Exhibit 99.1

ANNUAL INFORMATION FORM

for the twelve month period ended December 31, 2025

Dated: March 11, 2026

TABLE OF CONTENTS

(i)

ANNUAL INFORMATION FORM

INTRODUCTION

Unless otherwise indicated, all references in this annual information form (the “Annual Information Form”) to “Algoma,” “we,” “our,” “us,” “the Company” or similar terms refer to Algoma Steel Group Inc. and its consolidated subsidiaries.

We publish our consolidated financial statements in Canadian dollars. In this Annual Information Form, unless otherwise specified, all monetary amounts are in Canadian dollars, all references to “C$” mean Canadian dollars and all references to “$” or “US$” mean U.S. dollars. Unless otherwise indicated, the information contained herein is given as at December 31, 2025.

Effective November 5, 2024, the Company’s board of directors approved a change in the Company’s fiscal year-end from March 31 to December 31, effective as of December 31, 2024. Unless otherwise indicated in this Annual Information Form, all references to: “fiscal 2025” are to the twelve month period ended December 31, 2025, the fiscal year ended December 31, 2024 is referred to as the “nine month period ended December 31, 2024”, and “fiscal 2024” are to the twelve month period ended March 31, 2024.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This Annual Information Form contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and “forward-looking information” under applicable Canadian securities legislation (collectively, “forward-looking statements”), that are subject to risks and uncertainties. These forward-looking statements include information about imposed and threatened tariffs, including the impact, timing and resolution thereof, possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and strategic objectives, Algoma’s expectation to pay a quarterly dividend, the expected timing of the EAF (as defined below) transformation and the resulting increase in raw steel production capacity and reduction in carbon emissions. In some cases, you can identify forward-looking statements by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “pipeline,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” or the negative of these terms or other similar expressions. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. In addition, our business and operations involve numerous risks and uncertainties, many of which are beyond our control, which could result in our expectations not being realized or otherwise materially affect our financial position, financial performance and cash flows. Although management believes that expectations reflected in forward-looking statements are reasonable, such statements involve risks and uncertainties and should not be regarded as a representation by the Company or any other person that the anticipated results will be achieved. The Company cautions you not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. Our forward-looking statements are not guarantees of future performance, and actual events, results and outcomes may differ materially from our expectations suggested in any forward-looking statements due to a variety of factors, including, among others, those set forth in the section entitled “Risk factors.” Although it is not possible to identify all of these factors, they include, among others, the following:

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The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. The forward-looking statements are based on our beliefs, assumptions and expectations of future performance, taking into account the information currently available to us. These statements are only predictions based upon our current expectations and projections about future events. There are important factors that could cause our actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by the forward-looking statements. In particular, you should consider the risks provided under “Risk Factors” in this Annual Information Form.

You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward- looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying assumptions will prove to be correct. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this Annual Information Form, to conform these statements to actual results or to changes in our expectations.

MARKET AND INDUSTRY DATA

Market and industry data presented in this Annual Information Form was obtained from third-party sources and industry reports and publications, websites and other publicly available information, including Statistics Canada, as well as industry and other data prepared by us or on our behalf on the basis of our knowledge of the markets in which we operate, including information provided by suppliers, partners, clients and other industry participants. We believe that the market and economic data presented in this Annual Information Form is accurate and, with respect to data prepared by us or on our behalf that our estimates and assumptions are currently appropriate and reasonable, but there can be no assurance as to the accuracy or completeness thereof. The accuracy and completeness of the market and economic data presented in this Annual Information Form are not guaranteed and we do not make any representation as to the accuracy of such data. Actual outcomes may vary materially from those forecasts in such reports or publications, and the prospect for material variation can be expected to increase as the length of the forecast period increases. Although we believe it to be reliable, we have not independently verified any of the data from third-party sources referred to in this Annual Information Form, analyzed or verified the underlying studies or surveys relied upon or referred to by such sources, or ascertained the underlying market, economic and other assumptions relied upon by such sources. Market and economic data is subject to variations and cannot be verified due to limits on the availability and reliability of data inputs, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey.

