Fair Money & Economic Opportunity

Algoma Steel Group Inc. is a steel manufacturer.

The company does not offer lending, deposit, or other financial services to consumers. Therefore, the KPIs related to financial products, pricing, fees, lending compliance, customer credit, savings, or financial literacy are not applicable to its core business model. While the company engages in community donations and offers employee profit-sharing and pension plans, these activities do not align with the specific definitions and quantitative thresholds of the 'Fair Money & Economic Opportunity' KPIs, which are focused on financial services for customers and underserved populations.

Fair Pay & Worker Respect

Algoma Steel has faced multiple regulatory actions and charges related to worker safety. In May 2024, the company was charged with three violations of the Occupational Health and Safety Act (OHSA) following a worker's death.

Additionally, in May 2025, Algoma Steel was charged with multiple OHSA violations concerning a contractor's death in 2023. The company also received two orders and one requirement from the Ontario government after a worker injury on August 27, 2024. In February 2024, 12 workers were injured, with 5 hospitalized, due to a molten metal blast.

Fair Trade & Ethical Sourcing

No incidents of forced or child labour were reported through the ClearView reporting platform for the year ended December 31, 2024.

The company has a third-party managed whistleblowing portal and an Ethics Committee to investigate potential breaches, with monitoring and reporting to the Board quarterly. The Vendor Code of Conduct, updated in March 2024, includes clauses prohibiting all forms of modern slavery, forced labour, and child labour, and requires vendors to comply with all applicable labour and human rights laws. This Vendor Code is integrated into procurement processes. A comprehensive risk assessment identified 10 subcategories with medium or high risk for forced and child labour, including alloys, scrap, refractories, back-up rolls, and steel slabs. The company engaged with suppliers above $5 million annual spend in these top priority categories through self-assessment questionnaires.

Honest & Fair Business

Algoma Steel Group Inc. reported zero monetary losses from legal proceedings associated with bribery, corruption, or ethics violations for FY2022, FY2023, and FY2024.

The company has a Whistleblower Policy, approved on June 18, 2024, which allows employees, contractors, and stakeholders to report concerns confidentially and anonymously through a secure, third-party platform. The policy prohibits retaliation for good faith reports and ensures all information is documented, tracked, investigated by the Internal Audit team, and reviewed by an Ethics Committee. Algoma Steel's Code of Business Conduct and Ethics, which applies to all employees, supervisors, senior managers, officers, and board members, covers anti-bribery and corruption standards. All employees receive mandatory training on the Code upon joining, with periodic refresher courses. The company's Scope 1 GHG emissions data receives reasonable assurance through a third-party verification conducted by Pricewaterhouse Coopers (PWC). Additionally, Algoma Steel utilizes ISN, a third-party platform, for supplier information management and compliance validation, and beeAware Consulting, another third-party, assisted with a comprehensive Forced Labour and Child Labour risk assessment across its operations and supply chain. Canada, where Algoma Steel operates, scores 75/100 on Transparency International’s Corruption Perceptions Index. The company has not had any financial restatements in the past five years.

Kind to Animals

The provided articles for Algoma Steel Group Inc. focus on the company's sustainability efforts, particularly regarding carbon emission reduction through its Electric Arc Furnace (EAF) project, and alignment with SASB and TCFD standards.

No information was found regarding the company's cruelty-free certifications, animal testing practices, use of animal-derived ingredients, humane certifications for operations, wildlife conservation impact, or engagement in animal welfare policy or R&D for animal-free alternatives. As a steel manufacturer, the company's operations do not appear to directly involve animal products or animal testing, and the articles do not provide any data relevant to the 'Kind to Animals' value.

Planet-Friendly Business

Algoma Steel's gross global Scope 1 emissions for Calendar Year 2024 were 4,227,426 metric tons CO2e, and Scope 2 emissions were 24,765 metric tons CO2e, totaling approximately 4.25 million tCO2e.

