Registration Statement pursuant to Section 12 of the Securities Exchange Act of 1934 |
Annual Report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 |
3312 |
Not Applicable | |||
(Province or other jurisdiction of incorporation or organization) |
(Primary Standard Industrial Classification Code Number) |
(I.R.S. Employer Identification Number) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
one Common Share at an exercise price of US$11.50 per share |
• |
future financial performance; |
• |
future cash flow and liquidity; |
• |
future capital investment; |
• |
the Company’s ability to operate the business, remain in compliance with debt covenants and make payments on the Company’s indebtedness, with a substantial amount of indebtedness; |
• |
restrictive covenants in debt agreements limit the Company’s discretion to operate the business; |
• |
significant domestic and international competition; |
• |
macroeconomic pressures in the markets in which the Company operates; |
• |
increased use of competitive products; |
• |
a protracted fall in steel prices resulting in reduced revenue and/or 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 the Company’s key customers; |
• |
increases in annual funding obligations resulting from the Company’s under-funded Pension Plans and Wrap Plan (each as defined in the AIF); |
• |
supply and cost of raw materials and energy; |
• |
impact of a downgrade in credit rating, including 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 against the Company; |
• |
impact of disputes arising with our partners; |
• |
the Company’s ability to implement and realize its business plans, including its ability to complete the transition to electric arc furnace (“ EAF |
• |
the Company’s ability to operate the EAF; |
• |
expected increases in liquid steel capacity as a result of the transformation to EAF steelmaking; |
• |
expected cost savings associated with the transformation to EAF steelmaking; |
• |
expected reduction in carbon dioxide emissions associated with the transformation to EAF steelmaking, including with respect to the impact of such reduction on the Federal SIF EAF Loan (as defined in the AIF) and carbon taxes payable; |
• |
the risks that higher cost of internally generated power and market pricing for electricity sourced from the Company’s current grid in Northern Ontario could have an adverse impact on the Company’s production and financial performance; |
• |
the risks that indigenous groups’ claims and rights to consultation and accommodation may affect the Company’s ability to complete the EAF Transformation (as defined in the AIF); |
• |
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 ongoing market uncertainty and global geopolitical instability; |
• |
risks associated with inflation rates; |
• |
risks inherent in the Company’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; |
• |
construction risks, including delays and cost overruns; |
• |
the Company’s ability to enter into contracts to source steel scrap and the availability of steel scrap; |
• |
the availability of alternative metallic supply; |
• |
the Company’s expectation to declare and pay a quarterly dividend; |
• |
the limited functionality of the coke oven batteries as they remain unstable and not fully operational |
• |
business interruption or unexpected technical difficulties, including impact of weather; |
• |
counterparty and credit risk; |
• |
labor interruptions and difficulties; and |
• |
changes in the Company’s credit ratings or the debt markets. |
A. |
Undertaking |
B. |
Consent to Service of Process |
EXHIBIT INDEX
SIGNATURE
Pursuant to the requirements of the Exchange Act, Algoma Steel Group Inc. certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.
Dated: June 20, 2024
ALGOMA STEEL GROUP INC. | ||
By: | /s/ Michael Garcia | |
Name: Michael Garcia | ||
Title: Chief Executive Officer |