Algoma Steel Group Maintained at Buy at Stifel Canada on Beam Mill Report; Price Target Kept at C$11.50

MT Newswires Live12-09

Stifel Canada on Tuesday maintained its buy rating on the shares of Algoma Steel Group (ASTL.TO) and its C$11.50 price target after the Canadian government said it may support construction of a beam mill to broaden the company's product range as it deals with U.S. tariffs.

"Once sanctioned, a beam will would be very positive for ASTL's operational platform. On December 5, 2025, the Canadian Federal Government suggested that it could offer financial support for Algoma Steel to build a structural beam mill to support Canadian housing and infrastructure markets. The company has not formally sanctioned the project, so there are no project details available. We believe in a normalized market, project payback would be roughly 5.0x on EBITDA/year basis. More importantly, it greatly would enhance profitability in a tariff environment as product with no margin (HRC) with be replaced by high margin production (beam). We continue to believe that ASTL's equity value is considerably higher than where it is today, as our target price of $11.50 is a double from current prices, but the path to realize this will be choppy," analyst Ian Gillies wrote.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

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