Cover Page
Cover Page | 12 Months Ended |
Mar. 31, 2022 | |
Document Information [Line Items] | |
Document Type | POS AM |
Amendment Flag | false |
Entity Registrant Name | Algoma Steel Group Inc. |
Entity Central Index Key | 0001860805 |
Entity Emerging Growth Company | false |
Consolidated Statements of Net
Consolidated Statements of Net Income (Loss) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Profit or loss [abstract] | |||
Revenue | $ 3,806 | $ 1,794.9 | $ 1,956.9 |
Operating expenses | |||
Cost of sales | 2,292 | 1,637.7 | 2,037 |
Administrative and selling expenses | 103 | 72.4 | 56.9 |
Profit (loss) from operations | 1,411 | 84.8 | (137) |
Other (income) and expenses | |||
Finance income | (0.5) | (1.1) | (2.6) |
Finance costs | 48.6 | 68.5 | 63.8 |
Interest on pension and other post-employment benefit obligations | 11.6 | 17 | 17.3 |
Foreign exchange loss (gain) | 4.3 | 76.5 | (35.3) |
Transaction costs | 26.5 | 0 | 0 |
Listing expense | 235.6 | 0 | 0 |
Change in fair value of warrant liability | 6.4 | 0 | 0 |
Change in fair value of earnout liability | (78.1) | 0 | 0 |
Other (income) and expenses | 254.4 | 160.9 | 43.2 |
Income (loss) before income taxes | 1,156.6 | (76.1) | (180.2) |
Income tax expense (recovery) | 298.9 | 0 | (4.3) |
Net income (loss) | $ 857.7 | $ (76.1) | $ (175.9) |
Net income (loss) per common share | |||
Basic | $ 8.53 | $ (1.06) | $ (2.46) |
Diluted | $ 7.75 | $ (1.06) | $ (2.46) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of comprehensive income [abstract] | |||
Net income (loss) | $ 857.7 | $ (76.1) | $ (175.9) |
Other comprehensive income (loss), net of income tax, that will be reclassified subsequently to profit or loss | |||
Net unrealized income (loss) on cash flow hedges, net of tax recovery of $7.8 million, $16.1 million and nil, for the years ended March 31, 2022, March 31, 2021 and March 31, 2020, respectively (Note 21) | 40.1 | (64.8) | 0 |
Other comprehensive income (loss), net of income tax, that will not be reclassified subsequently to profit or loss | |||
Foreign exchange gain (loss) on translation to presentation currency | (15.5) | (12.3) | 9.5 |
Remeasurement of pension and other post-employment benefit obligations, net of tax nil, for the years ended March 31, 2022 and March 31, 2021 and ($7.2) million for the year ended March 31, 2020 (Notes 22, 23) | 117.9 | 23 | 74.6 |
Other comprehensive income | 142.5 | (54.1) | 84.1 |
Total comprehensive income (loss) | $ 1,000.2 | $ (130.2) | $ (91.8) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of comprehensive income [abstract] | |||
Income tax relating to cash flow hedges included in other comprehensive income | $ 7.8 | $ 16.1 | $ 0 |
Income tax relating to remeasurements of defined benefit plans included in other comprehensive income | $ 0 | $ 0 | $ 7.2 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position $ in Millions, $ in Millions | Mar. 31, 2022 CAD ($) | Mar. 31, 2021 CAD ($) |
Current | ||
Cash | $ 915.3 | $ 21.2 |
Restricted cash | 3.9 | 3.9 |
Accounts receivable, net | 402.3 | 274.6 |
Inventories, net | 480 | 415.3 |
Prepaid expenses and deposits | 79.9 | 74.6 |
Margin payments | 29.5 | 49.4 |
Other assets | 5.6 | 3.8 |
Total current assets | 1,916.5 | 842.8 |
Non-current | ||
Property, plant and equipment, net | 773.7 | 699.9 |
Intangible assets, net | 1.1 | 1.5 |
Related party receivable | 0 | 2.2 |
Other assets | 2.3 | 7.5 |
Total non-current assets | 777.1 | 711.1 |
Total assets | 2,693.6 | 1,553.9 |
Current | ||
Bank indebtedness | 0.1 | 90.1 |
Accounts payable and accrued liabilities | 261.9 | 153.8 |
Taxes payable and accrued taxes | 64.3 | 27.2 |
Current portion of other long-term liabilities | 0.4 | 0 |
Current portion of long-term debt | 0 | 13.6 |
Current portion of governmental loans | 10 | 0 |
Current portion of environmental liabilities | 4.5 | 4.5 |
Derivative financial instruments | 28.8 | 49.4 |
Warrant liability | 99.4 | 0 |
Earnout liability | 22.7 | 0 |
Share-based payment compensation liability | 45.4 | 10 |
Total current liabilities | 537.5 | 348.6 |
Non-current | ||
Long-term debt | 0 | 439.3 |
Long-term governmental loans | 85.2 | 86.4 |
Accrued pension liability | 118.1 | 170.1 |
Accrued other post-employment benefit obligation | 239.8 | 297.8 |
Other long-term liabilities | 4 | 2.5 |
Environmental liabilities | 33.5 | 35.4 |
Deferred income tax liabilities | 92.9 | 0 |
Total non-current liabilities | 573.5 | 1,031.5 |
Total liabilities | 1,111 | 1,380.1 |
Shareholders' equity | ||
Capital stock | 1,378 | 409.5 |
Accumulated other comprehensive income | 152 | 9.5 |
Retained earnings (deficit) | 77.8 | (249.3) |
Contributed (deficit) surplus | (25.2) | 4.1 |
Total shareholders' equity | 1,582.6 | 173.8 |
Total liabilities and shareholders' equity | $ 2,693.6 | $ 1,553.9 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - CAD ($) $ in Millions | Total | Issued capital | Contributed (Deficit) Surplus | Foreign exchange gain (loss) on translation to presentation currency | Actuarial gain (loss) on pension and other post-employment benefit obligation, net of tax | Cash flow hedge reserve - unrealized loss | Accumulated other compre- hensive income (loss) | Retained earnings (deficit) | Capital stock Issued capital | |
Beginning Balance at Mar. 31, 2019 | $ 391.7 | $ 1.9 | $ (22.4) | $ (20.5) | $ 2.7 | $ 409.5 | ||||
Net income (loss) | (175.9) | (175.9) | ||||||||
Other comprehensive (loss) income | 84.1 | 9.5 | 74.6 | 84.1 | ||||||
Ending Balance at Mar. 31, 2020 | 299.9 | 11.4 | 52.2 | 63.6 | (173.2) | 409.5 | ||||
Net income (loss) | (76.1) | (76.1) | ||||||||
Other comprehensive (loss) income | (54.1) | (12.3) | 23 | $ (64.8) | (54.1) | |||||
Issuance of capital stock | [1] | $ 409.5 | ||||||||
Ending Balance at Mar. 31, 2021 | 173.8 | $ 4.1 | (0.9) | 75.2 | (64.8) | 9.5 | (249.3) | 409.5 | ||
Net income (loss) | 857.7 | 857.7 | ||||||||
Other comprehensive (loss) income | 142.5 | (15.5) | 117.9 | 40.1 | 142.5 | |||||
Issuance and modification of performance share units | (30) | (30) | ||||||||
Issuance of deferred share units | 0.7 | 0.7 | ||||||||
Issuance of capital stock | 976.8 | 976.8 | ||||||||
Return of capital | (8.3) | (8.3) | ||||||||
Earnout rights | (521.3) | (521.3) | ||||||||
Dividends paid | (9.3) | (9.3) | ||||||||
Ending Balance at Mar. 31, 2022 | $ 1,582.6 | $ (25.2) | $ (16.4) | $ 193.1 | $ (24.7) | $ 152 | $ 77.8 | $ 1,378 | ||
[1]Retrospectively adjusted to reflect the reverse stock split, described below. On March 23, 2021, the Company was incorporated with one share. On March 29, 2021, the Company entered into an agreement with Algoma Steel Intermediate Parent S.A.R.L. to purchase all of the issued and outstanding Common shares (100,000,001) held in Algoma Steel Holdings Inc. in exchange for 100,000,000 additional Common shares in the Company. On October 18, 2021, the Company executed a return of capital to Algoma Steel Intermediate Parent S.a.r.l., a former related party and commonly controlled affiliate of Algoma Steel Parent S.C.A., the Company’s former ultimate parent company. The Company’s subsidiary, Algoma Steel Inc. provided a loan to facilitate the payment totalling $8.3 million (US $6.7 million) (refer to Note 31). Pursuant to the Merger Agreement with Legato (refer to Note 4), on October 19, 2021, the Company effected a reverse stock split, such that each outstanding common share became such number of common shares as determined by the conversion factor of 71.76775% (as defined in the Merger Agreement). As a result, the 100,000,001 common shares outstanding on the day prior to the Merger were split into 71,767,775 common shares. Further, the Company issued an additional 30,306,320 and 10,000,000 common shares to the Legato common shareholders and certain investor (“PIPE Investors”), respectively, in accordance with the Merger Agreement. As a result, capital stock was increased by $542.7 million, net of share issuance costs of $2.2 million (US $439.1 million). On February 9, 2022, the Company issued 35,883,692 common shares in connection with the earnout rights granted to non-management shareholders that existed prior to the Merger (refer to Note 4). On March 3, 2022, the Company announced a normal course issuer bid (the “NCIB”) after receiving regulatory approval from the Toronto Stock Exchange. Pursuant to the NCIB, the Company is authorized to acquire up to a maximum of 7,397,889 of its shares, or 5% of its 147,957,790 issued and outstanding shares as of February 18, 2022, subject to a daily maximum of 16,586 shares. The common shares are available for purchase for cancellation commencing on March 3, 2022 until no later than March 2, 2023. No shares were repurchased by the Company under the NCIB during the year ended March 31, 2022. On March 31, 2022, a dividend payment of $9.3 million (US $7.4 million) was paid and recorded as a distribution through retained earnings (refer to Note 35). |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Millions, $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 CAD ($) | Mar. 31, 2021 CAD ($) | Mar. 31, 2020 CAD ($) | |
Operating activities | |||
Net income (loss) | $ 857.7 | $ (76.1) | $ (175.9) |
Items not affecting cash: | |||
Amortization of property, plant and equipment and intangible assets | 87 | 87.2 | 128.1 |
Deferred income tax expense | 101.7 | (4.3) | |
Pension expense in excess of funding (pension funding in excess of expense) | 2.4 | (30.5) | (28.2) |
Post-employment benefit funding in excess of expense | (6.1) | (7.8) | (7.6) |
Unrealized foreign exchange loss (gain) on: | |||
accrued pension liability | 1.5 | 32.1 | (13.8) |
post-employment benefit obligations | 0.9 | 34.3 | (16) |
Finance costs | 48.6 | 68.5 | 63.8 |
Loss on disposal of property, plant and equipment | 0.3 | 2.5 | |
Interest on pension and other post-employment benefit obligations | 11.6 | 17 | 17.3 |
Accretion of governmental loans and environmental liabilities | 12.2 | 10.3 | 7.2 |
Unrealized foreign exchange loss (gain) on government loan facilities | 0.6 | 9 | (4.3) |
Increase in fair value of warrant liability | 6.4 | ||
Decrease in fair value of earnout liability | (78.1) | ||
Listing expense | 235.6 | ||
Other | 5.5 | 0.9 | (0.8) |
Adjustments to reconcile profit (loss) | 1,287.8 | 147.4 | (34.5) |
Net change in non-cash operating working capital | (21.1) | (137.7) | 34.3 |
Environmental liabilities paid | (3.3) | (1.6) | (4.5) |
Cash generated by (used in) operating activities | 1,263.4 | 8.1 | (4.7) |
Investing activities | |||
Acquisition of property, plant and equipment | (166.2) | (71.7) | (113.3) |
Acquisition of intangible asset | (0.1) | (0.6) | |
Acquisition of right-of-use assets | (1.7) | ||
Recovery (issuance) of related party receivable | 2.2 | (1.1) | (1.2) |
Cash used in investing activities | (165.7) | (72.9) | (115.1) |
Financing activities | |||
Bank indebtedness (repaid) advanced, net | (86.8) | (145.2) | 249.3 |
Repayment of term loans | (457.8) | (12.6) | (10.3) |
Governmental loans received, net of benefit | 1.1 | 6.5 | 42.4 |
Repayment of government loans | (0.8) | ||
Restricted cash | 7.2 | ||
Interest paid | (36.3) | (15.6) | (42) |
Proceeds from issuance of shares | 393.5 | 0 | |
Dividends paid | (9.3) | ||
Other | (2.3) | (0.5) | 0.1 |
Cash (used in) generated by financing activities | (198.7) | (167.4) | 246.7 |
Effect of exchange rate changes on cash | (4.9) | (11.6) | 2.6 |
Cash | |||
Increase (decrease) in cash | 894.1 | (243.8) | 129.5 |
Opening balance | 21.2 | 265 | 135.5 |
Ending balance | $ 915.3 | $ 21.2 | $ 265 |
General Information
General Information | 12 Months Ended |
Mar. 31, 2022 | |
Statement [Line Items] | |
General Information | 1. GENERAL INFORMATION Algoma Steel Group Inc., formerly known as 1295908 B.C. Ltd. (the “Company”), was incorporated on March 23, 2021 under the Business Corporations Act of British Columbia solely for the purpose of purchasing Algoma Steel Holdings Inc. under section 85(1) of the Income Tax Act (Canada) effecting the purchase on an income tax-deferred Algoma Steel Inc. (“ASI”), the operating company and a wholly-owned subsidiary of Algoma Steel Holdings Inc. was incorporated on May 19, 2016 under the Business Corporations Act of British Columbia. ASI was incorporated solely for the purpose of purchasing substantially all of the operating assets and liabilities in of Essar Steel Algoma Inc. (“Old Steelco Inc.”). The purchase transaction was completed November 30, 2018. Prior to November 30, 2018, ASI had no operations, and was capitalized with 1 common share with a nominal value. ASI is an integrated steel producer with its active operations located entirely in Sault Ste. Marie, Ontario and Canada. ASI produces sheet and plate products that are sold primarily in Canada and the United States. The registered address of the Company is 1055 West Hastings Street, Vancouver, British Columbia, Canada. The head office of the Company is located at 105 West Street, Sault Ste. Marie, Ontario, Canada. On May 24, 2021, the Company entered into a Merger Agreement, by and among the Company, a wholly-owned subsidiary of the Company (“Merger Sub”) and Legato Merger Corp. (“Legato”). On October 19, 2021 (the “Closing”), Algoma Steel Group Inc. completed its merger with Legato, listing its common shares and warrants under the symbol ‘ASTL’ and ASTLW’, respectively, on the Toronto Stock Exchange (TSX) and the Nasdaq Stock Market (Nasdaq). Refer to Note 4. The consolidated financial statements of the Company for the years ended March 31, 2022, March 31, 2021 and March 31, 2020 are comprised of the Company and its wholly-owned subsidiaries as follows: • Algoma Steel Holdings Inc. • Algoma Steel Intermediate Holdings Inc. • Algoma Steel Inc. • Algoma Steel Inc. USA • Algoma Docks GP Inc. • Algoma Docks Limited Partnership Algoma Steel Holdings Inc., Algoma Steel Intermediate Holdings Inc. and Algoma Docks GP Inc. are holding companies and do not conduct any business operation s. |
Parent [member] | |
Statement [Line Items] | |
General Information | 1. GENERAL INFORMATION Algoma Steel Group Inc. (the “Parent Company”) is a holding company that conducts all of its business operations through its subsidiaries. The Parent Company holds a direct 100 % ownership interest in Algoma Steel Holdings Inc., which holds the Parent Company’s interest in its operating subsidiaries, Algoma Steel Intermediate Holdings Inc., Algoma Steel Inc. USA and Algoma Steel Inc. The Parent company was incorporated on March 23 , 2021 under the Business Corporations Act of British Columbia solely for the purpose of purchasing Algoma Steel Holdings Inc. under section 85 (1) of the Income Tax Act (Canada) effecting the purchase on an income tax-deferred The Parent Company has accounted for the earnings of its subsidiaries under the equity method in these unconsolidated condensed financial statements. The comparatives reflect the financial information of Algoma Steel Holdings Inc., the predecessor of our Parent Company, for financial reporting purposes for the years ended March 31 , 2021 and 2020 . No dividends have been received from any of our subsidiaries in the past three years. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Basis of Presentation | 2. BASIS OF PRESENTATION Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (the “IASB”). These consolidated financial statements have been approved and authorized for issuance by the Board of Directors on June 13, 2022. Entities under common control On March 29, 2021, the Company entered into an agreement with Algoma Steel Intermediate Parent S.A.R.L. to purchase all of the issued and outstanding Common shares This acquisition was deemed a transaction among entities under common control. The ultimate parent company at the time of the transaction, Algoma Steel Parent S.C.A. was unchanged. The transaction was among entities under common control and therefore did not result in a change in control at the ultimate parent level. Accordingly, the Company accounted for this transaction at the carrying amount of net assets. The difference between the share consideration received or transferred and the carrying amount of the net assets was considered immaterial, as such no gain or loss was recognized in the consolidated financial statements of the Company. Resultantly, the Company’s financial position and results of operations are presented as though they were operating continuously from the beginning. The consolidated financial statements have been prepared on a going concern assumption using historical cost basis, except for certain financial instruments that are measured at fair value, as explained in the accounting policies disclosed in Note 3. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The going concern assumption assumes the realization of assets and the discharge of liabilities in the normal course of business. Functional and presentation currency The Company and its subsidiaries’ functional currency is the United States dollar (“US dollar”). The US dollar is the currency of the primary economic environment in which the Company and subsidiaries operate. For reporting purposes, the consolidated financial statements are presented in millions of Canadian dollars (“$C”). The assets and liabilities are translated into the reporting currency using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at average exchange rates for the reporting period. Exchange differences arising are recognized in other comprehensive (loss) income and accumulated in equity under the heading ‘Foreign exchange on translation to presentation currency’. Equity transactions, as disclosed in Note 28, are translated at the historical exchange rates. The resulting net translation adjustment has been recorded in other comprehensive income (loss) for the year. