Algoma Steel Group Inc. elects all directors at annual meeting

Algoma Steel Group Inc. elected all nine director nominees listed in its management information circular during its annual meeting of shareholders held on June 23, 2026. The company, a leading Canadian producer of steel plate and hot rolled sheet products, received proxies and virtual votes for the election. The voting results confirmed the appointment of Mary Anne Bueschkens, Sean Donnelly, James Gouin, Andy Harshaw, Rajat Marwah, Sanjay Nakra, Melinda J. Newman, Eric S. Rosenfeld, and Gale Rubenstein to the Board of Directors.

Voting Results for Director Elections

The table below details the votes cast for each nominee:

Nominee	Votes For	Votes Withheld	Total Votes
Mary Anne Bueschkens	58,484,340	1,366,700	59,851,040
Sean Donnelly	59,757,894	93,146	59,851,040
James Gouin	59,671,815	179,225	59,851,040
Andy Harshaw	59,657,639	193,401	59,851,040
Rajat Marwah	59,749,097	101,943	59,851,040
Sanjay Nakra	59,630,116	220,924	59,851,040
Melinda J. Newman	59,645,639	205,401	59,851,040
Eric S. Rosenfeld	59,634,076	216,964	59,851,040
Gale Rubenstein	59,633,108	217,932	59,851,040

Auditor Appointment and Executive Compensation

Shareholders ratified the appointment of Deloitte LLP as the company’s auditors for the 2026 calendar year. Additionally, the non-binding advisory resolution on executive compensation, which was outlined in the management information circular dated April 30, 2026, was approved at the meeting. The full report of voting results is available under the company’s profile on SEDAR+ and on the Securities and Exchange Commission’s EDGAR website.

Algoma Steel Chief Executive Officer Michael Garcia received $6.82 million in total compensation for 2025, a 22.2% increase from the previous year, despite the company laying off over 1,000 workers and recording a loss of $985 million. The payout, disclosed in the company's executive compensation report, has drawn sharp criticism from the United Steelworkers union (USW), which represents the majority of employees at the Sault Ste. Marie operations.

The compensation package included a base salary of $1.07 million and $5.75 million in other forms of compensation. Garcia's total remuneration for 2025 was 130% higher than the $2.96 million he received two years prior. The company disclosed that the economic terms agreed upon with Garcia were materially lower than those he would have been entitled to under the termination without cause provisions of his employment agreement.

Financial Context and Union Response

The significant compensation increase contrasts sharply with Algoma Steel's financial performance and workforce reductions. In December 2025, the company announced it would lay off more than 1,000 workers. The company also faced an annual loss approaching $1 billion, specifically $985 million, under Garcia's leadership.

The USW argued that awarding substantial increases to top executives during a period of mass layoffs and poor financial results is unacceptable. The union highlighted that Garcia's bi-weekly paycheque from his base salary alone exceeded $41,000, which is more than millions of Canadians earn in a year. Furthermore, the union noted that the total 2025 compensation package amounts to more than double the lifetime earnings of the average Canadian retiring today.

Compensation Details

The following table outlines the progression of Michael Garcia's compensation over the reported period:

Year	Total Compensation ($)	Change (%)
2023	2,960,000	-
2024	5,580,000	-
2025	6,820,000	22.2% (vs 2024)

Algoma Steel's board of directors approved the compensation package. Garcia retired at the end of 2025. The USW emphasized that the workers and the community of Sault Ste. Marie deserve greater corporate accountability, particularly as the company had previously accepted nearly $1 billion in public funding.