CORPORATE STRUCTURE

Name, Address and Incorporation

Algoma, a corporation organized under the Business Corporations Act (British Columbia) (the “BCA”) in March 2021, is the parent holding company of Algoma Steel Inc., our operating company (“Opco”). Opco was incorporated

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in 2016 for the purpose of purchasing substantially all of the operating assets and liabilities of Essar Steel Algoma Inc. (“Old Steelco”) and its subsidiaries in connection with Old Steelco’s restructuring (the “Restructuring Transaction”) under the Canadian Companies’ Creditors Arrangement Act (the “CCAA”). The Restructuring Transaction was completed on November 30, 2018. Prior to November 30, 2018, Opco had no operations, and was capitalized with one common share with a nominal value. On October 19, 2021, Algoma consummated a business combination with Legato, a special purpose acquisition company, and became a publicly traded company with its common shares (the “Common Shares”) and warrants to purchase Common Shares (the “IPO Warrants”) trading on each of the Toronto Stock Exchange (the “TSX”) (under the symbols “ASTL” and “ASTL.WT”, respectively) and The Nasdaq Select Global Market (“Nasdaq”) (under the symbols “ASTL” and “ASTLW”, respectively).

Our principal office is located at 105 West Street, Sault Ste. Marie, Ontario P6A 7B4, Canada and our telephone number is (705) 945-2351. Our website address is www.algoma.com. Information contained on, or accessible through, our website is not a part of this disclosure document and the inclusion of our website address in this document is an inactive textual reference.

Intercorporate Relationships

The following diagram illustrates the inter-corporate relationships between the Company and its material subsidiaries (which are all wholly owned by the Company) as at the date of this Annual Information Form:

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Description of the Business

Algoma is a producer of hot and cold rolled steel products, including coiled sheet and plate, located on the Great Lakes in Sault Ste. Marie, Ontario, Canada. The Company is a flat-rolled steel producer in North America and the only producer of discrete plate in Canada, with an estimated annual liquid steel production capacity of approximately 2.8 million tons as of December 31, 2025. Algoma supplies customers primarily in the automotive, construction, energy, defense and manufacturing sectors.

The Company currently operates one EAF. Construction of a second EAF is expected to be completed in the first half of 2026, with commissioning and ramp-up anticipated thereafter. The transition to EAF steelmaking has replaced production from Blast Furnace No. 7, which was decommissioned in January 2026. Blast Furnace No. 6 remains idled.

Algoma’s downstream facilities include its Direct Strip Production Complex (“DSPC”) for production of sheet steel products, constructed in 1995 at an approximate cost of C$450 million, and which integrates continuous casting and hot rolling. We also operate Canada’s only discrete plate rolling mill, which is 166 inches wide, as well as discrete plate heat treating.

The Company’s sheet steel products include a wide variety of widths, gauges and grades, and are available in unprocessed form as hot rolled coil (“HRC”). Primary end users of sheet products include service centers, automotive, manufacturing, construction and tubular industries. Sheet steel products represented approximately 77% of the Company’s total steel shipment volumes for the twelve-month period ended December 31, 2025. As of December 31, 2025, the Company had idled its cold mill facilities, including pickling, hot rolled steel tempering, cold reduction rolling and annealing operations.

Recent modernization of the 166-inch wide plate mill is expected to support annual plate capacity of approximately up to 700,000 tons. In 2024, we completed a modernization of our plate mill, which has allowed us to increase capacity and further improve product quality and capability, which we believe will allow us to optimize margins by the sale of premium quality plate products, and build on our market position as the only domestic discrete plate producer in the Canadian market. Our plate steel products consist of various carbon-manganese, high-strength and low-alloy grades, and are sold in the as-rolled condition as well as subsequent value-added heat-treated conditions. The primary end-user of our plate products is the fabrication industry, which uses our plate products in the manufacture or construction of railcars, buildings, bridges, off-highway equipment, storage tanks, ships, defense and military applications (including armored plate), large diameter pipelines and power generation equipment. Plate steel products have represented approximately 23% of our total steel shipment volumes in the twelve month period ended December 31, 2025.

