Algoma Steel Group (ASTL) said late Thursday it expects fiscal Q2 adjusted earnings before interest, taxes, depreciation and amortization of between 5 million Canadian dollars ($3.7 million) and negative CA$5 million.

The company said the guidance includes the initial recovery of insurance proceeds estimated at about $20 million.

Algoma Steel expects steel shipments of 510,000 tons to 520,000 tons in fiscal Q2, it said.

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