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Significant Accounting Policies | 3. SIGNIFICANT ACCOUNTING POLICIES Foreign exchange transactions Transactions in currencies other than the Company’s functional currency are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are translated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost are not re-translated. Exchange gains or losses arising from translations of foreign currency monetary assets, liabilities and transactions are recorded in foreign exchange loss (gain) in the consolidated statements of net income (loss). Financial Instruments The Company’s financial assets and liabilities (financial instruments) include cash, restricted cash, accounts receivable, margin payments, related party receivable, derivative financial instruments, bank indebtedness, accounts payable and accrued liabilities, warrant liability, earnout liability, debt and governmental loans. Recognition Financial assets and financial liabilities are recognised in the consolidated statements of financial position when the Company becomes party to the contractual provisions of the instrument, and they are initially measured at fair value. Financial assets are derecognized when the contractual rights to the cash flows expire or when the Company transfers substantially all the risks and rewards of ownership of the financial assets to another party. Financial liabilities are derecognized when the contractual obligations are discharged, cancelled, or expired. A write-off of a financial asset (or a portion thereof) constitutes a derecognition event. Write-off occurs when the Company has no reasonable expectations of recovering the contractual cash flows associated with a financial asset. Classification and measurement The classification of financial instruments is determined at the time of initial recognition, within the following categories: • Amortized cost • Fair value through profit (loss) (FVTP(L)) • Fair value through other comprehensive (loss) income (FVTOCI(L)) Financial assets are classified and subsequently measured based on the business model in which they are managed and their cash flow characteristics. Financial assets are measured at amortized cost if they meet both of the following conditions and are not designated as FVTP(L): • The financial asset is held within a business model with the objective of holding the financial asset in order to collect contractual cash flows; and • The contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All other financial assets are measured at their fair values at each subsequent reporting period, with any changes recorded through profit and loss or through other comprehensive income, if the designation is made as an irrevocable election upon initial recognition . Financial liabilities are classified as subsequently measured at amortized cost or FVTPL. A financial liability is classified as FVTPL if it is contingent consideration of an acquirer in a business combination, held-for-trading, or designated as FVTPL upon initial recognition, and is remeasured at its fair value at each subsequent reporting period, with any changes recorded through profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Derivative financial instruments are recognised initially at fair value on the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting date. Impairment of financial assets carried at amortized cost The Company utilizes an ‘expected credit loss’ (“ECL”) model, as required by IFRS 9 – Financial Instruments . Accounts receivable are subject to lifetime ECL which is measured as the difference in the present value of the contractual cash flows that are due under the contract, and the cash flows that are expected to be received. The Company applies the simplified approach at each reporting date on its accounts receivable and considers both current and forward-looking macro-economic factors that may affect historical default rates when estimating ECL. Accounts receivable, together with the associated allowance, are written off when there is no realistic prospect of future recovery and all collateral has been realized or has been transferred to the Company. If, in a subsequent year, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognized, the previously recognized impairment loss is increased or decreased by adjusting the carrying value of the loan or receivable. If a past write-off is later recovered, the recovery is recognized in the consolidated statements of net income (loss). Fair value of financial instruments Fair value is the price that would be received when selling an asset or paid to transfer a liability in an The Company has certain financial assets and liabilities that are measured at fair value. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (for example, interest rate and yield curves observable at commonly quoted intervals, forward pricing curves used to value currency and commodity contracts), or inputs that are derived principally from or corroborated by observable market data or other means. Level 3 inputs are unobservable (supported by little or no market activity). The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. There were no transfers among Levels 1, 2 and 3 during the years ended March 31, 2022, 2021 and 2020. The Company’s policy is to recognize transfers into and transfers out of fair value hierarchy levels as of the date of the event or change in circumstances that caused the transfer. The Company reclassifies financial assets only when its business model for managing those assets changes. Financial liabilities are not reclassified. Hedge accounting Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. The method of recognizing the resulting gain and loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The derivatives are designated as hedges of a particular risk associated with a recognized asset or liability or highly probable forecasted transaction (cash flow hedge). The Company designates certain derivatives as hedging instruments in respect of commodity price risk, which are accounted for as cash flow hedges. At the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and hedged item, as well as its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, the Company documents its assessment, both at hedge inception and on an ongoing basis, as to whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk. Hedge relationship meets effectiveness requirements when it meets all of the following: • there is an economic relationship between the hedged item and the hedging instrument; • the effect of credit risk does not dominate the value changes that result from that economic relationship; and • the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Company actually hedges and the quantity of the hedging instrument that the Company actually uses to hedge that quantity of hedged item. The full fair value of a derivative financial instrument is classified as a non-current asset or liability when the remaining life of the hedged item is more than 12 months and as a current asset or liability when the remaining life of the hedged item is less than 12 months. Cash flow hedges The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify as cash flow hedge is recognized in other comprehensive income (loss) and accumulated under the heading of cash flow hedge reserve – unrealized loss, limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss, and is included in revenue (steel hedges) and cost of sales (natural gas hedge) line items. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss in equity at that time remains in equity and is recognized when the forecasted transaction affects income (loss). When a forecasted transaction does not occur, the cumulative gain or loss that was reported in equity is immediately classified to the statement of profit and loss. Accounts receivable Accounts receivable are recognized initially at transaction price and are non-interest bearing. Management analyzes accounts receivable and notes receivable to determine the allowance for doubtful accounts by assessing the collectability of receivables owing from each individual customer. This assessment takes into consideration certain factors including the age of outstanding receivable, customer operating performance, historical payment patterns and current collection efforts, relevant forward looking information and the Company’s security interests, if any. Recoveries of accounts receivables previously provided for in the allowance for doubtful accounts are deducted from administrative and selling expenses in the consolidated statements of net income (loss). Inventories Raw materials, work in process and finished products inventories are measured at the lower of average cost and net realizable value. Average cost for finished goods and work in process is comprised of direct costs and an allocation of production overheads, including depreciation expense. Supplies inventories are measured at the lower of average cost and net realizable value. Property, plant and equipment, net Items of property, plant and equipment are recorded at cost less accumulated amortization and impairment. The cost of an item of property or equipment comprises costs that can be directly attributed to its acquisition and to bringing the asset to a working condition for its intended use, including borrowing costs that meet the criteria for capitalization and initial estimates of the cost of dismantling and removing the item and restoring the site on which it is located. The cost of self-constructed and self-installed assets includes the cost of direct labour in addition to the costs listed above. Depreciation is calculated generally by the straight-line method based on estimated useful lives as follow s: Category of Property, Plant and Equipment Range of Estimated Useful Life Buildings 5 to 30 years Machinery and equipment 5 to 40 years Vehicles 6 to 12 years Computer hardware 3 to 5 years The Company also separately recognizes the cost of replacement parts and major overhaul or inspection costs if the cost of the item can be reliably measured or estimated and it is probable that the future economic benefits will be realized by the Company. When such items are replaced the carrying amount of the replaced component is derecognized. The costs of maintenance and repairs of property, plant and equipment are recognized in profit or loss as incurred. Componentization When significant components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items and depreciated over the respective useful lives. Useful life, depreciation method, residual value Estimates of the useful lives of items of property, plant and equipment are based on management’s judgement as to the physical and economic useful lives of assets and as such are subject to change in future periods. Depreciation methods, useful lives and residual values are reviewed at each reporting date with the effect of any changes in estimate being accounted for on a prospective basis. Derecognition of property plant and equipment An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss. Accounting policies relevant to government funding The benefit of Government funding is not recognized until there is reasonable assurance that the Company will comply with the conditions attaching to it and that the funding will be received. Benefits related to Government funding in the form of low interest rate loans, interest free loans and grants for items of capital are presented in the consolidated statements of financial position as an offset to the carrying value of the property, plant and equipment to which the benefits relate. In the case of low interest rate loans and interest free loans, the benefit is calculated as the difference between the fair value amount of the low interest rate loan or the interest free loan and the proceeds received. Claims under government grant programs related to income are recorded within the consolidated statement of profit and loss as a reduction of the related item the grant is intended to offset, in the period in which the eligible expenses were incurred or when the services have been performed. Intangible assets, net Intangible assets are measured and stated at cost, net of accumulated depreciation and any recognized impairment in value. The Company’s intangible assets comprising computer software are amortized on a straight-line basis over their estimated useful lives ranging from 3 to 10 years. Derecognition of intangible assets An intangible asset is derecognized on disposal, or when no future economic benefits are expected from its use. Gains or losses arising from derecognition of an intangible asset measured as the difference between the net disposal proceeds and the carrying amount of the asset are recognized in profit or loss when the asset is derecognized. Impairment of tangible and intangible assets Property, plant and equipment and intangible assets are reviewed at the end of each reporting period to determine whether there is any indication of impairment. If any such indication exists then the recoverable amount of the asset is estimated. The recoverable amount of an asset is defined as the higher of its fair value less costs to sell and its value in use. Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the Cash Generating Unit (“CGU”) to which the asset belongs. The CGU corresponds to the smallest identifiable group of assets whose continuing use generates cash inflows that are largely independent of the cash flows from other groups of assets. An impairment loss is recognized when the carrying amount of an asset, or of the CGU to which it belongs, exceeds the recoverable amount. In determining value in use, the Company estimates cash flows before taxes based on most recent actual results and forecasts and then determines the current value of future estimated cash flows. Impairment losses are recognized in the consolidated statements of net income (loss). An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. The increased carrying amount of an asset attributable to a reversal of impairment loss may not exceed the carrying amount that would have been determined had no impairment loss been recognized in prior periods. Leases At inception of a contract, the Company assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company, as a lessee, recognizes a right-of-use asset and lease liability at commencement of the lease at the present value of the future lease payments using the interest rate implicit in the lease (if readily determinable) or the Company’s incremental rate of borrowing. Subsequent to initial measurement, the asset is depreciated using the straight-line method from the commencement date to the earlier of the end of its useful file or the end of the lease term. The lease liability is measured at amortized cost using the effective interest rate method. Lease related finance charges are recorded in finance costs in the consolidated statement of net income (loss). The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases defined as leases with a lease term of 12 months or less and low-value assets. These types of leases are recorded in the consolidated statement of net income (loss) as incurred. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognized in profit or loss in the period in which they are incurred. Retirement benefit costs The Company provides pensions and certain health care, dental care, life insurance and other benefits for certain retired employees pursuant to Company policy. For defined benefit pension plans and other post-employment benefits, the defined benefit cost is actuarially determined on an annual basis by independent actuaries using the projected unit credit method. Remeasurement comprising of actuarial gains and losses, the effect of the asset ceiling and the return on plan assets (excluding interest) are recognized immediately in the consolidated statements of financial position with a charge to other comprehensive income (loss) in the period in which they occur. The Company has elected to transfer those amounts recognized in other comprehensive income (loss) to a separate reserve within equity. Net-interest • service cost, past-service cost, gains and losses on curtailments and settlements; • net interest expense; and • remeasurement. The Company recognizes the first two components of defined benefit costs in profit or loss in its consolidated statements of net income (loss): service cost, past service cost, gains and losses on curtailments and settlements in Cost of sales and Administrative and selling expenses; and net interest expense in Interest on pension and other post-employment benefit obligations. The determination of a benefit expense requires assumptions such as the discount rate, the expected mortality, the expected rate of future compensation increases and the expected healthcare cost trend rate. Actual results will differ from estimated results which are based on these assumptions. The asset or liability recognized in the consolidated statements of financial position represents the actual plan situation in the Company’s defined benefit and other post-employment benefit plans. All actuarial gains and losses that arise in calculating the present value of the defined benefit obligation and the plan assets, the remeasurement components, are recognized immediately in other comprehensive income (loss). Any defined benefit asset resulting from this calculation is limited to the present value of any economic benefit in the form of refunds from the plan or reduction in future contributions to the plan. Payments to defined contribution retirement benefit plans are recognized as an expense when employees have rendered service entitling them to the contributions. Termination benefits Termination benefits are recognized as an expense when the Company is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary retirement. Termination benefits for voluntary retirements are recognized the earlier of the date when the Company recognizes related restructuring costs and the date when the Company can no longer withdraw the offer of the benefits related to the voluntary retirement. Short-term benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. Environmental liabilities An environmental liability is recognized if, as a result of an agreement, the Company has a present legal obligation that can be estimated reliably and it is probable that an outflow of economic benefits will be required to settle the obligation. The amount recognized as an environmental liability is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account risks and uncertainty of cash flow. Where the effect of discounting is material, environmental liabilities are determined by discounting the expected future cash flows at a pre-tax Long-term debt Long-term debt is recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; transaction costs related to the Secured Term Loan Facility and the Algoma Docks Term Loan Facility are amortized in profit or loss using the effective interest method. Revenue recognition The Company’s revenue is generated primarily from contracts to produce, ship and deliver steel products, and to a lesser extent, to deliver non-steel by-products revenue. Revenue is measured at the fair value of the consideration received or receivable, net of returns and allowances, trade discounts, volume rebates and other incentives. Revenue from the sale of goods is recognized to the extent that it is probable that the economic benefits will flow to the Company, can be reliably measured, and at a point-in-time when the performance obligation is satisfied by transferring the promised good to a customer. A good is considered transferred when the customer obtains control, which is defined as the ability to direct the use of and obtain substantially all of the remaining benefits of an asset. Upon the fulfillment of these criteria, revenue and costs associated with such are included in the consolidated statements of net income (loss). Freight and other transportation costs billed to customers are recorded gross within revenue and cost of goods sold. The Company has pricing latitude in revenue arrangements and is also exposed to inventory and credit risks. The Company offers industry standard payment terms that typically requires payment from customers 30 days after title and control transfers . Research Research costs are charged to operations as incurred, due to the nature of the projects. Where government incentives in the form of investment tax credits and grants are received for research projects initiated by the Company for its own purposes, these incentives are deducted from the applicable category of expenditures. Finance income Finance income is comprised of interest income on short-term deposits. Interest income Interest income from financial assets is recognized when it is probable that the economic benefits will flow to the Company and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable. Finance cost Finance cost is comprised of interest expense on borrowings, amortization of issuance costs, and accretion of environmental liabilities. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognized in profit or loss using the effective interest method. Costs related to issuance of the Secured Term Loan Facility and the Algoma Docks Term Loan Facility are recorded as a component of the carrying amount of the related debt and are amortized to profit or loss using the effective interest method. Costs related issuance of the Revolving Credit Facility are recorded in other assets and are amortized to profit or loss on a straight line basis over the period of the facility. Actuarially determined interest costs related to the defined benefit pension obligation and the other post-employment benefit obligation are recorded respectively as components of the carrying amount of the accrued pension liability and the accrued other post-employment benefit obligation. Taxation Current and deferred income tax are recognized in net income (loss), except when they relate to items that are recognized in other comprehensive income (loss) or directly in equity, in which case, the current and deferred income tax are also recognized in other comprehensive income (loss) or directly in equity, respectively. Current tax The current tax expense is based on taxable income for the year. Taxable income differs from net income (loss) before taxes as reported in the consolidated statements of net income (loss) because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred income tax Deferred income tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable income income The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the asset to be recovered. The Company had incurred net losses for the years ended March 31, 2021 and March 31, 2020. For the years ended March 31, 2021 and March 31, 2020, the Company did not have sufficient evidence to support a determination that sufficient future taxable income was probable. In accordance with IFRS, the Company did not recognize deferred tax assets. For the year ended March 31, 2022, the Company has utilized all non-capital losses carried forward and there is no balance recognized as a deferred tax asset associated with these losses. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the asset is period, Share-based payment The Company provides certain employees with long-term incentive awards. Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value includes the effect of market based vesting conditions but excludes the effect of non-market-based The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the expected vesting period, which is determined based on the Company’s expected timing on meeting the non-market performance condition. The impact of the revision of the original estimates, if any, is recognized in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity. For cash-settled share-based payments, a liability is recognized for the goods or services acquired, measured initially at the fair value of the liability. At each reporting date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognized in profit or loss for the year. Comprehensive Income (Loss) Other comprehensive income (loss) (“OCI(L)”) includes foreign exchange gain on translation to the Company’s presentation currency from the US Dollar functional currency. OCI(L) includes actuarially determined gains and losses on post employment benefits offered to certain employees and the effect of any limits applied to the defined benefit asset. OCI(L) also includes unrealized loss on cash flow hedge reserve. Comprehensive income (loss) is composed of net income (loss) and OCI(L). Accumulated OCI(L) is a separate component of Shareholders’ Equity which includes the accumulated balances of all components of OCI(L) which are recognized in comprehensive income (loss) but excluded from net income (loss). New IFRS Standards, Amendments and Interpretations adopted as of April 1, 2021 (effective January 1, 2021) The Company adopted the following amendments which did not have a material impact on its financial statements: Interest Rate Benchmark Reform – Phase 2 In August 2020, the IFRS Board issued amendments that complemented those issued in 2019 and focus on the effects of the interest rate benchmark reform on a Company’s financial statements that arise when, for example, an interest rate benchmark used to calculate interest on a financial asset is replaced with an alternative benchmark rate. The Phase 2 amendments address issues that might affect financial reporting during the reform of an interest rate benchmark, including the effects of changes to contractual cash flows or hedging relationships arising from the replacement of an interest rate benchmark with an alternative benchmark rate (replacement issues). The amendment is effective for annual reporting periods beginning on or after January 1, 2021. Although the Company has various debt instruments with interest rate benchmarked to LIBOR, these facilities were fully repaid before March 31, 2022. Further, the Company intends to renegotiate the related debt agreements before June 2023. Refer to Notes 16, 19 and 32. Standards and Interpretations issued and not yet adopted Proceeds before Intended Use IAS 16 “Property, Plant and Equipment (PPE)” sets out an amendment prohibiting an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while Cost of Fulfilling a Contract IAS 37 “Onerous Contracts” sets out an amendment clarifying the meaning of “costs to fulfil a contract”. The amendment clarifies that, before a separate provision for an onerous contract is established, an entity recognizes any impairment loss that has occurred on assets used in fulfilling the contract, rather than on assets dedicated to that contract. The application of this amendment is not expected to have a significant impact on the financial position and performance of the Company, or on the Company’s financial reporting. The amendment is effective for annual reporting periods beginning on or after January 1, 2022. A mended Disclosure for Accounting Policies IAS 1 “Presentation of Financial Statements” sets out amendments that are intended to help preparers in deciding which accounting policies to disclose in their financial statements. The application of this amendment is not expected to have a significant impact on the financial position and performance of the Company, or on the Company’s financial reporting. The amendments are effective for annual reporting periods beginning on or after January 1, 2023. Amended Scope of Recognition IAS 12 “Income Taxes” sets out amendments that narrow the scope of recognition exemption in paragraphs 15 and 24 (recognition exemption) so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. The application of this amendment is not expected to have a significant impact on the financial positi |
Merger Transaction
Merger Transaction | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Merger Transaction | 4. MERGER TRANSACTION On October 19, 2021, the Merger between Merger Sub and Legato was completed, with Legato becoming a wholly-owned subsidiary of the Company and the shareholders of Legato becoming shareholders of the Company (“Closing”). Pursuant to the Merger Agreement, the Company effected a reverse stock split such that each outstanding common share became such number of common shares, as determined by the conversion factor of 71.76775% (as defined in the Merger Agreement). As a result of the Merger, the shares were dual listed on the TSX and NASDAQ and became publicly traded on October 20, 2021. Pursuant to the Merger, each outstanding share of Legato common stock was converted into and exchanged for one newly issued common share of the Company. This resulted in the issuance of 30,306,320 common shares of the Company, after redemption by initial Legato shareholders. On Closing, the Company accounted for the Merger as a share-based payment transaction, with the fair value of the Algoma common shares issued to the Legato shareholders measured at the market price of Legato’s publicly traded common shares on October 19, 2021. The total fair value of the Algoma common shares issued to Legato shareholders was $421.3 million (US $340.9 million). As part of the Merger, Algoma acquired cash, a receivable previously owed between Legato and Algoma Steel Inc. (“ASI”) and warrants, with the difference accounted for as a listing expense. The following table reconciles the elements of the Merger: Merger transaction Total fair value of consideration: 30.3 million common shares at US $11.25 per common share (US $340.9 million) $ 421.3 Net assets acquired: Cash (US $211.4 million) $ 261.2 Intercompany loan settled the subsequent day of transaction close (US $16.2 million) 20.0 Less: warrant liability (US $74.5 million) (92.0 ) Less: Legato liabilities assumed (US $2.8 million) (3.5 ) Total listing expense (US $190.7 million) $ 235.6 The listing expense is presented in the consolidated statement of net income (loss). Following the consummation of the Merger on Closing, Legato was dissolved and its assets and liabilities were distributed to the Company. Concurrent with the execution of the Merger Agreement, the Company and Legato entered into subscription agreements with certain investors (the “PIPE Investors”) pursuant to which the PIPE Investors agreed to purchase, and the Company and Legato agreed to issue to the PIPE Investors, an aggregate of 10,000,000 common shares of Legato common stock, for the purchase price of US$10.00 per share and at an aggregate purchase price of US$100.0 million (the “PIPE Investment”) on closing. Those PIPE Investors that subscribed for Legato common stock exchanged their PIPE shares for common shares pursuant to the PIPE subscription agreements immediately prior to the Merger. After giving effect to such exchange 10,000,000 common shares of the Company were issued in the PIPE Investment. The following table shows the number of common shares outstanding immediately following the consummation of the Merger: Number of Common shares outstanding prior to Merger (post stock-split) 71,767,775 Common shares issued to Legato shareholders 30,306,320 Common shares issued to PIPE investors 10,000,000 Total 112,074,095 Warrants Pursuant to the Merger Agreement, the previously outstanding Legato warrants were converted into an equal number of warrants issued by the Company. These warrants comprise 23,575,000 Public Warrants and 604,000 Private Warrants (collectively “Warrants”). In connection with this conversion, there were no substantial changes to the rights assigned to the holders of the warrants and assumed by the Company. Each of the Company’s Warrants are exercisable for one common share in the Company at US$11.50 per share, subject to adjustment, with the exercise period beginning on November 18, 2021. (i) Public Warrants The Public Warrants expire five years after the completion of the Merger, or earlier upon redemption or liquidation in accordance with the warrant terms. The Public Warrants are exercisable for cash or on a cashless basis at the Company’s option. (ii) Private Warrants The Private Warrants are identical to the Public Warrants, except that the Private Warrants will be exercisable for cash or on a cashless basis, at the holder’s option, and are non-redeemable Given the cash and cashless settlement options, the Company has accounted for the Warrants as a liability which are measured at fair value on initial recognition and at each reporting date with the changes in fair value recorded in the consolidated statement of net income (loss). On Closing, the Company recognized a liability in the amount of $92.0 million (US $74.5 million) using the market price of the Legato Warrants as an approximation of fair value for each Warrant. As at March 31, 2022, the 24,179,000 Warrants remain outstanding with an estimated fair value of US$3.29 per Warrant based on the market price of the Warrants, for which the Company recognized a liability of $99.4 million (US $79.6 million) in warrant liability on the consolidated statements of financial position. The loss for change in fair value of the warrant liability of $6.4 million is presented in the consolidated statements of net income (loss). Replacement Long Term Incentive Plan (“LTIP”) Awards On Closing, the LTIP awards granted by Algoma Steel Holdings Inc. (“ASHI”) became vested and were exchanged for replacement LTIP awards issued by the Company (“Replacement LTIP Awards”) as determined by the conversion factor of 71.76775% (as defined in the Merger Agreement). Based on the conversion factor, 3,232,628 Replacement LTIP Awards were issued. Similar to the LTIP awards, each Replacement LTIP Award allows the holders to purchase one common share of Algoma. The Replacement LTIP Awards are considered fully vested and can be exercised for US$0.013 per common share, pursuant to an LTIP exchange agreement with each holder, at the earlier of a significant disposal of Algoma common shares held by the Company’s shareholders immediately prior to the Closing, or December 31, 2025. Should the participants’ employment with the Company ceases, a cash-out five-day On the day preceding the Closing, the Company remeasured the fair value of the original LTIP Awards as they become fully vested on the day before the Merger. Consequently, the Company recognized a liability in the amount of $44.9 million (US $36.4 million) using the market price of the Algoma common shares as an approximation of fair value for each unit of Replacement LTIP Awards. The gain on change in fair value of previously recognized LTIP awards accounted for as cash-settled share-based payments, including restricted share units and director units, were recognized in profit or loss in the amount of $ million. In addition, the Company had previously recognized an amount of $5.2 million (US $4.1 million) in contributed surplus relating to the fully vested performance share units issued under the original long-term incentive plan dated May 13, 2020. The fair value of these awards, which were previously accounted for as equity-settled share-based payments was recognized as a liability in the amount of $ million (US $ million) with an offsetting charge to equity to reflect the modification of these units to cash settled awards. The Company accounted for the Replacement LTIP Awards as a modification of share-based payment as the LTIP awards and the Replacement LTIP Awards share similar terms and conditions, and were only replaced as a result of a liquidating event (the Merger) as described by the original long-term incentive plan. Given the alternative settlement options at the election of the participant, the Company has accounted for the Replacement LTIP Awards as cash-settled share-based transactions, which are measured at fair value on initial recognition and at each reporting date with the changes in fair value recorded in the consolidated statements of net income (loss). The Company applied modification accounting by remeasuring the fair value of the LTIP awards previously granted by ASHI as at the day prior to Closing and determined that there is no resulting gain or loss. Upon the consummation of the Merger (refer to Note 34), the Company issued Replacement LTIP Awards to replace previously issued restricted share units, director units and performance share units. The Replacement LTIP Awards are accounted for as cash-settled share-based payment and are immediately vested on Closing. The previous long-term incentive plan established by Algoma Steel Holdings Inc. dated May 13, 2020 was cancelled on Closing and no additional awards can be granted under this plan. On October 19, 2021, the Company approved an Omnibus Equity Incentive Plan (“October 2021 LTIP Plan”) that would allow the Company to grant various awards to its employees. Refer to Note 34. As at March 31, 2022, the 3,232,628 Replacement LTIP Awards remain outstanding with an estimated fair value of US$11.25 per unit based on the market price of t \ Earnout Rights Pursuant to the Merger Agreement, holders of the Company’s common shares and each holder of Replacement LTIP Awards were granted the contingent right to receive their pro rata portion of up to 37.5 million common shares of the Company if certain targets based on Earnout Adjusted EBITDA (as defined in the Merger Agreement) and the trading price of the Company’s common shares were met as at December 31, 2021 and thereafter. The Company has accounted for the earnout rights as a derivative liability, which are measured at fair value on initial recognition and at each reporting date with the changes in fair value, recorded in the consolidated statements of net income (loss). On Closing, the Company forecasted that the highest level of the Earnout Adjusted EBITDA would be achieved as at December 31, 2021. Accordingly, the Company recognized an earnout liability based on the expectation that all 37.5 million Algoma common shares underlying the earnout rights would become issuable. On October 19, 2021, the Company recorded an earnout liability in the amount of $521.3 million (US $421.9 million) using the market price of the Algoma common shares as an approximation of fair value for each unit of earnout rights. Given that the earnout rights were granted to all of the previous shareholders of the Company, the amount was recorded as a distribution through retained earnings. As at December , , all the conditions related to the earnout rights were satisfied and the Board of Directors subsequently approved the issuance of common shares to non-management holders of the earnout rights. On February , , the Company issued common shares related to the earnout rights at US$ per share. As a result, the Company derecognized the related earnout liability. Gain in the fair value of the earnout liability of $78.1 million is presented in the consolidated statements of net income (loss). As at March 31, 2022, 1,616,305 earnout rights remain outstanding with an estimated fair value of US$11.25 per unit based on the market price Company’s common shares, for which an earnout liability of $22.7 million (US $18.2 million) was recognized on the consolidated statements of financial position. |
Critical Estimates and Judgemen