We sell our finished products to a geographically diverse customer base across North America. For the twelve month period ended December 31, 2025, our shipment volume by product category, geography and end markets were as follows:

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¹Includes 35-40% automotive

Corporate Strategy and Culture

Our corporate strategy aims to maximize stakeholder value through strategic investments in our business that provide and enhance a sustainable competitive cost position. Key investments include our EAF transformation, the modernization of our plate mill and our completed Ladle Metallurgy Furnace No. 2 (“LMF2”) investment. Through these strategic initiatives, we are seeking to ensure the long-term success and growth of our business. We anticipate that these investments will enhance our leading presence in the Canadian market and allow us to actively contribute to a more sustainable and environmentally responsible steel industry. In addition to the above, we are committed to fostering an entrepreneurial culture within our organization. This culture is rooted in values such as safety, productivity, and a caring attitude, which guide our decisions and interactions. Safety is our top priority, ensuring the well-being of our employees and stakeholders at all times. Productivity is pursued through a culture of continuous improvement, empowering our teams to innovate and optimize processes, resulting in increased efficiency and operational excellence. Lastly, a caring attitude permeates our organization, promoting a supportive and inclusive environment where everyone feels valued and respected. By nurturing this entrepreneurial culture, we aim to foster a strong sense of ownership and accountability among our employees, driving our business towards long-term success while prioritizing the well-being of our people and the communities we serve.

EAF Transformation

On November 10, 2021, our board of directors authorized the Company to construct two state-of-the-art EAFs to replace our existing Blast Furnace No. 7 steelmaking operations (the “EAF Transformation”). The EAF Transformation is expected to reduce our annual carbon emissions by approximately 70%. EAF steelmaking is a method of producing steel by melting scrap metal and other metallic inputs using an electric arc, and is widely used in modern steel production. Our EAF steelmaking facility is being built on vacant land adjacent to our current steelmaking facility to mitigate disruption to current operations, and will be integrated into existing downstream equipment and facilities, thereby reducing capital expenditure requirements.

In early July 2025, the Company achieved its first steel production at Unit One of the EAFs as well as successful electric arc testing and tuning, including individual and tandem tests of all nine Q-One transformer modules. This was a major operational and strategic milestone that marks the start of a new era for Algoma, positioning the Company to produce Volta^™, our proprietary green steel brand, at scale. It reflects the successful execution of a key phase in the EAF Transition and demonstrates the performance of the technology platform that underpins our decarbonization strategy. With EAF production now underway, Algoma is advancing toward a more flexible, cost-effective, and environmentally responsible steelmaking model that supports long-term shareholder value.

The Company had planned to continue blast furnace production through 2027 during a staged transition to EAF steelmaking. However, beginning in early 2025 and intensifying in June 2025, unprecedented USA tariff measures and escalating trade tensions with the United States materially and adversely affected the North American steel market. These measures included substantial tariffs on direct steel imports into the United States as well as on certain derivative and downstream steel-containing products.

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The scope and magnitude of these trade actions was unprecedented and fundamentally disrupted the Company’s established U.S. sales channels. In addition, tariffs on derivative products reduced demand for Canadian-manufactured finished goods exported into the United States, which in turn materially impacted domestic Canadian steel demand. The combined effect was a material contraction in addressable markets for the Company’s integrated blast furnace production. These external market conditions represented a fundamental change to the commercial assumptions underlying continued operation of the Company’s integrated blast furnace and coke oven facilities. As a result, sustained operation of these facilities became unviable. Accordingly, the Company was required to accelerate the wind-down of blast furnace steelmaking operations and ceased production through this route shortly after December 31, 2025. The Company is now relying on liquid steel production from the EAF.

Ramp-up activities for the EAF Transformation are progressing in line with expectations. The Unit One furnace and associated melt shop assets are performing as designed, with quality metrics achieved across a range of plate and hot-rolled coil product grades. The Q-One power system and other key process components have demonstrated stable and reliable performance, supporting consistent metallurgical quality and process control. Operations are currently running on a full 24-hour-per-day schedule.

The EAF Transformation also includes installation of vacuum tank degassing for steel used in plate products. Vacuum tank degassing offers several significant benefits for steel plate products, including reduced hydrogen content crucial for improving the steel’s resistance to cracking and brittleness, improved cleanliness to reduce impurities and inclusions leading to better surface finish and enhanced mechanical properties, and enhanced homogeneity promoting a more uniform distribution of alloys within the steel to improve consistency and reduce localized variations in properties. Construction is ongoing with the aim of commissioning in mid 2026.