The company does not currently track or disclose Scope 3 emissions. Algoma Steel has not participated in the Science Based Targets initiative (SBTi) but is aligned with the Canadian Steel Producers Association's aspirational goal to achieve carbon neutrality by 2050. The company sourced 0% of its total energy consumption from renewable energy in Calendar Year 2024. In terms of waste management, 72% of industrial waste was recycled during the nine months ended December 31, 2024. Algoma Steel has faced multiple environmental compliance violations, including convictions in 2007, 2010, 2016, and 2023 under the Environmental Protection Act and the Ontario Water Resources Act, resulting in total fines of $425,000 from past convictions. In 2022, there were at least seven significant spills, including 50,000 litres of slurry sump overflow and an estimated 1,000 to 1,250 litres of oil into the St. Marys River, which led to the community of Echo Bay cutting off its drinking water intake for 18 days. The company's 2024 Sustainability Report is prepared in alignment with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations, but it has not yet conducted climate change scenario analysis due to capacity constraints. Algoma Steel aims to eliminate coal use in steelmaking operations over time but provides minimal disclosure of climate asset risks. The company reported that 0% of its freshwater withdrawal in Fiscal Year 2024 was from regions with High or Extremely High Baseline Water Stress. Algoma Steel is working to develop environmental product declarations, which includes conducting a lifecycle assessment for all key products. The company is increasing its use of scrap steel as part of its Electric Arc Furnace (EAF) transition. Algoma Steel has a Site Greening Initiative and a shoreline stabilization project on the St. Mary's River. The company has a framework to support its workforce through the transition to EAF steelmaking, including reskilling and upskilling. However, it has not specified any investment in climate adaptation for vulnerable communities as a percentage of climate spending.

Respect for Cultures & Communities

Algoma Steel has established 4 formal partnerships with indigenous or local community groups, including Garden River First Nation, Algoma University, Shingwauk Kinoomaage Gamig, and the USW. The company reports that 99% of its workforce is recruited from the local Sault Ste. Marie region.

A Community Liaison Committee (CLC) serves as a forum for exchanging relevant environmental information with the public at its primary operational site. In 2024, 115 employees successfully completed the first session of a two-part Cultural Competency Training Program. The company invested over $189.9 million in local contractor work for the EAF project as of December 31, 2024. Algoma Steel donated $30,000 to cultural heritage organizations in 2024. The company also donated $360,000 across 58 causes, with 19% allocated to Education and Skills Development and 16% to Community and Employee Engagement.

Zero Waste & Sustainable Products

Algoma Steel has faced significant environmental compliance issues. In 2019, the company was convicted and fined $150,000 for violating the Ontario Water Resources Act by discharging effluent exceeding permissible limits for phenol, cyanide, and ammonia into the St. Mary's River.

A second spill of heavy machinery lubricant oil into the St. Mary's River occurred in 2022, leading to an 18-day water treatment plant shutdown. The company is refurbishing a two-million-gallon tank and replacing a storage tank to mitigate future spill risks. Additionally, Algoma Steel has received repeated exemptions from pollution emission regulations for toxic pollutants like benzene, benzo(a)pyrene, and particulates, and has been noted as not in compliance with mandated pollution limits for air emissions. The new Electric Arc Furnace (EAF) technology, while reducing carbon, is also expected to produce dioxins and furans. Algoma Steel has an ISO 14001-2015 certified environmental management system and partnerships to reduce toxic substances. Despite these challenges, Algoma Steel reported that 72% of its industrial waste materials were reused or recycled as of December 31, 2024. Its primary product, steel, is described as 100% recyclable. The company has implemented numerous waste reduction initiatives, including a "one-in, one-out" policy for tire recycling since the early 1990s, and a grassroots recycling program that diverted 100,000 kg of materials. An eTracks partnership also removed 850 tonnes of legacy tires. Other initiatives include collaboration with Algoma University on phytoremediation research for slag reuse, and the development of dual-use trailers and a new vessel (M/V Blair McKeil) to backhaul steel scrap, all supporting circularity goals. The transition to EAF steelmaking is a significant initiative expected to increase scrap steel use and advance circularity. The company aims to grow its grassroots recycling initiative further.