Critical Estimates and Judgements | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Critical Estimates and Judgements | 5. CRITICAL ESTIMATES AND JUDGEMENTS The preparation of these consolidated financial statements, in accordance with IFRS, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Judgement is used mainly in determining whether a balance or transaction should be recognized in the consolidated financial statements. Estimates and assumptions are used mainly in determining the measurement of recognized transactions and balances. However, judgement and estimates are often interrelated. In the determination of cash generating units (“CGU”), the Company assessed its identifiable group of assets that generates cash inflows and concluded the Company has a single cash generating unit. Judgements, estimates and assumptions are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in future periods affected. The following discussion sets forth management’s most critical estimates and assumptions in determining the value of assets , liabilities, revenue and expenses: Allowance for doubtful accounts Management analyzes accounts receivable to determine the allowance for doubtful accounts by assessing the collectability of receivables owing from each individual customer. This assessment takes into consideration certain factors including the age of outstanding receivable, customer-operating performance, historical payment patterns and current collection efforts, relevant forward-looking information and the Company’s security interests, if any. Useful lives of property, plant and equipment and Intangible assets The Company reviews the estimated useful lives of property, plant and equipment and intangible assets at the end of each annual reporting period, and whenever events or circumstances indicate a change in useful life. Estimated useful lives of items of property, plant and equipment and intangible assets are based on a best estimate and the actual useful lives may be different. Impairment of property Determining whether property, plant and equipment and intangible assets are impaired requires the Company to determine the recoverable amount of the CGU to which the asset is allocated. To determine the recoverable amount of the CGU, management is required to estimate its fair value. To calculate the value of the CGU in use, management determines expected future cash flows, which involves, among other items, realization rates on future steel output, costs and volume of production, growth rate, and the estimated selling costs, using an appropriate weighted average cost of capital. Defined Benefit Retirement Plans The Company’s determination of employee benefit expense and obligations requires the use of assumptions such as the discount rate applied to determine the present value of all future cash flows expected in the plan. Since the determination of the cost and obligations associated with employee future benefits requires the use of various assumptions, there is measurement uncertainty inherent in the actuarial valuation process. Actual results could differ from estimated results which are based on assumptions. Taxation The Company computes and recognizes an income tax provision in each of the jurisdictions in which it operates. Actual amounts of income tax expense and scientific research and experimental development investment tax credits only become final upon filing and acceptance of the returns by the relevant authorities, which occur subsequent to the issuance of the consolidated financial statements. Additionally, the estimation of income taxes includes evaluating the recoverability of deferred income tax assets based on an assessment of the ability to use the underlying future tax deductions before they expire against future taxable income. The assessment is based upon existing tax laws and estimates of future taxable income. To the extent estimates differ from the final tax return, net income (loss) will be affected in a subsequent period. The Company will file tax returns that may contain interpretations of tax law and estimates. Positions taken and estimates utilized by the Company may be challenged by the relevant tax authorities. Rulings that result in adjustments to tax returns filed will be recorded in the period where the ruling is made known to the Company. |
Capital Management
Capital Management | 12 Months Ended |
Mar. 31, 2022 | |
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Capital Management | 6. CAPITAL MANAGEMENT The Company’s objectives when managing capital are: (a) to maintain a flexible capital structure which optimizes the cost of capital at acceptable risk; (b) to meet external capital requirements on debt and credit facilities; (c) to ensure adequate capital to support long-term growth strategy; and (d) to provide an adequate return to shareholders. The Company continuously monitors and reviews the capital structure to ensure the objectives are met. Management defines capital as the combination of its indebtedness, as disclosed in Note 16, its governmental loans, as disclosed in Note 20 and the equity balance, as disclosed in Note 28 .The Company manages the capital structure within the context of the business strategy, general economic conditions, market conditions in the steel industry and the risk characteristics of assets. The Company is in compliance with the covenants under its existing debt agreements at March 31, 2022 and March 31, 2021, as disclosed in Note 16. |
Revenue and Segmented Informati
Revenue and Segmented Information | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Revenue and Segmented Information | 7. REVENUE AND SEGMENTED INFORMATION The Company is viewed as a single business segment involving basic steel production for purposes of internal performance measurement and resource allocation. The Company’s non-current March 31, 2022 and March 31, 2021 are in Canada. Years ended, March 31, March 31, March 31, Total revenue is comprised of: Sheet & Strip $ 3,083.1 $ 1,340.4 $ 1,417.8 Plate 465.7 274.7 324.8 Freight 172.9 150.4 175.1 Non-steel 84.3 29.4 39.2 $ 3,806.0 $ 1,794.9 $ 1,956.9 The geographical distribution of total revenue is as follows: Sales to customers in Canada $ 1,312.8 $ 748.3 $ 845.7 Sales to customers in the United States 2,398.5 1,024.5 1,069.7 Sales to customers in the rest of the world 94.7 22.1 41.5 $ 3,806.0 $ 1,794.9 $ 1,956.9 For the year ended March 31, 2022, sales of $409.5 million to one customer represented greater than 10% of total revenue. For the year ended March 31, 2021, the sales to any one customer did not represent greater than 10% of total revenue. For the year ended March 31, 2020, sales of $203.5 million to one customer represented greater than 10% of total revenue. The geographical distribution of revenue was derived from the |
Cost of Sales
Cost of Sales | 12 Months Ended |
Mar. 31, 2022 | |
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Cost of Sales | 8. COST OF SALES Years ended, March 31, March 31, March 31, Total cost of sales is comprised of: Cost of steel revenue $ 2,054.6 $ 1,457.9 $ 1,822.7 Cost of freight revenue 173.1 150.4 175.1 Cost of non-steel 64.3 29.4 39.2 $ 2,292.0 $ 1,637.7 $ 2,037.0 Inventories recognized as cost of sales: $ 2,118.9 $ 2,974.6 $ 1,861.9 Net inventory write-downs as a result of net realizable value lower than cost included in cost of sales: $ 2.8 $ 2.5 $ — Amortization included in cost of steel revenue for the year ended March 31, 2022 was $ million (March 31, 2021 - $ million and March 31, 2020 - $ million). Wages and benefits included in cost of steel revenue for the year ended March 31, 2022 was $ million (March 31, 2021 - $ million and March 31, 2020 — $ million). Government Grant (Canada Emergency Wage Subsidy) The Government of Canada passed the CEWS (Canada Emergency Wage Subsidy) in response to the COVID-19 . Federal Greenhouse Gas Pollution Pricing Act On June 28, 2019, the Company became subject to the Federal Greenhouse Gas Pollution Pricing Act (the “Carbon Tax Act”). The Carbon Tax Act was enacted with retroactive effect to January 1, 2019. During the year ended March 31, 2022, total Carbon Tax recognized as a reduction in cost of sales was $ million. During the year ended March 31, 2021, total carbon tax recognized as an expense in cost of sales was $ million (March 31, 2020 – $ million). United States Steel Tariff On June 1, 2018, Canadian Steel producers became subject to 25% tariffs on all steel revenues earned on shipments made to the United States. On May 17, 2019, the United States announced a complete lifting of this tariff effective May 20, 2019. For the years ended March 31, 2022 and March 31, 2021, there were no tariff costs included in the cost of sales (March 31, 2020 – $27.8 million). |
Administrative and Selling Expe
Administrative and Selling Expenses | 12 Months Ended |
Mar. 31, 2022 | |
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Administrative and Selling Expenses | 9. ADMINISTRATIVE AND SELLING EXPENSES Years ended, March 31, March 31, March 31, Administrative and selling expense is comprised of: Personnel expenses $ 54.2 $ 39.6 $ 29.7 Professional, consulting, legal and other fees 36.2 22.2 17.1 Software licenses 4.6 3.1 2.7 Amortization of intangible assets and non-producing assets 0.4 0.4 0.5 Other administrative and selling 7.6 7.1 6.9 $ 103.0 $ 72.4 $ 56.9 Government Grant (Canada Emergency Wage Subsidy) For the year ended March 31, 2022, the Company did not receive CEWS funding. For the year ended March 31, 2021, the Company recorded a $4.2 million reduction to personnel expenses in connection with the CEWS (March 31, 2020 – ). |
Finance Costs
Finance Costs | 12 Months Ended |
Mar. 31, 2022 | |
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Finance Costs | 10. FINANCE COSTS Years ended, March 31, March 31, March 31, Finance costs are comprised of: Interest on the Revolving Credit Facility (Note 16) $ 0.1 $ 4.3 $ 2.1 Interest on the Secured Term Loan Facility (Note 19) 24.1 43.0 41.0 Interest on the Algoma Docks Term Loan (Note 19) 2.5 4.7 6.7 Other interest expense 1.5 1.5 1.5 Revolving Credit Facility fees 1.6 1.2 2.2 Unwinding of issuance costs of debt facilities (Note 16 and Note 19) and accretion of governmental loan benefits and discounts on environmental liabilities 18.8 13.8 10.3 $ 48.6 $ 68.5 $ 63.8 As disclosed in Note 19, for the year ended March 31, 2021, management elected to pay the interest due on the Secured Term Loan Facility on April 1, 2020, July 1, 2020 and October 1, 2020 in kind for interest accrued during the period January to September 2020. The interest expense on the Secured Term Loan Facility in respect of this % premium was $ million (US $ million). For the years ended March 31, 2022 and March 31, 2020, interest was paid in cash, not in kind. |
Interest On Pension And Other P
Interest On Pension And Other Post-Employment Benefit Obligations | 12 Months Ended |
Mar. 31, 2022 | |
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Interest On Pension And Other Post-Employment Benefit Obligations | 11. INTEREST ON PENSION AND OTHER POST-EMPLOYMENT BENEFIT OBLIGATIONS Years ended, March 31, March 31, March 31, Interest on pension and other post-employment benefit obligations is comprised of: Interest on defined benefit pension obligation (Note 22) $ 3.6 $ 7.4 $ 8.4 Interest on other post-employment benefit obligation (Note 23) 8.0 9.6 8.9 $ 11.6 $ 17.0 $ 17.3 |
Cash and Restricted Cash
Cash and Restricted Cash | 12 Months Ended |
Mar. 31, 2022 | |
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Cash and Restricted Cash | 12. CASH AND RESTRICTED CASH At March 31, 2022, the Company had $915.3 million of cash (March 31, 2021 million) and restricted cash of $ million (March 31, 2021 - $ million), held to provide collateral for letters of credit and other obligations of the Company. |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Mar. 31, 2022 | |
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Accounts Receivable, Net | 13. ACCOUNTS RECEIVABLE, NET As at, March 31, March 31, The carrying amount of: Trade accounts receivable $ 389.0 $ 259.3 Allowance for doubtful accounts (2.4 ) (1.8 ) Governmental loan claims receivable Federal Advanced Manufacturing Fund (“Federal AMF”) Loan — 6.0 Federal Ministry of Industry, Strategic Innovation Fund (“Federal SIF”) Agreement 5.2 3.0 Canada Emergency Wage Subsidy receivable — 0.5 Northern Industrial Electricity Rate program rebate receivable 2.8 2.6 Ontario Workplace Safety and Insurance Board New Experimental Experience Rating rebate receivable — 1.5 Other accounts receivable 7.7 3.5 $ 402.3 $ 274.6 Allowance for doubtful accounts As at, March 31, March 31, Opening balance $ (1.8 ) $ (0.7 ) Remeasurement of loss allowance (0.6 ) (1.1 ) Ending balance $ (2.4 ) $ (1.8 ) Governmental loan claims receivable As disclosed in Note 20, the Company has entered into agreements together with the governments of Canada and Ontario for which the Company has applied for reimbursement of costs incurred related to specifically identified projects. |
Inventories, Net
Inventories, Net | 12 Months Ended |
Mar. 31, 2022 | |
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Inventories, Net | 14. INVENTORIES, NET As at, March 31, March 31, The carrying amount of: Raw materials and consumables $ 308.7 $ 278.3 Work in progress 103.6 109.2 Finished goods 67.7 27.8 $ 480.0 $ 415.3 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Mar. 31, 2022 | |
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Property, Plant and Equipment, Net | 15. PROPERTY, PLANT AND EQUIPMENT, NET As at, March 31, March 31, The carrying amount of: Freehold land $ 6.1 $ 6.2 Buildings 39.3 44.5 Machinery and equipment 605.5 614.7 Computer hardware 0.6 0.5 Right-of-use 3.4 1.6 Property under construction 118.8 32.4 $ 773.7 $ 699.9 The following table presents the changes to the cost of the Company’s property, plant and equipment for the years ended March 31, 2022 and March 31, 2021: Cost Freehold Buildings Machinery & Computer Right-of-use Property Total Balance at March 31, 2020 $ 6.9 $ 73.9 $ 804.7 $ 1.2 $ 2.2 $ 83.6 $ 972.5 Additions — — 3.8 — — 67.9 71.7 Transfers — 0.4 107.2 0.1 — (107.7 ) 0.0 Disposals — — (0.2 ) — — (1.7 ) (1.9 ) Foreign exchange (0.8 ) (7.8 ) (87.4 ) (0.1 ) (0.3 ) (9.6 ) (105.9 ) Balance at March 31, 2021 $ 6.1 $ 66.5 $ 828.1 $ 1.2 $ 1.9 $ 32.6 $ 936.4 Additions — — 3.3 — — 164.6 167.9 Transfers — 0.2 74.7 0.2 2.0 (77.1 ) — Disposals — (0.3 ) (0.3 ) — — — (0.6 ) Foreign exchange — (0.5 ) (5.5 ) — 0.1 (1.3 ) (7.2 ) Balance at March 31, 2022 $ 6.1 $ 65.9 $ 900.3 $ 1.4 $ 4.0 $ 118.8 $ 1,096.5 The following table presents the changes to accumulated amortization on the Company’s property, plant and equipment for the years ended March 31, 2022 and March 31, 2021: Accumulated Amortization: Freehold Buildings Machinery & Computer Right-of-use Property Total Balance at March 31, 2020 $ — $ 18.9 $ 153.5 $ 0.4 $ 0.2 $ — $ 173.0 Amortization expense — 5.4 80.2 0.2 0.2 — 86.0 Foreign exchange — (2.4 ) (20.2 ) — — — (22.6 ) Balance at March 31, 2021 $ — $ 21.9 $ 213.5 $ 0.6 $ 0.4 $ — $ 236.5 Amortization expense — 4.7 82.6 0.2 0.2 — 87.7 Disposals — — 0.3 — — — 0.3 Foreign exchange — — (1.6 ) — — — (1.7 ) Balance at March 31, 2022 $ — $ 26.6 $ 294.8 $ 0.8 $ 0.6 $ — $ 322.8 Acquisitions During the year ended March 31, 2022, the Company’s net acquisition of property, plant and equipment totaled $167.9 million (March 31, 2021 - $71.7 million); comprised of property, plant and equipment acquired with a total cost of $172.1 million (March 31, 2021 - $81.5 million), against which the Company recognized benefits totalling $4.2 million (March 31, 2021 - $9.8 million) in respect of the governmental loans and grant, discussed below and in Note 20. For the year ended March 31, 2022, property under construction includes prepaid progress payments of $46.9 million for the transition from blast furnace steel production to electric arc furnace (“EAF”) (March 31, 2021 – ). Amortization of property, plant and equipment Amortization of property, plant and equipment for the year ended March 31, 2022, was $87.7 million (March 31, 2021 - $86.0 million, March 31, 2020 - $120.2 million). Amortization included in inventories at March 31, 2022, was $ million (March 31, 2021 - $ million, March 31, 2020 - $6.5 million). Government Funding Agreements On November 30, 2018, the Company, together with the governments of Canada and Ontario entered into agreements totaling up to $120.0 million of modernization and expansion related capital expenditure support from the governments of Canada and Ontario. Additionally, on March 29, 2019, the Company, together with the government of Canada entered into an agreement totaling up to $30.0 million of modernization and expansion related capital expenditure support from the government of Canada. On September 20, 2021, the Company, together with the government of Canada entered into an agreement for support up to $420 million related to the transition from blast furnace steel production to electric arc furnace (“EAF”). The $420 million of financial support consists of (i) a loan of up to $200 million from the Innovation Science and Economic Development Canada’s Strategic Innovation Fund (“SIF”) and (ii) a loan of up to $ million from the Canada Infrastructure Bank (“CIB”). Each of these agreements are Note 20. Federal Economic Development Agency for Southern Ontario On November 30, 2018, the Company, together with the government of Canada, entered into an agreement executed on December 19, 2018, whereby a benefit of $60.0 million would flow to the Company in the form of an interest free loan from the Federal Economic Development Agency, through the Advanced Manufacturing Fund. Under this agreement, the Company may apply for reimbursement of costs incurred by Old Steelco Inc. between October 1, 2014 and November 30, 2018 and by the Company between December 1, 2018 and March 31, 2021, related to specifically identified projects. As at March 31, 2022, the Company had applied for and received reimbursements of $60.0 million. In accordance with IFRS, the benefit of the interest free loan has been presented in the consolidated statements of financial position as an offset to the carrying value of the property, plant and equipment to which it relates. During the year ended March 31, 2022, the Company recognized benefits in respect of this agreement of nil (March 31, 2021 - $3.9 million). As at March 31, 2022, the total benefit recognized in respect of this agreement was $26.5 million (March 31, 2021 - $26.5 million). Ministry of Energy, Northern Development and Mines On November 30, 2018, the Company, together with the government of Ontario, entered into an agreement whereby a benefit of $60.0 million would flow to the Company in the form of a low interest rate loan from the Ministry of Energy, Northern Development and Mines. Under this agreement, the Company may apply for reimbursement of costs incurred by Old Steelco Inc. between April 1, 2017 and November 30, 2018 and by the Company between December 1, 2018 and November 30, 2024, related to specifically identified projects. As at March 31, 2022, the Company had applied for and received reimbursements of $60.0 million. In accordance with IFRS, the benefit of the low interest rate loan has been presented in the consolidated statements of financial position as an offset to the carrying value of the property, plant and equipment to which it relates. During the year ended March 31, 2022, the Company recognized benefits in respect of this agreement of nil (March 31, 202 1 Ministry of Industry On March 29, 2019, the Company, together with the government of Canada, entered into an agreement of which a benefit of $30.0 million would flow to the Company whereby 50% of the contribution ($15.0 million) is repayable to the Ministry of Industry, Strategic Innovation Fund in the form of an interest free loan. Under this agreement, the Company may apply for reimbursement of costs incurred by Old Steelco Inc. between November 1, 2018 and November 30, 2018 and by the Company between December 1, 2018 and May 1, 2021, related to specifically identified projects. As at March 31, 2022, the Company had applied for reimbursements of $15.0 million under the grant portion and $15.0 million under the loan portion of the agreement, and had a receivable of $ million. In accordance with IFRS, the benefit of the grant has been presented in the consolidated statements of financial position as an offset to the carrying value of the property, plant and equipment to which it relates. During the year ended March 31, 2022, the Company recognized benefits in respect of the loan portion of this agreement of (March 31, 2021 – $ million). As at March 31, 2022, the total benefit recognized in respect of this agreement was $ million (March 31, 2021 - $ million). On September 20, 2021, the Company, together with the government of Canada, entered into an agreement of which a benefit of up to $200.0 million would flow to the Company in the form of a loan from the SIF. Under the terms of the SIF and . As at March 31, 2022, the Company had applied for reimbursements under the SIF loan agreement of $ million for which the amount is receivable (March 31, 2021 – ). In accordance with IFRS, the benefit of the grant has been presented in the consolidated statements of financial position as an offset to the carrying value of the property, plant and equipment to which it relates. During the year ended March 31, 2022, the Company recognized benefits in respect of this agreement of $ million (March 31, 2021 – ). Canada Infrastructure Bank On September 20, 2021, the Company, entered into an agreement of which a benefit of up to $220.0 million would flow to the Company in the form of a loan from the CIB. CIB is an independent bank incorporated by special legislation, is not an agency of the government of Canada, but is accountable to the government of Canada through the Minister of Infrastructure and Communities. Under the terms of the CIB agreement, the Company may draw on a non-revolving The Company has recognized the governmental loan claims receivable, governmental loan payable and benefit associated with these agreements because the Company has fulfilled its obligations under the respective agreements. Disposals During the year ended March 31, 2022, the Company disposed of property, plant and equipment with a cost of $0.6 million (March 31, 2021 – $1.9 million). The disposal of property, plant and equipment during the fiscal year ended March 31, 2022 resulted in a net loss of $0.3 million (March 31, 2021 – loss of $1.7 million). |