The Company’s Response to Tariffs

The current President of the United States has issued various executive orders imposing tariffs on products imported from Canada. These include tariffs under the International Emergency Economic Powers Act (“IEEPA Tariffs”), applying a 25% duty on most imports from Canada, with a reduced 10% rate on energy products; and tariffs under Section 232 of the Trade Expansion Act of 1962 (“S232 Tariffs”), imposing a 25% ad valorem tariff on all steel and aluminum articles and their derivatives, without exclusions. The tariffs were effective March 4, 2025, paused on March 6, 2025, and then reinstated March 12, 2025. On April 2, 2025, the President announced a minimum 10% tariff (“Reciprocal Tariffs”) on all U.S. imports, effective April 5, 2025 and higher tariffs on imports from 57 countries. Canada was excluded from the application of Reciprocal Tariffs, and the order further clarified that the IEEPA Tariffs and S232 Tariffs would not aggregate on Canadian goods compliant with the United States-Mexico-Canada Agreement (“USMCA”). On June 4, 2025, the tariffs under S232 Tariffs were increased to 50% for all steel and aluminum imports to the United States. At present, the Company is only subject to the S232 Tariffs that imposes a 50% tariff on steel the Company imports into the United States. The ruling by the Supreme Court of the United States on February 20, 2026 regarding the IEEPA Tariffs does not impact the S232 Tariffs.

The ongoing tariffs and trade uncertainty has contributed to volatility in steel demand and pricing in both the U.S. and Canadian markets, with concerns over supply chain disruptions leading to fluctuations in purchasing patterns. Additionally, the uncertainty surrounding trade policies has affected the U.S. dollar exchange rate, which in turn impacts the Company’s sales and cost structure by influencing raw material costs, pricing competitiveness, and cross-border trade dynamics. In most cases, it is not feasible for the Company to pass on the tariff cost to its customers. Unlike the U.S. market which is predominantly contract-based, the Canadian steel market is more focused on spot transactions. As a result, the Company has been experiencing an increasing demand and pricing imbalance between the U.S. and Canadian markets, resulting in Canadian transactional pricing below U.S. pricing, which we expect is due to the increased supply of the Canadian market from domestic producers, the continuance of steel shipped into Canada by U.S. steel manufacturers and increased import offers from other countries priced at less-than-fair-value. During the three month period ended December 31, 2025 the Company’s Average Net Sales Realization (“NSR”), defined as steel revenue less freight revenue per steel tons shipped, for Canadian sales was up to 40% lower than its U.S. results across many product categories. This is a significantly greater discrepancy than historical averages and resulted in approximately C$27.0 million lower revenue on Canadian sales during the three month period ended December 31, 2025. During the three and twelve month periods ended December 31, 2025, the Company incurred tariff costs of C$60.6 million and C$225.0 million, respectively. During the three and twelve month periods ended

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December 31, 2025, steel shipments to the United States represented 45% and 51% of total steel shipments, respectively.

The S232 Tariffs in the United States have effectively closed the US market to Canadian steel producers, and resulted in an oversupply of steel coil in Canada, significantly influencing the selling price of domestic steel coil in Canada. The resulting price volatility and trade uncertainty has fundamentally disrupted the business model for Canadian steel production.

On September 28, 2025, in response to sustained market disruption, volatility and uncertainty arising from prolonged and expanded tariff measures, the Company’s board of directors approved a plan to accelerate the wind-down and decommissioning of the Company’s blast furnace and coke oven operations and transition fully to EAF steelmaking. In connection with this plan, on December 1, 2025, the Company issued layoff notices (the “Layoffs”) to 1,005 unionized employees, effective March 23, 2026. The Layoffs resulted in expected severance costs totaling C$45.8 million, which were recognized in the consolidated statements of net loss for the and twelve-month period ended December 31, 2025. To align production with prevailing market conditions, the Company intends to focus on the manufacturing and sale of discrete plate and to scale back coil production, with predominant emphasis on the Canadian market. As EAF production ramps up, the Company expects to align product offerings with domestic demand. As a result of the tariff measures and the resulting market disruption, the Company provided notice to certain primary raw material suppliers and customers asserting that these unforeseen trade measures have fundamentally altered the commercial basis of certain agreements. The Company has initiated, and is responding to, related legal proceedings in connection with certain supply agreements, including proceedings concerning the Company’s position that certain agreements have been frustrated. The Company believes it has valid legal remedies and defenses in these matters and intends to defend its position. Management continues to monitor these proceedings and will recognize provisions where a present obligation exists and a reliable estimate of loss can be made in accordance with applicable accounting standards.

