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Q4 FY2021 Financial Statements and Notes

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Q4 FY2021 Financial Statements and Notes Consolidated Financial Statements ALGOMA STEEL INC. As at March 31, 2021 and 2020 and for the years ended March 31, 2021 and 2020 Deloitte LLP Bay Adelaide East 8 Adelaide Street West Suite 200 Toronto ON M5H 0A9 Canada Tel: 416-601-6150 Fax: 416-601-6151 www.deloitte.ca Independent Auditor’s Report To the Board of Directors and Shareholders of Algoma Steel Inc. Opinion We have audited the consolidated financial statements of Algoma Steel Inc. (the “Company”), which comprise the consolidated statement of financial position as at March 31, 2021, and the consolidated statements of net loss, comprehensive loss, changes in shareholder’s equity and cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies (collectively referred to as the “financial statements”). In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at March 31, 2021, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (“IFRS”). Basis for Opinion We conducted our audit in accordance with Canadian generally accepted auditing standards (“Canadian GAAS”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian GAAS will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with Canadian GAAS, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: ● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. ● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. ● Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. ● Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Chartered Professional Accountants Licensed Public Accountants June 17, 2021 Algoma Steel Inc. Consolidated Statements of Net Loss March 31, March 31, Years ended, 2021 2020 expressed in millions of Canadian dollars Revenue (Note 6) $ 1,794.9 $ 1,956.9 Operating expenses Cost of sales (Note 7) $ 1,637.7 $ 2,037.0 Administrative and selling expenses (Note 8) 58.3 56.9 Profit (loss) from operations $ 98.9 $ (137.0) Other (income) and expenses Finance income $ (1.1) $ (2.6) Finance costs (Note 9) 68.5 63.8 Interest on pension and other post-employment benefit obligations (Note 10) 17.0 17.3 Foreign exchange loss (gain) 76.5 (35.3) $ 160.9 $ 43.2 Loss before income taxes $ (62.0) $ (180.2) Income tax recovery (Note 26) - (4.3) Net loss $ (62.0) $ (175.9) See accompanying notes to the consolidated financial statements 3 Algoma Steel Inc. Consolidated Statements of Comprehensive Loss March 31, March 31, Years ended, 2021 2020 expressed in millions of Canadian dollars Net loss $ (62.0) $ (175.9) Other comprehensive loss, net of income tax, that will be reclassifed subsequently to profit or loss Net unrealized loss on cash flow hedges (Note 21) $ (64.8) $ - Other comprehensive (loss) income, net of income tax, that will not be reclassified subsequently to profit or loss Foreign exchange (loss) gain on translation to presentation currency $ (12.3) $ 9.5 Remeasurement of pension and other post-employment benefit obligations, net of tax nil, ($7.2) million respectively (Note 22, 23) $ 23.0 $ 74.6 $ (54.1) $ 84.1 Total comprehensive loss $ (116.1) $ (91.8) See accompanying notes to the consolidated financial statements 4 Algoma Steel Inc. Consolidated Statements of Financial Position March 31, March 31, As at, 2021 2020 expressed in millions of Canadian dollars Assets Current Cash (Note 11) $ 21.2 $ 265.0 Restricted cash (Note 11) 3.9 3.9 Taxes receivable - 0.4 Accounts receivable, net (Note 12) 274.6 248.9 Inventories, net (Note 13) 415.3 436.9 Prepaid expenses and deposits 74.6 65.1 Margin payments (Note 21) 49.4 - Other assets 3.8 - Total current assets $ 842.8 $ 1,020.2 Non-current Property, plant and equipment, net (Note 14) $ 699.9 $ 799.5 Intangible assets, net (Note 15) 1.5 2.8 Parent company promissory note receivable (Note 30) 2.2 1.3 Other assets 7.5 5.9 Total non-current assets $ 711.1 $ 809.5 Total assets $ 1,553.9 $ 1,829.7 Liabilities and Shareholder's Equity Current Bank indebtedness (Note 16) $ 90.1 $ 256.2 Accounts payable and accrued liabilities (Note 17) 153.8 151.4 Taxes payable and accrued taxes (Note 18) 27.2 12.3 Current portion of long-term debt (Note 19) 13.6 11.3 Current portion of environmental liabilities (Note 25) 4.5 4.1 Derivative financial instruments (Note 21) 49.4 - Total current liabilities $ 338.6 $ 435.3 Non-current Long-term debt (Note 19) $ 439.3 $ 473.0 Long-term governmental loans (Note 20) 86.4 72.6 Accrued pension liability (Note 22) 170.1 245.0 Accrued other post-employment benefit obligation (Note 23) 297.8 267.3 Other long-term liabilities (Note 24) 2.5 1.8 Environmental liabilities (Note 25) 35.4 34.8 Total non-current liabilities $ 1,031.5 $ 1,094.5 Total liabilities $ 1,370.1 $ 1,529.8 Shareholder's equity Capital stock (Note 28) $ 409.5 $ 409.5 Accumulated other comprehensive income 9.5 63.6 Deficit (235.2) (173.2) Total shareholder's equity $ 183.8 $ 299.9 Total liabilities and shareholder's equity $ 1,553.9 $ 1,829.7 See accompanying notes to the consolidated financial statements 5 Algoma Steel Inc. Consolidated Statement of Changes in Shareholder’s Equity Actuarial gain Foreign on pension Cash flow Accumulated exchange and other hedge other Total expressed in millions of Capital gain (loss) on post- reserve - Retained compre- Shareholder's Canadian dollars stock translation to employment unrealized deficit hensive equity presentation benefit loss (Note currency obligation, net 21) income
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