Bank Indebtedness
Bank Indebtedness | 12 Months Ended |
Mar. 31, 2022 | |
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Bank Indebtedness | 16. BANK INDEBTEDNESS On November 30, 2018, the Company obtained US $250.0 million in the form of a traditional asset-based revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility is secured by substantially all of the Company’s assets. Under the General Security Agreement, the Revolving Credit Facility has a priority claim on the accounts receivable and the inventories of the Company and a secondary claim on the rest of the Company’s assets. The Revolving Credit Facility bears interest at a rate of London Inter-Bank Overnight Rate (“LIBOR”) plus an applicable margin of %. At March 31, 2022, the Company had drawn $0.1 million (US $0.09 million), and there was $278.2 million (US $222.6 million) of unused availability after taking into account $34.1 million (US $27.3 million) of outstanding letters of credit and borrowing base reserves. At March 31, 2021, the Company had drawn $90.1 million (US $71.7 million), and there was $200.8 million (US $156.5 million) of unused availability after taking into account $27.4 million (US $21.8 million) of outstanding letters of credit, and borrowing base reserves. The Revolving Credit Facility has an initial maturity date of November 30, 2023. Transaction costs million, and are disclosed as other assets in the consolidated statements of financial position, and have been amortized to net income million (March 31, 2021 - $ million) . Under the terms of the Revolving Credit Facility the Company is required to be in compliance with various restrictive covenants which, among other things, limit the incurrence of additional indebtedness, limit investments and dividends, permitted acquisitions, asset sales, liens and encumbrances and other matters customarily restricted in such agreements. At March 31, 2022 and March 31, 2021, the Company was in compliance with these covenants. The changes in the Company’s bank indebtedness for the years ended March 31, 2022 and March 31, 202 1 Balance at March 31, 2020 $ 256.2 Revolving Credit Facility drawn 173.3 Repayment of Revolving Credit Facility (318.4 ) Exchange (21.0 ) Balance at March 31, 2021 $ 90.1 Revolving Credit Facility drawn 18.3 Repayment of Revolving Credit Facility (105.1 ) Foreign exchange (3.2 ) Balance at March 31, 2022 $ 0.1 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Mar. 31, 2022 | |
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Accounts Payable and Accrued Liabilities | 17. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES As at, March 31, March 31, The carrying amount of: Accounts payable $ 54.6 $ 43.3 Accrued liabilities 54.3 58.3 Wages and accrued vacation payable 153.0 52.2 $ 261.9 $ 153.8 |
Taxes Payable and Accrued Taxes
Taxes Payable and Accrued Taxes | 12 Months Ended |
Mar. 31, 2022 | |
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Taxes Payable and Accrued Taxes | 18. TAXES PAYABLE AND ACCRUED TAXES As at, March 31, March 31, The carrying amount of: Payroll taxes payable $ 3.7 $ 3.5 Sales taxes payable 4.2 3.5 Carbon tax accrual 3.1 20.2 Income taxes payable 53.3 — $ 64.3 $ 27.2 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Mar. 31, 2022 | |
Borrowings [abstract] | |
Long-Term Debt | 19. LONG-TERM DEBT As at, March 31, March 31, The carrying amount of: Secured Term Loan Facility due November 30, 2025 Current portion $ — $ 3.6 Long-term portion — 378.3 $ — $ 381.9 Algoma Docks Term Loan Facility due May 31, 2025 Current portion $ — $ 11.1 Long-term portion — 64.9 $ — $ 76.0 Less: unamortized financing costs Current portion $ — $ 1.1 Long-term portion — 3.9 $ — $ 5.0 $ — $ 452.9 Current portion of long-term debt $ — $ 13.6 Long-term portion of long-term debt — 439.3 $ — $ 452.9 Secured Term Loan Facility On November 30, 2018, the Company secured $378.8 million (US $285.0 million) in the form of a Secured Term Loan Facility (the “Secured Term Loan Facility”). The Company repaid the Secured Term Loan Facility in November 2021. The Secured Term Loan Facility was secured by substantially all of the Company’s assets. Under the General Security Agreement, the Secured Term Loan Facility had a second claim on the accounts receivable and the inventories of the Company and a priority claim on the rest of the Company’s assets. The facility bore interest at LIBOR plus 8.5%. The Term Loan Facility had an initial maturity date of November 30, 2025. For the year ended March 31, 2021, management elected to pay the interest due on the Secured Term Loan Facility on April 1, 2020, July 1, 2020 and October 1, 2020 in kind for interest accrued during the period April to September 2020. The interest expense on the Secured Term Loan Facility in respect of this 1% premium was $2.9 million (US $2.1 million). For the year ended March 31, 2022, interest paid on the Secured Term Loan Facility was paid in cash, not in kind. Transaction costs related to the Secured Term Loan Facility amounted to $7.8 million, and have been amortized to net (loss) income using the effective interest rate method over the life of this facility. At March 31, 2022, the unamortized transaction costs related to the Secured Term Loan Facility was nil (March 31, 2021 - $5.0 million). Algoma Docks Term Loan Facility On November 30, 2018, the Company secured $97.0 million (US $73.0 million) in the form of a Term Loan Facility (the “Algoma Docks Term Loan Facility”). The Company repaid the Algoma Docks Term Loan Facility in November 2021. At March 31, 2021, the carrying value of the Algoma Docks Term Loan was $76.0 Reconciliation of liabilities arising from financing activities Secured Term Loan Algoma Docks Term Balance at March 31, 2019 $ 372.9 $ 95.9 Facility repayment (3.8 ) (6.5 ) Unwinding of issuance costs of debt facility 1.2 — Foreign exchange 19.6 5.0 Balance at March 31, 2020 $ 389.9 $ 94.4 Interest payment in kind 33.2 — Facility repayment (3.8 ) (8.8 ) Unwinding of issuance costs of debt facility 1.2 — Foreign exchange (43.4 ) (9.6 ) Balance at March 31, 2021 $ 377.0 $ 76.0 Facility repayment (381.8 ) (76.0 ) Unwinding of issuance costs of debt facility 5.2 — Foreign exchange (0.4 ) — Balance at March 31, 2022 $ — $ — |
Governmental Loans
Governmental Loans | 12 Months Ended |
Mar. 31, 2022 | |
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Governmental Loans | 20. GOVERNMENTAL LOANS As at, March 31, March 31, The carrying amount of: Long-term portion Federal AMF Loan, denominated in Canadian dollars , due March 1, 2028 $ 33.4 $ 39.7 Provincial MENDM Loan, denominated in Canadian dollars, due November 30, 41.9 38.7 Federal SIF Agreement loan, denominated in Canadian dollars, due April 30, 8.8 8.0 Federal SIF Agreement loan, denominated in Canadian dollars, due January 1, 1.1 — $ 85.2 $ 86.4 Current portion Federal AMF Loan, denominated in Canadian dollars $ 10.0 $ — $ 95.2 $ 86.4 Federal Economic Development Agency for Southern Ontario On November 30, 2018, the Company, together with the Federal Economic Development Agency, through the Advanced Manufacturing Fund (“Federal AMF Loan”), entered into an agreement executed on December 19, 2018, under which, the Company will receive a $60.0 million interest free loan. Under the terms of the Federal AM Loan, the Company will be reimbursed for certain defined capital expenditures made by Old Steelco Inc. between October 1, 2014 and November 30, 2018 and by the Company between December 1, 2018 and March 31, 2021. The Company will repay the loan balance in equal monthly installments beginning on with the final installment payable on . Under the General Security Agreement, this facility has a third priority claim on all of the Company’s assets which is pari passu with the Provincial MENDM Loan, defined below. As at March 31, 2022, the Company had applied for reimbursements of $60.0 million (March 31, 2021 - $60.0 million) and recognized a benefit, net of accretion, of $15.8 million (March 31, 2021 - $20.3 million). Accordingly, the carrying value of the Federal AMF Loan was $43.4 million at March 31, 2022 (March 31, 2021 - $39.7 million). Ministry of Energy, Northern Development and Mines On November 30, 2018, the Company entered into an agreement with the Ministry of Energy, Northern Development and Mines (the “Provincial MENDM Loan”) under which, the Company will receive a $60.0 million low interest loan. Under the terms of this agreement, the Company will be reimbursed for certain defined capital expenditures made by Old Steelco Inc. between April 1, 2017 and November 30, 2018 and by the Company between December 1, 2018 and November 30, 2024. Following the completion of the projects to which these certain defined capital expenditures relate the Company will repay the loan in monthly blended payments of principal and interest beginning on December 31, 2024 and ending on November 30, 2028. This facility bears interest at an annual interest rate equal to the greater of 2.5% per annum; and the lenders cost of funds. Under the General Security Agreement, this facility has a third priority claim on all of the Company’s assets which is pari passu The applicable interest rates since the inception of this agreement are as follows: December 1, 2019 to November 30, 2020 2.500 % December 1, 2020 to November 30, 2021 2.500 % As at March 31, 2022, the Company had applied for reimbursements of $60.0 million (March 31, 2021 – $60.0 million) and recognized a benefit, net of accretion, of $18.1 million (March 31, 2021 - $ million at March 31, 2022 (March 31, 2021 - $ Ministry of Industry On March 29, 2019, the Company, together with the government of Canada, entered into an agreement whereby a benefit of $30.0 million would flow to the Company; $15.0 million in the form of a grant, and $15.0 million in the form of an interest free loan; from the Ministry of Industry, Strategic Innovation Fund (the “SIF Agreement”). Under the terms of this agreement, the Company will be reimbursed for certain defined capital expenditures made by Old Steelco Inc. between November 1, 2018 and November 30, 2018 and by the Company between December 1, 2018 and May 1, 2021. Following the completion of the projects to which these certain defined capital expenditures relate the Company will repay the $15.0 million interest free loan portion of this agreement in equal annual payments beginning on April 30, 2024 and ending on April 30, 2031. The agreement is guaranteed by the Company’s parent, Algoma Steel Intermediate Holdings Inc. At March 31, 2022, the Company had applied for reimbursements of $15.0 million under the grant portion of the agreement (March 31, 2021 - $ million (March 31, 2021 - $ On September 20, 2021, the Company, together with the government of Canada, entered into an agreement of which a benefit of up to million would flow to the Company in the form of a loan from the SIF. Under the terms of the SIF agreement, the Company will be reimbursed for certain defined capital expenditures incurred to transition from blast furnace steel production to EAF steel production between March 3, 2021 and March 31, 2025. Annual repayments of the SIF loan will be scalable based on the Company’s greenhouse gas emission performance. As at March 31, 2022, the Company had applied for reimbursements under the SIF loan agreement million (March 31, 2021 – million (March 31, 2021 - Canada Infrastructure Bank On September 20, 2021, the Company, entered into an agreement of which a benefit of up to $220.0 million would flow to the Company in the form of a loan from the CIB. CIB is an independent bank incorporated by special legislation, is not an agency of the government of Canada, but is accountable to the government of Canada through the Minister of Infrastructure and Communities. Further, on November 29, 2021, the CIB and the Company entered into a definitive agreement. Under the terms of the CIB agreement, the Company may draw on a non-revolving 150 The changes in the Company’s Long-term governmental loan facilities arising from financing activities are presented below: Governmental Governmental Acretion of Carrying Federal AMF Loan Balance at March 31, 2021 $ 60.2 $ (26.5 ) $ 6.0 $ 39.7 (0.8 ) — 4.5 3.7 Balance at March 31, 2022 $ 59.4 $ (26.5 ) $ 10.5 $ 43.4 Provincial MENDM Loan Balance at March 31, 2021 $ 59.9 $ (26.4 ) $ 5.2 $ 38.7 — — 3.2 3.2 Balance at March 31, 2022 $ 59.9 $ (26.4 ) $ 8.4 $ 41.9 Federal SIF Loan Balance at March 31, 2021 $ 15.0 $ (7.8 ) $ 0.8 $ 8.0 — — 0.8 0.8 Balance at March 31, 2022 $ 15.0 $ (7.8 ) $ 1.6 $ 8.8 Federal SIF Loan (EAF) Balance at March 31, 2021 $ — $ — $ — $ — 2.2 (1.1 ) — 1.1 Balance at March 31, 2022 $ 2.2 $ (1.1 ) $ — $ 1.1 Total, Governmental Loans Balance at March 31, 2021 $ 135.1 $ (60.7 ) $ 12.0 $ 86.4 1.4 (1.1 ) 8.5 8.8 Balance at March 31, 2022 $ 136.5 $ (61.8 ) $ 20.5 $ 95.2 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure Detail Of Derivative Financial Instruments | 21. DERIVATIVE FINANCIAL INSTRUMENTS The Company is party to an International Swaps and Derivatives Association, Inc. (ISDA) 2002 master agreement with an investment and financial services company to hedge the commodity price risk associated with various commodities. At March 31, 2022, Algoma entered into agreements to hedge the revenue on the sale of steel and hedge the cost of the purchase of natural gas. The credit support annex to the master agreement requires the Company to make margin payments to satisfy collateral requirements based on Market to Market (MTM) exposure of the commodity contracts in excess of U S $0.25 million. At March 31, 2022, the Company made margin payments totaling $29.5 million (March 31, 2021—$49.4 million) as a cash collateral, which does not meet the offsetting criteria in IAS 32. The commodity contracts to hedge the NYMEX price of the hot rolled coil price of steel and to hedge the NGX Union-Dawn price of natural gas are derivatives, which are designated as cash flow hedges for which hedge effectiveness is measured for the duration of the agreements and therefore carried at fair value through other comprehensive income (loss). The steel derivative contracts as at March 31, 2022 terminate over the course of the year from April 2022 to December 31, 2022. The natural gas derivative contracts expired at March 31, 2022, as such, the fair value liability for natural gas derivative contracts totaled $0.2 million for contracts expired March 31, 2022. The fair value and notional amounts of these derivatives are as follows: Fair Value Liability Notional Amounts Average Price (USD) (tons, in thousands) (per ton) March 31, March 31, March 31, March 31, March 31, March 31, Cash flow hedges - commodity price risk Natural gas swaps $ 0.2 $ — — — $ — — Steel swaps 28.6 49.4 90.0 117.0 $ 1,091.0 728.7 $ 28.8 $ 49.4 The cumulative amount of gains and losses on cash flow hedging instruments assessed as effective are presented in the cash flow hedge reserve through other comprehensive income (loss) and is recognized in profit or loss only when the hedged transaction impacts the profit or loss, or is included directly in the initial cost or other carrying amount of the hedged non-financial During the year ended March 31, 2022, the Company entered into an agreement to hedge the cost of natural gas that was consumed between January 1, 2022, and March 31, 2022. Management designated this hedge as a cash flow hedge, and accordingly measured the effectiveness of the hedge on a monthly basis throughout the life of the agreement. The realized loss resulting from this agreement of $2.1 million (March 31, 2021 – $1.7 million, March 31, 2020 - $2.5 million), was initially recorded in the Cash Flow Hedge Reserve in Other Comprehensive Income (Loss), and was subsequently recognized in cost of sales. During the year ended March 31, 2022, the unrealized loss resulting from the steel hedges of $24.7 million (March 31, 2021 - $ - $ The movements in the cash flow hedge reserve for the years ended March 31, 2022 and March 31, 2021, as a component of Accumulated other comprehensive income (loss) is as follows: As at, March 31, March 31, March 31, Opening balance $ 64.8 $ — $ — Loss arising on changes in fair value of cash flow hedges, net of tax of million, million and nil, respectively 89.5 70.7 2.5 Loss reclassified to net income (loss) (129.6 ) (5.9 ) (2.5 ) Net unrealized (income) loss on cash flow hedges (40.1 ) 64.8 — Ending balance $ 24.7 $ 64.8 $ — |
Pension Benefits