The Company is further exploring liquidity tools and funding programs that could support its current operations and enable strategic diversification of products, including the LETL Facilities, as defined and described further below.

LETL Facilities

On November 14, 2025, the Company entered into agreements with Canada Enterprise Emergency Funding Corporation under the Large Enterprise Tariff Loan program and the Ministry of Northern Economic Development and Growth to secure a C$500 million governmental loan comprised of a C$400 million loan facility from the Government of Canada and a C$100 million loan facility from the Province of Ontario (collectively, the “LETL Facilities”). The LETL Facilities are provided proportionately for which 20% is secured, ranking junior to the Company’s existing first lien Revolving Credit Facility and its 9.125% Senior Secured Lien Notes, with the remaining 80% of the Facilities being unsecured. The LETL Facilities have a seven-year term, with interest at CORRA + 200 bps for the first three years, stepping up by 200 bps each year thereafter, and include customary positive and negative covenants, including a restriction on capital distributions.

In connection with the LETL Facilities, the Company issued 6,768,953 Common Share purchase warrants (the “LETL Warrants”) to Canada Enterprise Emergency Funding Corporation (5,415,162 LETL Warrants) and His Majesty the King in Right of Ontario (1,353,791 LETL Warrants). Each LETL Warrant is exercisable for one Common Share at an exercise price of $11.08, vesting proportionately as unsecured draws are made and subject to customary anti-dilution adjustments in the event of share reorganizations, rights offerings, distributions or certain other corporate transactions. The LETL Warrants have a term expiring at 5:00 p.m. (Toronto time) on November 14, 2035, unless earlier repurchased, exercised or terminated in accordance with their terms. The Company also retains certain rights to repurchase the LETL Warrants following repayment of the LETL Facility.

For further details please refer to “Material Contracts - LETL Facilities”.

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IPO Warrants

On October 19, 2021, Algoma consummated a business combination with Legato, a special purpose acquisition company, and its common shares and the IPO Warrants became listed on the TSX and Nasdaq. The IPO Warrants and LETL Warrants are referred to collectively in this Annual Information Form as Warrants (the “Warrants”), unless context otherwise requires or as specifically states.

DSPC Production Process

Our DSPC hot mill provides a cost advantage over the traditional integrated hot rolling manufacturing process. Current annualized production capacity of the DSPC complex is 2.3 million tons.

A hot strip mill coupled to direct casting can provide a significant competitive advantage in the steel industry. This technology integration eliminates the need for intermediate processes such as slab reheating. By leveraging the advantages of a hot strip mill coupled to direct casting, we achieve cost savings, improve operational efficiency, enhance product quality and reduce environmental impact. As the DSPC is ideally designed to integrate into our new EAFs, we have transformed into a state-of-the-art mini mill production facility.

The DSPC enables us to offer superior products, meet customer needs more effectively and strengthen our position in the steel industry. This technology offers key advantages, including:

Discrete Plate Production

We are the only discrete plate producer in Canada, with current capacity of up to 700,000 tons per year.

Recent modernization of the Company’s 166-inch wide plate mill is expected to support annual plate production capacity of up to approximately 700,000 tons. The modernization, completed in 2024, enhanced rolling capability, dimensional tolerances, product quality and heat-treatment processing capability.

The Company produces a broad range of carbon-manganese, high-strength and low-alloy plate grades. Plate products are supplied in the as-rolled condition as well as in value-added heat-treated conditions, including normalized and quenched-and-tempered grades designed for demanding structural and industrial applications.

