Algoma Steel: Underpriced From Both Cyclical And EAF Perspectives [Seeking Alpha]
Algoma Steel Group Inc. (ASTL)
Company Research
Source: Seeking Alpha
The Company should be assessed based on the performance over the steel cycle. I used its peers' performances to assess its cyclical performance and EAF improvements. Based on these, there is a margin of safety. ASTL is also strong financially providing some leeway in case of a prolonged downtrend and delays in its EAF transformation. Investment Thesis Algoma Steel Group ( NASDAQ: ASTL ) is a steel company that is transforming its Blast Furnace steel-making process into an EAF one. As steel is a cyclical commodity, this makes ASTL a cyclical company. However, ASTL was only formed in 2021. As such, to get an estimate of its performance over the cycle, I look at the performance of its peers. The peers' performance also provided a basis to estimate how the margins would improve under the EAF process. Based on this, I found that there is a margin of safety to investing in ASTL. Background The current form of ASTL came from the 2021 business combination with Legato, a special-p
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ASTL
News
- Algoma Steel Inc. Announces Pricing of US$350 Million 9.125% Senior Secured Second Lien Notes due 2029GlobeNewswire
- CORRECTION: Dividend Payment Date Adjustment Due to Canadian Statutory HolidayGlobeNewswire
- Junk Issuers Rush to Refinance With Spreads Lowest Since 2022 [BNN Bloomberg (Canada)]BNN Bloomberg
- Algoma Steel Inc. Announces Proposed Offering of US$350 Million of Senior Secured Second Lien Notes due 2029 [Financial Post (Toronto, Ontario, Canada)]Financial Post
- Algoma Steel Provides Fiscal Fourth Quarter 2024 Guidance [Financial Post (Toronto, Ontario, Canada)]Financial Post
ASTL
Earnings
- 8/10/23 - Beat
ASTL
Sec Filings
- 4/10/24 - Form 6-K
- 3/27/24 - Form 6-K
- 3/26/24 - Form 6-K
- ASTL's page on the SEC website