Pension Benefits | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Pension Benefits | 22. PENSION BENEFITS Defined contribution plan The Company maintains a defined contribution pension plan established by Old Steelco Inc.’s predecessor in 2004 for non-unionized non-unionized The pension expense under this plan is equal to the Company’s contribution. The pension expense for the year ended March 31, 2022 was $9.0 million (March 31, 2021 was $8.7 million). Defined benefit plans The Company maintains non-contributory The Company also maintains a closed plan for pensioners who retired prior to January 1, 2002, that provides the pensioners with a pension benefit in excess of the limits provided by the Ontario Pension Benefit Guarantee Fund (the “Closed Retiree Plan”). These defined benefit pension plans are registered under the Pension Benefits Act (Ontario), and are legally separated from the Company. The Pension Benefits Act (Ontario) is a regulatory framework that has jurisdiction over the administration and funding of defined benefit pension plans. Within this framework, the Company has fiduciary responsibility over the administration of the defined benefit pension plans, including the development and oversight of the investment policy for pension funds and the selection and oversight of pension fund investment managers. The defined benefit pension plans expose the Company to various risks such as: investment risk, interest rate risk, foreign currency risk, price risk, credit risk and liquidity risk. The principal assumptions used for the purposes of the actuarial valuations were as follows: Years ended, March 31, March 31, Assumptions for determination of defined benefit cost: Defined obligation and past service cost 3.28% 4.03% Net interest cost 2.53% 3.47% Current service cost 3.55% 4.25% Interest cost on current service cost 3.13% 3.92% Discount rate for determination of defined benefit obligation 4.16% 3.16% Assumptions for determination of defined benefit cost and defined benefit Ultimate rate of compensation increase 2.00% 2.00% Mortality 105% 105% CPM2014 CPM-B CPM2014 CPM-B The components of amounts recognized in the consolidated statements of net income (loss) in respect of these defined benefit plans are presented below: Years ended, March 31, March 31, March 31, Amounts recognized in net income (loss) were as follows: Current service cost $ 20.8 $ 20.0 $ 23.0 Net interest cost 3.6 7.6 8.4 $ 24.4 $ 27.6 $ 31.4 Defined benefit costs recognized in: Cost of sales $ 18.8 $ 18.0 $ 20.6 Administrative and selling expense 2.0 2.0 2.4 Interest on pension liability 3.6 7.6 8.4 $ 24.4 $ 27.6 $ 31.4 The components of amounts recognized in the consolidated statements of comprehensive income (loss) in respect of these defined benefit plans are presented below: Years ended, March 31, March 31, March 31, Amounts recognized in other comprehensive income (loss), were as follows: Actuarial gain on accrued pension liability $ (57.9 ) $ (51.8 ) $ (48.6 ) Less tax effect — — 4.6 $ (57.9 ) $ (51.8 ) $ (44.0 ) The amounts included in the consolidated statements of financial position in respect of the Company’s net obligation in respect of its defined benefit plans are as follows: As at, March 31, March 31, Present value of defined benefit obligation $ 1,343.6 $ 1,504.3 Fair value of plan assets 1,225.5 1,334.2 Net accrued pension liability $ 118.1 $ 170.1 Continuities of the defined benefit plan assets and obligations are as follows: Years ended, Movements in the present value of the plan assets were as follows: Fair value of plan assets at beginning of year $ 1,334.2 $ 1,155.8 Actual return (net of investment management expenses) (46.5 ) 209.5 Administration expenses (1.5 ) (1.2 ) Employer contributions 18.4 50.3 Benefits paid (79.1 ) (80.2 ) Fair value of plan assets at end of the year, March 31, 2022 and March 31, 2021, $ 1,225.5 $ 1,334.2 Movements in the present value of the defined benefit obligation were as follows: Defined benefit obligation at the beginning of the year $ 1,504.3 $ 1,400.8 Current service cost 19.8 18.7 Interest cost 37.0 47.2 Actuarial (gains) losses arising from financial assumptions (154.6 ) 127.3 Effect of experience adjustments 16.2 (8.3 ) Effect of demographic assumptions — (1.2 ) Benefits paid (79.1 ) (80.2 ) Defined benefit obligation at end of the y e $ 1,343.6 $ 1,504.3 Reconciliation of the amounts recognized in accumulated other comprehensive income (loss) in the consolidated statements of changes in shareholders’ equity were as follows: Actuarial Tax Actuarial Balance at March 31, 2020 $ (29.1 ) $ (0.3 ) $ (29.4 ) Actuarial gain immediately recognized (51.8 ) — (51.8 ) Balance at March 31, 2021 $ (80.9 ) $ (0.3 ) $ (81.2 ) Actuarial gain immediately recognized (57.9 ) — (57.9 ) Balance at March 31, 2022 $ (138.8 ) $ (0.3 ) $ (139.1 ) The major categories of plan assets were as follows: As at March 31, March 31, Cash and cash equivalents 1 % 1 % Equity instruments 45 % 51 % Debt instruments 43 % 42 % Other 11 % 6 % 100 % 100 % Cash flow information The Company is required to make contributions equal to current service cost. Contributions for the year ended March 31, 2022 under these regulations were $18.4 million (March 31, 2021 - $50.3 million, March 31, 2020 - $51.4 million). The Company’s expected future cash flow in respect of its defined benefit pension plans for the fiscal year ending March 31, 2023 is $18.9 million. Sensitivity of results to actuarial assumptions The sensitivity of the defined benefit obligation to the key actuarial assumptions is as follows: Years ended, March 31, March 31, Effect of change in discount rate assumption One percentage point increase $ (134.5 ) $ (164.4 ) One percentage point decrease $ 162.7 $ 202.0 Effect of change in salary scale One percentage point increase $ 19.4 $ 25.2 One percentage point decrease $ (17.5 ) $ (22.6 ) Effect of change in mortality assumption Set forward one year $ 34.4 $ 41.4 Set back one year $ (33.6 ) $ (40.6 ) The discount rate sensitivities presented above are estimates based on plan durations. The defined benefit obligation and the current service cost have an implied duration of 10 and 17 years, respectively at current discount rates. If the returns on plan assets had been 10% lower than the actual returns of plan assets experienced in the year ended March 31, 2022, the actuarial loss immediately recognized in other comprehensive income (loss) would |
Other Post-Employment Benefits
Other Post-Employment Benefits | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Other Post-Employment Benefits | 23. OTHER POST-EMPLOYMENT BENEFITS The Company offers post-employment life insurance, health care and dental care to some of its retirees. These obligations are not pre-funded. The most recent actuarial valuations of the present value of the other post-employment benefit obligation were carried out at November 1, 2021. The principal assumptions used for the purposes of the actuarial valuations were as follows: As at and for the years ended, March 31, March 31, Assumptions for determination of defined benefit cost: Discount rate Defined benefit obligation 3.41% 4.15% Current service cost 3.68% 4.43% Interest cost on benefit obligation 2.79% 3.65% Interest cost on current service cost 3.58% 4.31% Health care cost immediate trend rate 5.04% 5.09% Assumptions for determination of defined benefit obligation: Effective discount rate 4.31% 3.41% Health care cost immediate trend rate 5.04% 5.04% Assumptions for determination of defined benefit cost and defined benefit obligation: Health care cost ultimate trend rate 4.00% 4.00% Year ultimate health care cost trend rate reached 2040 2040 Salary Increases per annum 2.00% 2.00% Mortality 105%CPM CPM-B 105%CPM Private CPM-B The components of amounts recognized in the consolidated statements of net income (loss) in respect of these other post-employment benefit plans are presented below: Years ended, March 31, March 31, March 31, Amounts recognized in net income (loss) were as follows: Current service cost $ 4.0 $ 3.2 $ 4.0 Net interest cost 8.0 9.6 8.9 $ 12.0 $ 12.8 $ 12.9 Post employment benefit costs recognized in: Cost of sales $ 3.6 $ 2.8 $ 3.6 Administrative and selling expense 0.4 0.4 0.4 Interest on pension liability 8.0 9.6 8.9 $ 12.0 $ 12.8 $ 12.9 The components of amounts recognized in the consolidated statements of comprehensive income (loss) in respect of these other post-employment benefit plans are presented below: Years ended, March 31, March 31, March 31, Amounts recognized in other comprehensive (income) loss, were as follows: Actuarial (income) losses on accrued post employment benefit liability $ (60.0 ) $ 28.8 $ (33.2 ) Less tax effect — — 2.6 $ (60.0 ) $ 28.8 $ (30.6 ) The amounts included in the consolidated statements of financial position arising from the Company’s obligation in respect of its other post-retirement benefit plans were as follows: As at, March 31, March 31, Present value of post-employment benefit obligation $ 239.8 $ 297.8 Fair value of plan assets — — Accrued other post-employment benefit obligation $ 239.8 $ 297.8 Reconciliation of the amounts recognized in accumulated other comprehensive income (loss) in the consolidated statements of changes in shareholder’s equity were as follows: Actuarial Tax Actuarial Balance at March 31, 2020 $ (22.8 ) $ — $ (22.8 ) Actuarial loss immediately recognized 28.8 — 28.8 Balance at March 31, 2021 $ 6.0 $ — $ 6.0 Actuarial gain immediately recognized (60.0 ) — (60.0 ) Balance at March 31, 2022 $ (54.0 ) $ — $ (54.0 ) Continuities of the other post-employment benefit plan assets and obligations are as follows: Movements in the present value of the post-employment benefit plan assets were as follows: Fair value of plan assets at beginning of year $ — $ — Employer contributions 10.3 (11.0 ) Benefits paid (10.3 ) 11.0 Fair value of plan assets at end of the year, March 31, 2022 and March 31, 2021, $ — $ — Movements in the present value of the other post-employment benefit obligation were as follows: Defined benefit obligation at the beginning of the year $ 297.8 $ 267.3 Current service cost 4.0 3.2 Interest cost 8.0 9.6 Actuarial (gains) losses arising from financial assumptions (31.6 ) 30.9 Actuarial gains arising from demographic assumptions (20.2 ) — Actuarial gains from experience adjustments (7.8 ) (2.2 ) Benefits paid (10.3 ) (11.0 ) Defined benefit obli g $ 239.8 $ 297.8 Cash flow information For the year ended March 31, 2022, the amounts included in the consolidated statements of cash flows in respect of these other post-employment benefit plans was million (March 31, 2021 - $ million, March 31, 2020 - $11.6 million). The Company’s expected contributions for the Sensitivity of results to actuarial assumptions The sensitivity of the other post-employment benefit obligation to changes in the discount rate, health care cost trend rate and mortality assumptions are as follows: Years ended, March 31, March 31, Effect of change in discount rate assumption One percentage point increase $ (29.9 ) $ (38.8 ) One percentage point decrease $ 37.7 $ 49.8 Effect of change in health care cost trend rates One percentage point increase $ 29.6 $ 41.2 One percentage point decrease $ (24.9 ) $ (32.9 ) Effect of change in mortality assumption Set forward one year $ 9.5 $ 14.0 Set back one year $ (9.3 ) $ (13.6 ) The discount rate sensitivities presented above are estimates based on plan durations. The other post-employment benefit obligation and the current service cost have an implied duration of 14.4 and 30 years, respectively at current discount rates. |
Other Long-Term Liabilities
Other Long-Term Liabilities | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Other Long-Term Liabilities | 24. OTHER LONG- TERM As at, March 31, March 31, The carrying amount of the following other long term liabilities: Accrued interest payable, Provincial MENDM Loan $ 2.3 $ 1.4 Long-term disability plan obligation 0.8 1.1 Long-term portion of lease liability 0.9 — $ 4.0 $ 2.5 Long-term disability plan obligation The Company maintains a long-term disability plan. Under this plan, the Company offers continuation of medical and dental benefits for employees on long-term disability leaves of absence. The Company recognizes the present value of the long-term disability benefit obligation based on the number of employees on long-term disability. The most recent actuarial determination of the Company’s long-term disability obligation was carried out at March , . At March , , the long-term disability plan had a carrying value of $ million (March 31, 2021 - $ million). 24. OTHER LONG-TERM LIABILITIES Accrued interest payable, Provincial MENDM Loan As disclosed in Note 20, the Company has entered into an agreement with the Ministry of Energy, Northern Development and Mines under which the Company will receive a $60.0 million low interest loan. At March 31, 2022, the accrued interest payable under this agreement was $2.3 million (March 31, 2021 – $1.4 million). |
Environmental Liabilities
Environmental Liabilities | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Environmental Liabilites | 25. ENVIRONMENTAL LIABILITIES As at, March 31, March 31, The carrying amount of Environmental liabilities in respect of: The Company’s Operation Site $ 33.7 $ 35.0 Northern Ontario mine sites owned by Old Steelco Inc. 4.3 4.9 $ 38.0 $ 39.9 Current portion $ 4.5 $ 4.5 Long-term portion 33.5 35.4 $ 38.0 $ 39.9 On November 30, 2018, the Company entered into agreements with the Province of Ontario, through the Ministry of the Environment, Conservation and Parks and the Ministry of Energy, Northern Development and Mines. These agreements relate to the Company’s operation site, and certain Northern Ontario mine sites owned by Old Steelco Inc., and not purchased by the Company. These agreements limit the Company’s obligations with respect to legacy environmental contamination, and impose certain risk management, risk mitigation, site remediation and funding obligations on the Company. The Company recognizes the present value of these environmental liabilities over 20 years commencing November 2018 at a discount rate of 9.0%. At March 31, 2022, the Company has provided letters of credit totalling of $16.1 million (March 31, 2021 - $ million in respect of the Company’s operation site (March 31, 2021 - $ million (March 31, 2021 - $ Reconciliation of Environmental liabilities The Northern Total Balance at March 31, 2020 $ 34.3 $ 4.6 $ 38.9 Payments (1.6 ) — (1.6 ) Accretion of discount 2.3 0.3 2.6 Balance at March 31, 2021 $ 35.0 $ 4.9 $ 39.9 Payments (4.6 ) (1.0 ) (5.6 ) Accretion of discount 3.3 0.4 3.7 Balance at March 31, 2022 $ 33.7 $ 4.3 $ 38.0 |
Tax Matters
Tax Matters | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Tax Matters | 26. TAX MATTERS The components of income tax (recovery) expense for the years ended March 31, 2022, March 31, 2021, and March 31, 2020 are as follows: Years ended, March 31, March 31, March 31, Income tax expense (recovery) recognized in net income (loss): Current tax expense $ 197.2 $ — $ — Deferred income tax expense 101.7 — (4.3 ) $ 298.9 $ — $ (4.3 ) Income tax expense recognized in other comprehensive income (loss): Tax effect of net unrealized loss on cash flow hedges flow hedges $ 7.8 $ — $ — Tax effect of actuarial gains on defined benefit pension obligation — — 4.6 Tax effect of actuarial gains on other post-employment benefits — — 2.6 $ 7.8 $ — $ 7.2 Income taxes in the consolidated statements of net income (loss) for the years ended March 31, 2022, March 31, 2020 and March 31, 2020 vary from amounts that would be computed by applying statutory income tax rates for the following reason: Years ended, March 31, March 31, March 31, Income (loss) before income taxes $ 1,156.6 $ (76.1 ) $ (180.2 ) Income tax expense (recovery) based on the applicable tax rate of 25% $ 289.1 $ (19.0 ) $ (45.1 ) Add / (deduct): Non-deductible 3.0 3.2 3.1 Non-deductible 4.7 3.3 3.8 Non-deductible 0.8 2.7 1.7 Change in unrecognized tax benefits (45.1 ) 2.7 45.9 Adjustment in respect of prior years 2.2 7.2 (13.7 ) Share-based payment compensation 1.4 — — Listing expense 58.9 — — Changes in fair value of warrant liability 1.6 — — Changes in fair value of earnout liability (19.2 ) — — Other 1.5 — — Income tax expense (recovery) based on the applicable $ 298.9 $ — $ (4.3 ) The applicable tax rate is the aggregate of the Canadian federal income tax rate of 15.0% and the Canadia n pro The tax-effected Balance at Movements in: Balance at Profit (loss) Other Unrecognized Accounting reserves $ 4.0 $ (1.4 ) $ — $ — $ 2.6 Inventory reserve (4.1 ) 0.6 — — (3.5 ) Non-capital 98.2 (98.2 ) — — (0.0 ) Capital tax loss carryforward 0.2 1.7 — — 1.9 Property, plant and equipment and intangible assets (151.3 ) 6.9 — — (144.4 ) Unrealized exchange gain on US dollar debt 1.2 (0.3 ) — — 0.9 Governmental loans benefit (10.3 ) — — (10.3 ) Financing expenses (1.0 ) 1.0 — — — Deferred revenue 50.2 (1.5 ) — — 48.7 SRED expenditures 2.4 (2.5 ) — — (0.1 ) Transaction costs — 5.1 5.1 Unrealized loss on cash flow hedges — (1.3 ) 7.8 6.5 Other 0.2 (0.5 ) — — (0.3 ) $ — $ (100.7 ) $ 7.8 $ — $ (92.9 ) At March 31, 2022, the Company has fully utilized non-capital The tax-effected Balance at Movements in: Balance at Profit (loss) Other Unrecognized Accounting reserves $ 2.9 $ 1.1 $ — $ — $ 4.0 Inventory reserve (2.9 ) (1.2 ) — — (4.1 ) Non-capital 110.2 (9.3 ) — (2.7 ) 98.2 Capital tax loss carryforward 0.2 — — — 0.2 Property, plant and equipment and intangible assets (167.1 ) 15.8 — — (151.3 ) Unrealized exchange gain on US dollar debt 0.6 0.6 — — 1.2 Financing expenses (1.3 ) 0.3 — — (1.0 ) Deferred revenue 57.4 (7.2 ) — — 50.2 SRED expenditures — 2.4 — — 2.4 Other — 0.2 0.2 $ — $ 2.7 $ — $ (2.7 ) $ — Deferred income tax assets As of March 31, 2021, net deferred tax assets of $60.1 million were not recognized as a result of Management’s assessment of whether sufficient future taxable income would be generated to permit use of the deferred tax assets. Management assessed the available positive and negative evidence. A significant piece of objective evidence was the cumulative loss the Company had incurred over the previous two years of its operations. Such objective evidence limited the ability to consider other subjective evidence, such as Management’s projections for future growth. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2022 | |
Statement [Line Items] | |
Commitments and Contingencies | 27. COMMITMENTS AND CONTINGENCIES Property, plant and equipment In the normal course of business operations the Company has certain commitments for capital expenditures related to the maintenance and acquisition of property, plant and equipment. Key inputs to production The Company requires large quantities of iron ore, coal, oxygen, electricity and natural gas in order to satisfy the demands of the steel manufacturing operation. The Company makes most of its purchases of these principal raw materials at negotiated prices under annual and multi-year agreements. These agreements provide the Company with comfort that an adequate supply of these key raw materials will be available to the Company at a price acceptable to the Company. Legal Matters Additionally, from time to time, in the ordinary course of business, the Company is a defendant or party to a number of pending or threatened legal actions and proceedings. Although such matters cannot be predicted with certainty, management currently considers the Company’s exposure to such ordinary course claims and litigation, to the extent not covered by the Company’s insurance policies or otherwise provided for, not to have a material adverse effect on these consolidated financial statements. In addition, the Company is involved in and potentially subject to regular audits from federal and provincial tax authorities relating to income, capital and commodity taxes and, as a result of these audits, may receive assessments and reassessments. |
Parent [member] | |
Statement [Line Items] | |
Commitments and Contingencies | 2. COMMITMENTS AND CONTINGENCIES The Parent Company has guaranteed the borrowings on the government loans and Revolving Credit Facility entered into by its subsidiaries. At March 31 , 2022 , the Company had drawn $0.1 million (US $0.09 million), and there was $278.2 million (US $222.6 million) of unused availability after taking into account $34.1 million (US $27.3 million) of outstanding letters of credit and borrowing base reserves. At March 31 , 2021 , the Company had drawn $90.1 million (US $71.7 million), and there was $200.8 million (US $156.5 million) of unused availability after taking into account $27.4 million (US $21.8 million) of outstanding letters of credit, and borrowing base reserves. At March 31 , 2022 , the government loans had a carrying amount of $95.2 million (March 31, 2021 —$86.4 million). |
Capital Stock
