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Sep. 22, 2006 — Algoma Steel Inc. announced the final results of its substantial issuer bid to repurchase up to $200 million of its common shares.

Algoma has purchased for cancellation 5,479,452 common shares at a price of CDN $36.50 per share, for a total cost of CDN $200 million. Shareholders who deposited common shares to the offer at $36.50 per share, or pursuant to a purchase price tender, will have 69.88% of such shares deposited purchased for cancellation. Payment to these holders is being processed; those common shares not purchased are being returned by the depositary.

Algoma Steel is an integrated steel producer based in Sault Ste. Marie, Ont. Revenues are derived primarily from the manufacture and sale of rolled steel products including hot and cold rolled steel and plate.

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