.9) | ||
Earnout rights | (521.3) | ||||
Dividends paid | (9.3) | ||||
Ending Balance | 77.8 | (249.3) | (173.2) | ||
Retained earnings (deficit) | Parent [member] | |||||
Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Line Items] | |||||
Beginning Balance | (249.3) | (173.2) | 2.7 | ||
Net income (loss) | 857.7 | (76.1) | (175.9) | ||
Earnout rights | (521.3) | ||||
Dividends paid | (9.3) | ||||
Ending Balance | $ 77.8 | $ (249.3) | $ (173.2) | ||
|
General Information - Additional Information (Detail) - CAD ($) |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement [Line Items] | |||
Dividends received | $ 0 | $ 0 | $ 0 |
Parent [member] | Algoma Steel Holdings Inc [Member] | |||
Statement [Line Items] | |||
Proportion of ownership interest in subsidiary | 100.00% |
3
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