Capital Stock | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Capital Stock | 28. CAPITAL STOCK Number of Stated Balance at March 31, 2020 — $ — Issuance of capitial stock 1 71,767,775 409.5 Balance at March 31, 2021 71,767,775 $ 409.5 Issuance of capital stock: Merger transaction 40,306,320 542.7 Earnout rights 35,883,692 434.1 Return of capital — (8.3 ) Balance at March 31, 2022 147,957,787 $ 1,378.0 1. Retrospectively adjusted to reflect the reverse stock split, described below. On March 23, 2021, the Company was incorporated with one share. On March 29, 2021, the Company entered into an agreement with Algoma Steel Intermediate Parent S.A.R.L. to purchase all of the issued and outstanding Common shares (100,000,001) held in Algoma Steel Holdings Inc. in exchange for 100,000,000 additional Common shares in the Company. On October 18, 2021, the Company executed a return of capital to Algoma Steel Intermediate Parent S.a.r.l., a former related party and commonly controlled affiliate of Algoma Steel Parent S.C.A., the Company’s former ultimate parent company. The Company’s subsidiary, Algoma Steel Inc. provided a loan to facilitate the payment totalling $8.3 million (US $6.7 million) (refer to Note 31). Pursuant to the Merger Agreement with Legato (refer to Note 4), on October 19, 2021, the Company effected a reverse stock split, such that each outstanding common share became such number of common shares as determined by the conversion factor of 71.76775% (as defined in the Merger Agreement). As a result, the 100,000,001 71,767,775 On February 9 , non-management On March 3, 2022, the Company announced a normal course issuer bid (the “NCIB”) after receiving regulatory approval from the Toronto Stock Exchange. Pursuant to the NCIB, the Company is authorized to acquire up to a maximum of 7,397,889 of its shares, or 5% of its 147,957,790 issued and outstanding shares as of February 18, 2022, subject to a daily maximum of 16,586 shares. The common shares are available for purchase for cancellation commencing on March 3, 2022 until no later than March 2, 2023. No shares were repurchased by the Company under the NCIB during the year ended March 31, 2022. On March 31, 2022, a dividend payment of was paid and recorded as a distribution through retained earnings (refer to Note 35). |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Net Income (Loss) Per Share | 28. NET INCOME (LOSS) PER SHARE The following table sets forth the computation of basic and diluted net income (loss) per common share: March 31, March 31, March 31, (in millions) Net income (loss) attributable to ordinary shareholders $ 857.7 $ (76.1 ) $ (175.9 ) Loss on change in fair value of warrants(i) 6.4 — — Net income (loss) attributable to ordinary shareholders (diluted) $ 864.1 $ (76.1 ) $ (175.9 ) (in thousands) Weighted average common shares outstanding(ii) 100.6 71.8 71.8 Dilutive effect of warrants(i) 10.9 Dilutive weighted average common shares outstanding 111.5 71.8 71.8 Net income (loss) per common share: Basic $ 8.53 $ (1.06 ) $ (2.46 ) Diluted $ 7.75 $ (1.06 ) $ (2.46 ) (i) In connection with the Merger, 24,179,000 units of the previously outstanding Legato warrants were converted into an equal number of warrants issued by the Company. For the purposes of determining diluted net income (loss) per common share, net income (loss) was adjusted for the change in the fair value of the warrants in the amount of $6.4 million as the warrants were determined to be dilutive. (ii) Pursuant to the Merger, on October 19, 2021, the Company effected a reverse stock split, such that each outstanding common share became such number of common shares as determined by the conversion factor of 71.76775%. As a result, 71,767,775 common shares of the Company were issued in replacement of the 100,000,001 common shares previously outstanding. The reverse stock split is also accounted for in the comparative periods for which net income (loss) per common share is presented. Concurrently, the Company issued an additional 30,306,320 and 10,000,000 common shares to the Legato common shareholders and PIPE Investors, respectively. These common shares have been included in the weighted average common shares outstanding. Further, upon the consummation of the Merger, the Company cancelled the previous long-term incentive plan (“LTIP” or “Plan”) and all outstanding awards under the Plan were replaced with Replacement LTIP awards (refer to Note 4). The 3,232,628 units of Replacement LTIP Awards granted to the former shareholders and LTIP award holders of the Company are also included within the weighted average common shares outstanding, as the Replacement LTIP Awards are fully vested and exercisable for a nominal price. Subsequent to the cancellation of the Plan, the C As part of the Merger, a maximum of 37,500,000 earnout rights were granted to all of the previous shareholders of the Company, including LTIP award holders, and become issuable when specific financial targets are met within a prescribed timeframe. The required financial targets were achieved on December 31, 2021 and have been included in the calculation of basic and diluted net income (loss) per common share as if they were issued on that day. Refer to Note 4 for further details on the common shares, warrants, Replacement LTIPs and earnout rights related to the Merger. |
Net Change In Non-Cash Operatin
Net Change In Non-Cash Operating Working Capital | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Net Change In Non-Cash Operating Working Capital | 30. NET CHANGE IN NON-CASH Years ended, March 31, March 31, March 31, Accounts receivable $ (127.0 ) $ (47.2 ) $ 88.4 Taxes payable and accrued taxes (22.1 ) 16.7 3.7 Inventories (63.6 ) (33.6 ) (36.8 ) Prepaid expenses and other current assets 12.5 (70.3 ) 20.2 Accounts payable and accrued liabilities 166.6 (21.2 ) (42.4 ) Derivative financial instruments (net) 12.5 (15.3 ) 1.2 Secured term loan interest payment in kind — 33.2 — $ (21.1 ) $ (137.7 ) $ 34.3 |
Related Party Transactions and
Related Party Transactions and Balances | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Related Party Transactions And Balances | 31. RELATED PARTY TRANSACTIONS AND BALANCES Former parent company promissory note receivable Due to the merger transaction described in Note 4, the Company is no longer a related party of Algoma Steel Parent S.C.A., and its commonly controlled affiliates. Further, Algoma Steel Parent S.C.A. settled its promissory note payable to the Company for $2.2 million (US $1.7 million) by receiving a net amount of $6.5 million (US $5.0 million) in exchange for settling this note payable with the return of capital of $8.3 million (US $6.7 million), as explained in Note 28. To facilitate this payment, the Company entered an agreement with its subsidiary, Algoma Steel Inc. to pay the net amount of $6.5 million (US $5.0 million) on its behalf. The Company settled the loan to its subsidiary, Algoma Steel Inc. with net proceeds from the merger transaction. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Financial Instruments | 32. FINANCIAL INSTRUMENTS Fair value of financial instruments The fair value of cash, restricted cash, accounts receivable, margin payments, bank indebtedness and accounts payable and accrued liabilities approximates their carrying value due to the short-term nature of these instruments. The fair value of the Revolving Credit Facility, disclosed in Note 16 approximates the respective carrying value due to variable interest rates. The fair value of natural gas and steel commodity swaps are classified as Level 2 and is calculated using the mark-to-market A $0.01 decrease (or increase) in the US dollar relative to the Canadian dollar for the year ended March 31, 2022 would have decreased (or increased) income (loss) from operations by - $ Interest rate risk Interest rate risk is the risk that the value of the Company’s assets and liabilities will be affected by a change in interest rates. The Company’s interest rate risk mainly arises from the interest rate impact on its banking facilities and debt. The Company may manage interest rate risk through the periodic use of interest rate swaps. For the years ended March 31, 2022 and March 31, 2021, a one percent net income (loss) by approximately nil and The Company is exposed to interest rate benchmark, LIBOR, which is subject to interest rate benchmark reform. The exposure arises on financial liabilities bearing interest at LIBOR plus basis points including the Company’s Revolving Credit Facility, Secured Term Loan Facility and Algoma Docks Term Loan Facility, as disclosed in Notes 16 and 19. The Company paid the Secured Term Loan and Algoma Docks Term Loan Facilities in full in November 2021. The Company is closely monitoring the market and the output from the various industry working groups managing the transition to new benchmark interest rates including announcements made by Interbank Offered Rate (IBOR). The referenced benchmark rates applicable to the Company are expected to be published until at least June of 2023 and prior to their expiry Algoma will work with the administrative agent of its various LIBOR exposed credit agreements to replace LIBOR with a fallback reference rate at similar commercial terms to today’s rates. Commodity price risk The Company is subject to price risk from fluctuations in the market prices of commodities, including natural gas, iron ore and coal. The Company enters into supply agreements for certain of these commodities as disclosed in Note 27. To manage risks associated with future variability in cash flows attributable to certain commodity purchases, the Company may use derivative instruments with maturities of 12 months or less as disclosed in Note 21 to hedge the commodity price risk associated with the cost of natural gas and the revenue on the sale of steel. At March 31, 2022, the Company had commodity-based swap contracts with an aggregate notional quantity of 90,000 net tons (March 31, 2021 hot-rolled Hot-Rolled - $ the or loss. The fair value of the warrant liability, earnout liability and the share-based payment compensation liability are classified as Level 1 and is calculated using the quoted market price of the Company’s common shares at the end of each reporting period. The Company’s financial assets and financial liabilities are classified and measured as follows: As at, March 31, 2022 March 31, 2021 Category Carrying Fair Carrying Fair Financial assets Cash (1) Financial assets at amortized cost $ 915.3 $ 915.3 $ 21.2 $ 21.2 Restricted cash (1) Financial assets at amortized cost $ 3.9 $ 3.9 $ 3.9 $ 3.9 Accounts receivable (2) Financial assets at amortized cost $ 402.3 $ 402.3 $ 274.6 $ 274.6 Margin payments (1) Financial assets at amortized cost $ 29.5 $ 29.5 $ 49.4 $ 49.4 Related party receivable (1) Financial assets at amortized cost $ — $ — 2.2 2.2 Financial liabilities Bank indebtedness (1) Financial liabilities at amortized cost $ 0.1 $ 0.1 $ 90.1 $ 90.1 Accounts payable and accrued liabilities (1) Financial liabilities at amortized cost $ 261.9 $ 261.9 $ 153.8 $ 153.8 Current portion of governmental loans (1) Financial liabilities at amortized cost $ 10.0 $ 10.0 $ — $ — Long-term debt (1) Financial liabilities at amortized cost $ — $ — $ 439.3 $ 439.3 Long-term governmental loans (1) Financial liabilities at amortized cost $ 95.2 $ 95.2 $ 86.4 $ 86.4 Derivative instruments (3) Financial instruments at FVTOCI(L) $ 28.8 $ 28.8 $ 49.4 $ 49.4 Warrant liability (4) Financial instruments at FVTP(L) $ 99.4 $ 99.4 $ — $ — Earnout liability (4) Financial instruments at FVTP(L) $ 22.7 $ 22.7 $ — $ — 1 - 2 - 3 - 4 Financial risk management The Company’s activities expose it to a variety of financial risks including credit risk, liquidity risk, interest rate risk and market risk. The Company may use derivative financial instruments to hedge certain of these risk exposures. The use of derivatives is based on established practices and parameters, which are subject to the oversight of the Board of Directors. The Company does not utilize derivative financial instruments for trading or speculative purposes. Credit risk Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises primarily from the Company’s receivables from customers. The Company has an established credit policy under which each new customer is analyzed individually for creditworthiness before the Company’s standard payment and delivery terms and conditions are offered. The Company’s review includes a review of the potential customer’s financial information, external credit ratings and bank and supplier references. Credit limits are established for each new customer and customers that fail to meet the Company’s credit requirements may transact with the Company only on a prepayment basis. The maximum credit exposure at March 31, 2022 is the carrying amount of accounts receivable of $402.3 million (March 31, 2021 - $ At March 31, 2022 and March 31, 2021, there was no customer account greater than - $ The Company establishes an allowance for doubtful accounts that represents its estimate of losses in respect of accounts receivable. The main components of this allowance are a specific provision that relates to individual exposures and a provision for expected losses that have been incurred but not yet identified. The allowance for doubtful accounts at March 31, 2022 was $2.4 million (March 31, 2021 - $ The Company may be exposed to certain losses in the event of non-performance Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they come due. The Company manages liquidity risk by maintaining adequate cash balances. The Company continuously monitors and reviews actual and forecasted cash flows to ensure adequate liquidity and anticipate liquidity requirements. The Company’s objectives and processes for capital management, including the management of long-term debt, are described in Note 6. The following table discloses the Company’s contractually agreed (undiscounted) cash flows payable under financial liabilities, as at March 31, 2022: Carrying Contractual Year 1 Year 2 Years Greater Revolving Credit Facility $ 0.1 $ (0.1 ) $ (0.1 ) $ — $ — $ — Accounts payable and accrued liabilities 261.9 (261.9 ) (261.9 ) — — — Taxes payable 64.3 (64.3 ) (64.3 ) — — — Governmental Loans 95.2 (136.5 ) (9.9 ) (9.9 ) (71.5 ) (45.2 ) Interest on Provincial MENDM Loan 2.3 (2.3 ) (2.3 ) — — — Derivative financial instruments 28.8 (28.8 ) (28.8 ) — — — $ 452.6 $ (493.9 ) $ (367.3 ) $ (9.9 ) $ (71.5 ) $ (45.2 ) The following table discloses the Company’s contractually agreed (undiscounted) cash flows payable under financial liabilities as at March 31, 2021: Carrying Contractual Year 1 Year 2 Years Greater Revolving Credit Facility $ 90.1 $ (90.1 ) $ (90.1 ) $ — $ — $ — Accounts payable and accrued liabilities 144.3 (144.3 ) (144.3 ) — — — Taxes payable 27.2 (27.2 ) (27.2 ) — — — Secured Term Loan Facility 381.9 (381.9 ) (3.6 ) (3.6 ) (374.7 ) — Interest on Secured Term Loan 9.1 (176.4 ) (38.5 ) (38.1 ) (99.8 ) — Algoma Docks Term Loan 76.0 (76.0 ) (11.1 ) (13.2 ) (51.7 ) — Interest on Algoma Docks Term Loan 0.4 (10.8 ) (3.5 ) (3.1 ) (4.2 ) — Governmental Loans 86.4 (135.1 ) — (10.0 ) (55.0 ) (70.1 ) Interest on Provincial MENDM Loan 1.4 — — — — — Available for use asset costs 49.4 (49.4 ) (49.4 ) — — — $ 866.2 $ (1,091.2 ) $ (367.7 ) $ (68.0 ) $ (585.4 ) $ (70.1 ) Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and commodity prices, will affect the Company’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return on risk. As disclosed in Note 21, during the year ended March 31, 2022, the Company was a party to agreements to hedge the commodity price risk associated with the cost of natural gas and the revenue on the sale of steel. These activities are carried out under the oversight of the Company’s Board of Directors. Currency risk The Company is exposed to currency risk on purchases, labour costs and pension and other post retirement employment benefits liabilities that are denominated in Canadian dollars. The prices for steel products sold in Canada are derived mainly from price levels in the US market in US dollars converted into Canadian dollars at the prevailing exchange rates. As a result, a stronger US dollar relative to the Canadian dollar increases the Company’s Canadian dollar selling prices for sales within Canada. The Company’s Canadian dollar denominated financial instruments as at March 31, 2022, and March 31, 2021, were as follows: As at, March 31, March 31, Cash $ 25.0 $ 5.6 Restricted cash 3.9 3.9 Accounts receivable 164.1 111.2 Bank indebtedness (0.1 ) (42.1 ) Accounts payable and accrued liabilities (204.5 ) (131.6 ) Long-term governmental loans (3.1 ) (87.8 ) Net Canadian dollar denominated financial instruments $ (14.7 ) $ (140.8 ) |
Key Management Personnel
Key Management Personnel | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Key Management Personnel | 33. KEY MANAGEMENT PERSONNEL The Company’s key management personnel, and persons connected with them, are also considered to be related parties for disclosure purposes. Key management personnel are defined as those individuals having authority and responsibility for planning, directing and controlling the activities of the Company and include the executive leadership team (ELT) and the Board of Directors. Remuneration of the Company’s Board of Directors and ELT for the respective periods is as follows: March 31, March 31, March 31, Salaries and benefits $ 5.2 $ 3.9 $ 3.1 Director fees 0.6 0.3 0.3 Share-based compensation (Note 34) 5.7 14.1 — $ 11.5 $ 18.3 $ 3.4 |
Share Based Compensation
Share Based Compensation | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Share Based Compensation | 34. SHARE BASED COMPENSATION Long-term incentive plan On May 13, 2020, Algoma Steel Holdings Inc. establi s Upon the consummation of the Merger on October 19 , 2021 , the Company cancelled the previous Plan and all outstanding awards under the Plan were replaced with Replacement LTIP awards (refer to Note 4) . Subsequent to the cancellation of the Plan, the company introduced an Omnibus Equity Incentive Plan (“Omnibus Plan”). Under the terms of the Omnibus Plan, the maximum number of common shares that may be subjected to awards is 8.8 million common shares. The awards issuable under the Plan consists of Restricted Share Units (“RSU”), Deferred Share Units (“DSU”) Performance Share Units (“PSU”) and stock options. Deferred share units Under the terms of the Omnibus Plan, DSUs may be issued to members of the Board of Directors as may be designated by the Board of Directors from time-to-time eventually vest and adjusts for the effect of non-market common share of the Company upon the retirement of the Director, or in the event of incapacity. The price of the Company’s common shares on the grant date is used to approximate the grant date fair value of each unit of DSUs. As of March 31 2022 , DSUs under the Omnibus Plan were granted to certain Directors of the Company, with a grant date fair value of US $9.54 per DSU based on the market price of the Company’s common shares. The DSUs vested immediately upon issuance million (March 31, 2021 - $ million) in administrative and selling expenses on the consolidated statement of net income (loss) and contributed surplus on the consolidated statements of financial position. No exercises or forfeiture of DSUs have been recorded to date. Restricted share units and performance share units On March 28 , 2022 , the Board of Directors approved the resolution to grant RSUs and PSUs in accordance with the Omnibus Plan during the first quarter of the year ending March 31 , 2023 . Grant agreements will be issued to certain employees with specific terms and conditions, as well as certain performance targets that will need to be met during the year ending March 31 , 2023 in order for the awards to vest. |
Dividends
Dividends | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Dividends | 35. DIVIDENDS On March 31 , 2022 , the Company made a dividend payment of US$0.05 per common share for shareholders of record at market close on February 28 , 2022 . A total of $9.3 million (US $7.4 million) was paid and recorded as a distribution through retained earnings. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Subsequent Events | 36. SUBSEQUENT EVENTS On June 9, 2022, the Company experienced an incident where an oil-based lubricant was released from our hot mill in Sault Ste. Marie. We may be subject to regulatory fines and other public and private actions in the future as a result of the incident but the financial and other impact of this incident is currently unknown. On June 13 , 2022 , the Board of Directors approved the Company’s intention to pursue a Substantial Issuer Bid in Canada, as well as Tender Offer in the United States (collectively, the “Share Repurchase”) using a “Modified Dutch Auction” to repurchase its common shares and aggregate value of the Share Repurchase of US $400 million. Conditions of the Share Repurchase, including the pricing range per share will be determined following the release of the Company’s financial results for the year ended March 31 , 2022 . The Company will fund the purchase of tendered shares from cash on hand. |