The Company’s plate products are used across a wide range of end markets including construction infrastructure (such as bridges and structural components), energy and pressure vessel applications, shipbuilding and marine equipment,

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rail transportation equipment, heavy machinery and mining equipment, storage tanks and power generation equipment, large-diameter pipe and tubular products, and defense applications including armored plate. The primary end-users of the Company’s plate products are fabricators and manufacturers serving the construction, energy, mining, transportation, industrial and defense sectors. Plate steel products represented approximately 23% of the Company’s total steel shipment volumes for the twelve-month period ended December 31, 2025. The primary end users of the Company’s plate products are fabricators and manufacturers serving the construction, energy, mining, transportation, industrial and defense sectors.

Employment and Government Support

We are the largest employer in Sault Ste. Marie, Ontario. As of December 31, 2025, the Company had 2,400 full-time employees, of which approximately 95% are represented by two locals of the United Steelworkers Unions under two collective bargaining agreements expiring July 31, 2027. As discussed above, in connection with EAF Transition and the Company’s response to the S232 Tariffs, on December 1, 2025, the Company issued layoff notices to 1,005 unionized employees, effective March 23, 2026. As a result of the Company’s good relationship with its unionized workforce, there has not been a work disruption in approximately 30 years, and we have achieved contract terms that are competitive to those achieved by our peers.

As a result of our significant contribution to the Canadian steelmaking industry, we benefit from strong federal and provincial government support in various forms including the LETL Facilities. For example, to support political policies of the governments of Canada and Ontario, we have received financial support in the form of loans and grants, which have enabled us to undertake various capital expenditures to reinvest in the Company.

Environmental, Social and Governance

As part of our commitment to continue to augment our transparency and accountability on environmental, social and governance (“ESG”), the Company published its third annual sustainability report, (the “Sustainability Report”) in June 2025. Algoma aims to be a climate change leader and contributor toward a sustainable and environmentally responsible future for Canadian steel production. The report was designed to align with market-leading, investor-preferred ESG disclosure frameworks, such as the Sustainability Accounting Standards Board and the recommendations of the Task Force on Climate-related Financial Disclosures. The Sustainability Report sets out the Company’s ESG strategy, and its approach to mitigating ESG risks and capturing ESG opportunities, and provides an update on the Company’s ESG performance. We intend to publish our next report in June 2026.

Quarterly Shipment Volume

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Our Competitive Strengths

Strategically Located in Close Proximity to Customers and Suppliers

We are strategically located on Lake Superior with close proximity to major steel-consuming regions in Canada, including Southern Ontario, and historically to key markets in the United States, including the U.S. Midwest and Northeast. This geographic position has historically allowed the Company to serve customers across the Great Lakes region at competitive costs and, where trade conditions permit, provides strategic access to U.S. markets. Our location also provides efficient access to significant sources of post-consumer steel scrap, which is expected to be an important raw material input for our operations.

Historically approximately 84% of our customers are located within a 500-mile radius of our facility. In addition, our location on the Great Lakes provides access to multiple transportation modes, including marine, rail and truck, supporting our ability to negotiate competitive rates for inbound raw materials and outbound steel products. Our adjacent port facility, the fourth largest Canadian port on the Great Lakes by volume, has historically handled nearly 450 vessels per year and more than 4.5 million tons of shipments, facilitating efficient access to low-cost marine transportation across the Great Lakes and supporting our distribution network.

We sell steel products to a diverse base of approximately 235 customers across multiple sectors in North America, with no single customer accounting for more than 10% of revenues. Our top ten customers accounted for approximately 52% of total revenue in the year ended December 31, 2025. Our geographic, sector and customer diversification reduces our exposure to shifts in demand, and we have built strong customer relationships, with the average tenure of our top ten customers ranging from approximately 20 to 25 years.

The following map illustrates the Company’s advantageous location at the junction of Lake Superior and Lake Huron, with access to scrap metals anticipated to be sourced from the large industrial zones surrounding the Great Lakes (including Chicago, Detroit and Toronto), with additional supply from Western Canada and Quebec, and efficient shipping routes to customers throughout the Great Lakes region, including Canada and, where trade conditions permit, the Midwestern United States.

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