Schedule I - Combined Condensed
Schedule I - Combined Condensed Statements of Net Income (loss) | 12 Months Ended |
Mar. 31, 2022 | |
Profit or loss [abstract] | |
Combined Condensed Statements of Net Income (loss) | Schedule I – Combined Condensed Statements of Net Income (loss) Years ended, March 31, March 31, March 31, expressed in millions of Canadian dollars Equity in income (loss) of subsidiary $ 1,028.8 $ (62.0 ) $ (175.9 ) Operating expenses Administrative and selling expenses 7.8 14.1 — Profit (loss) from operations $ 1,021.0 $ (76.1 ) $ (175.9 ) Other (income) and expenses Listing expense $ 235.6 $ — $ — Change in fair value of warrant liability 6.4 — — Change in fair value of earnout liability (78.1 ) — — $ 163.9 $ — $ — Income (loss) before income taxes $ 857.2 $ (76.1 ) $ (175.9 ) Income tax recovery (0.5 ) — — Net income (loss) $ 857.7 $ (76.1 ) $ (175.9 ) |
Schedule I - Combined Condens_2
Schedule I - Combined Condensed Statements of Comprehensive Income (loss) | 12 Months Ended |
Mar. 31, 2022 | |
Statement of comprehensive income [abstract] | |
Condensed Statement Of Comprehensive Income [Text Block] | Schedule I – Combined Condensed Statements of Comprehensive Income (loss) Years ended, March 31, March 31, March 31, expressed in millions of Canadian dollars Net income (loss) $ 857.7 $ (76.1 ) $ (175.9 ) Other comprehensive loss that wil not be reclassified subsequently to profit or loss Foreign exchange loss on translation to presentation currency $ (15.1 ) $ — $ — Equity (deficit) in other comprehensive income of subsidiary 157.6 (54.1 ) 84.1 142.5 (54.1 ) 84.1 Total comprehensive income (loss) $ 1,000.2 $ (130.2 ) $ (91.8) |
Schedule I - Combined Condens_3
Schedule I - Combined Condensed Statements of Financial Position | 12 Months Ended |
Mar. 31, 2022 | |
Statement of financial position [abstract] | |
Combined Condensed Statements of Financial Position | Schedule I - Combined Condensed Statements of Financial Position As at, March 31, March 31, expressed in millions of Canadian dollars Assets Investment in subsidiaries $ 1,761.1 $ 173.8 Total assets $ 1,761.1 $ 173.8 Liabilities and Shareholders’ Equity Accounts payable and accrued liabilities $ 0.7 $ — Due to related party 10.2 — Warrant liability 99.4 — Earnout liability 22.7 — Share-based payment compensation liability 45.4 — Total liabilities $ 178.5 $ — Shareholders’ equity Capital stock $ 1,378.0 $ 409.5 Accumulated other comprehensive income 152.0 9.5 Retained earnings (deficit) 77.8 (249.3 ) Contributed (deficit) surplus (25.2 ) 4.1 Total shareholders’ equity $ 1,582.6 $ 173.8 Total liabilities and shareholders’ equity $ 1,761.1 $ 173.8 |
Schedule I - Combined Condens_4
Schedule I - Combined Condensed Statement of Changes in Shareholders' Equity | 12 Months Ended |
Mar. 31, 2022 | |
Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Abstract] | |
Combined Condensed Statement of Changes in Shareholders' Equity | Schedule I - Combined Condensed Statement of Changes in Shareholders’ Equity expressed in millions of Canadian dollars Capital Contributed Foreign Equity Accumulated compre-hensive Retained Total Balance at March 31, 2019 $ 409.5 $ — $ — $ (20.5 ) $ (20.5 ) $ 2.7 $ 391.7 Net loss — — — — (175.9 ) (175.9 ) Equity in other comprehensive income of subsidiary — — — 84.1 84.1 84.1 Balance at March 31, 2020 409.5 — — 63.6 63.6 (173.2) 299.9 Net loss — — — — — (76.1 ) (76.1 ) Deficit in other comprehensive income of subsidiary — — — (54.1 ) (54.1 ) — (54.1 ) Exercise of performance share units and director units — 4.1 — — — — 4.1 Balance at March 31, 2021 $ 409.5 $ 4.1 $ — 9.5 $ 9.5 $ (249.3) $ 173.8 Net income — — — — 857.7 857.7 Equity in other comprehensive income of subsidiary 157.6 157.6 — 157.6 Other comprehensive loss — — (15.1 ) — (15.1 ) — (15.1 ) Issuance and modification of performance share units — (30.0 ) — — — — (30.0 ) Issuance of deferred share units — 0.7 — — — — 0.7 Issuance of capital stock 976.8 — — — — — 976.8 Return of capital (8.3 ) — — — — — (8.3 ) Earnout rights — — — — — (521.3 ) (521.3 ) Dividends paid — — — — — (9.3 ) (9.3 ) Balance at March 31, 2022 $ 1,378.0 $ (25.2 ) $ (15.1 ) $ 167.1 $ 152.0 $ 77.8 $ 1,582.6 |
Schedule I - Combined Condens_5
Schedule I - Combined Condensed Statements of Cash Flows | 12 Months Ended |
Mar. 31, 2022 | |
Parent Company Combined Condensed Statements Of Cash Flows [Abstract] | |
Combined Condensed Statements of Cash Flows | Schedule I – Combined Condensed Statements of Cash Flows Years ended, March 31, March 31, March 31, expressed in millions of Canadian dollars Operating activities Net income (loss) $ 857.7 $ (76.1 ) $ (175.9 ) Items not affecting cash: Increase in fair value of warrant liability 6.4 — — Decrease in fair value of earnout liability (78.1 ) — — Listing expense 235.6 — — Investment in shares of subsidiary (1,028.8 ) 62.0 175.9 (7.2 ) (14.1 ) — Net change in non-cash 16.5 14.1 — Cash used in operating activities $ 9.3 $ — $ — Cash used in investing activities $ — $ — $ — Financing activities Dividends paid $ (9.3 ) $ — $ — Cash used in financing activities $ (9.3 ) $ — $ — Cash Decrease in cash $ — $ — $ — Opening balance — — — Ending balance $ — $ — $ — |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Foreign exchange transactions | Foreign exchange transactions Transactions in currencies other than the Company’s functional currency are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are translated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost are not re-translated. Exchange gains or losses arising from translations of foreign currency monetary assets, liabilities and transactions are recorded in foreign exchange loss (gain) in the consolidated statements of net income (loss). |
Financial Instruments | The Company’s financial assets and liabilities (financial instruments) include cash, restricted cash, accounts receivable, margin payments, related party receivable, derivative financial instruments, bank indebtedness, accounts payable and accrued liabilities, warrant liability, earnout liability, debt and governmental loans. Recognition Financial assets and financial liabilities are recognised in the consolidated statements of financial position when the Company becomes party to the contractual provisions of the instrument, and they are initially measured at fair value. Financial assets are derecognized when the contractual rights to the cash flows expire or when the Company transfers substantially all the risks and rewards of ownership of the financial assets to another party. Financial liabilities are derecognized when the contractual obligations are discharged, cancelled, or expired. A write-off of a financial asset (or a portion thereof) constitutes a derecognition event. Write-off occurs when the Company has no reasonable expectations of recovering the contractual cash flows associated with a financial asset. Classification and measurement The classification of financial instruments is determined at the time of initial recognition, within the following categories: • Amortized cost • Fair value through profit (loss) (FVTP(L)) • Fair value through other comprehensive (loss) income (FVTOCI(L)) Financial assets are classified and subsequently measured based on the business model in which they are managed and their cash flow characteristics. Financial assets are measured at amortized cost if they meet both of the following conditions and are not designated as FVTP(L): • The financial asset is held within a business model with the objective of holding the financial asset in order to collect contractual cash flows; and • The contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All other financial assets are measured at their fair values at each subsequent reporting period, with any changes recorded through profit and loss or through other comprehensive income, if the designation is made as an irrevocable election upon initial recognition . Financial liabilities are classified as subsequently measured at amortized cost or FVTPL. A financial liability is classified as FVTPL if it is contingent consideration of an acquirer in a business combination, held-for-trading, or designated as FVTPL upon initial recognition, and is remeasured at its fair value at each subsequent reporting period, with any changes recorded through profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Derivative financial instruments are recognised initially at fair value on the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting date. Impairment of financial assets carried at amortized cost The Company utilizes an ‘expected credit loss’ (“ECL”) model, as required by IFRS 9 – Financial Instruments . Accounts receivable are subject to lifetime ECL which is measured as the difference in the present value of the contractual cash flows that are due under the contract, and the cash flows that are expected to be received. The Company applies the simplified approach at each reporting date on its accounts receivable and considers both current and forward-looking macro-economic factors that may affect historical default rates when estimating ECL. Accounts receivable, together with the associated allowance, are written off when there is no realistic prospect of future recovery and all collateral has been realized or has been transferred to the Company. If, in a subsequent year, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognized, the previously recognized impairment loss is increased or decreased by adjusting the carrying value of the loan or receivable. If a past write-off is later recovered, the recovery is recognized in the consolidated statements of net income (loss). |
Fair value of financial instruments | Fair value of financial instruments Fair value is the price that would be received when selling an asset or paid to transfer a liability in an The Company has certain financial assets and liabilities that are measured at fair value. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (for example, interest rate and yield curves observable at commonly quoted intervals, forward pricing curves used to value currency and commodity contracts), or inputs that are derived principally from or corroborated by observable market data or other means. Level 3 inputs are unobservable (supported by little or no market activity). The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. There were no transfers among Levels 1, 2 and 3 during the years ended March 31, 2022, 2021 and 2020. The Company’s policy is to recognize transfers into and transfers out of fair value hierarchy levels as of the date of the event or change in circumstances that caused the transfer. |
Hedge accounting | Hedge accounting Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. The method of recognizing the resulting gain and loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The derivatives are designated as hedges of a particular risk associated with a recognized asset or liability or highly probable forecasted transaction (cash flow hedge). The Company designates certain derivatives as hedging instruments in respect of commodity price risk, which are accounted for as cash flow hedges. At the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and hedged item, as well as its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, the Company documents its assessment, both at hedge inception and on an ongoing basis, as to whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk. Hedge relationship meets effectiveness requirements when it meets all of the following: • there is an economic relationship between the hedged item and the hedging instrument; • the effect of credit risk does not dominate the value changes that result from that economic relationship; and • the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Company actually hedges and the quantity of the hedging instrument that the Company actually uses to hedge that quantity of hedged item. The full fair value of a derivative financial instrument is classified as a non-current asset or liability when the remaining life of the hedged item is more than 12 months and as a current asset or liability when the remaining life of the hedged item is less than 12 months. |
Cash flow hedges | Cash flow hedges The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify as cash flow hedge is recognized in other comprehensive income (loss) and accumulated under the heading of cash flow hedge reserve – unrealized loss, limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss, and is included in revenue (steel hedges) and cost of sales (natural gas hedge) line items. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss in equity at that time remains in equity and is recognized when the forecasted transaction affects income (loss). When a forecasted transaction does not occur, the cumulative gain or loss that was reported in equity is immediately classified to the statement of profit and loss. |
Accounts receivable | Accounts receivable Accounts receivable are recognized initially at transaction price and are non-interest bearing. Management analyzes accounts receivable and notes receivable to determine the allowance for doubtful accounts by assessing the collectability of receivables owing from each individual customer. This assessment takes into consideration certain factors including the age of outstanding receivable, customer operating performance, historical payment patterns and current collection efforts, relevant forward looking information and the Company’s security interests, if any. Recoveries of accounts receivables previously provided for in the allowance for doubtful accounts are deducted from administrative and selling expenses in the consolidated statements of net income (loss). |
Inventories | Inventories Raw materials, work in process and finished products inventories are measured at the lower of average cost and net realizable value. Average cost for finished goods and work in process is comprised of direct costs and an allocation of production overheads, including depreciation expense. Supplies inventories are measured at the lower of average cost and net realizable value. |
Property, plant and equipment, net | Property, plant and equipment, net Items of property, plant and equipment are recorded at cost less accumulated amortization and impairment. The cost of an item of property or equipment comprises costs that can be directly attributed to its acquisition and to bringing the asset to a working condition for its intended use, including borrowing costs that meet the criteria for capitalization and initial estimates of the cost of dismantling and removing the item and restoring the site on which it is located. The cost of self-constructed and self-installed assets includes the cost of direct labour in addition to the costs listed above. Depreciation is calculated generally by the straight-line method based on estimated useful lives as follow s: Category of Property, Plant and Equipment Range of Estimated Useful Life Buildings 5 to 30 years Machinery and equipment 5 to 40 years Vehicles 6 to 12 years Computer hardware 3 to 5 years The Company also separately recognizes the cost of replacement parts and major overhaul or inspection costs if the cost of the item can be reliably measured or estimated and it is probable that the future economic benefits will be realized by the Company. When such items are replaced the carrying amount of the replaced component is derecognized. The costs of maintenance and repairs of property, plant and equipment are recognized in profit or loss as incurred. Componentization When significant components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items and depreciated over the respective useful lives. Useful life, depreciation method, residual value Estimates of the useful lives of items of property, plant and equipment are based on management’s judgement as to the physical and economic useful lives of assets and as such are subject to change in future periods. Depreciation methods, useful lives and residual values are reviewed at each reporting date with the effect of any changes in estimate being accounted for on a prospective basis. Derecognition of property plant and equipment An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss. Accounting policies relevant to government funding The benefit of Government funding is not recognized until there is reasonable assurance that the Company will comply with the conditions attaching to it and that the funding will be received. Benefits related to Government funding in the form of low interest rate loans, interest free loans and grants for items of capital are presented in the consolidated statements of financial position as an offset to the carrying value of the property, plant and equipment to which the benefits relate. In the case of low interest rate loans and interest free loans, the benefit is |
Intangible assets, net | Intangible assets, net Intangible assets are measured and stated at cost, net of accumulated depreciation and any recognized impairment in value. The Company’s intangible assets comprising computer software are amortized on a straight-line basis over their estimated useful lives ranging from 3 to 10 years. Derecognition of intangible assets An intangible asset is derecognized on disposal, or when no future economic benefits are expected from its use. Gains or losses arising from derecognition of an intangible asset measured as the difference between the net disposal proceeds and the carrying amount of the asset are recognized in profit or loss when the asset is derecognized. |
Impairment of tangible and intangible assets | Impairment of tangible and intangible assets Property, plant and equipment and intangible assets are reviewed at the end of each reporting period to determine whether there is any indication of impairment. If any such indication exists then the recoverable amount of the asset is estimated. The recoverable amount of an asset is defined as the higher of its fair value less costs to sell and its value in use. Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the Cash Generating Unit (“CGU”) to which the asset belongs. The CGU corresponds to the smallest identifiable group of assets whose continuing use generates cash inflows that are largely independent of the cash flows from other groups of assets. An impairment loss is recognized when the carrying amount of an asset, or of the CGU to which it belongs, exceeds the recoverable amount. In determining value in use, the Company estimates cash flows before taxes based on most recent actual results and forecasts and then determines the current value of future estimated cash flows. Impairment losses are recognized in the consolidated statements of net income (loss). An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. The increased carrying amount of an asset attributable to a reversal of impairment loss may not exceed the carrying amount that would have been determined had no impairment loss been recognized in prior periods. |
Leases | Leases At inception of a contract, the Company assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company, as a lessee, recognizes a right-of-use asset and lease liability at commencement of the lease at the present value of the future lease payments using the interest rate implicit in the lease (if readily determinable) or the Company’s incremental rate of borrowing. Subsequent to initial measurement, the asset is depreciated using the straight-line method from the commencement date to the earlier of the end of its useful file or the end of the lease term. The lease liability is measured at amortized cost using the effective interest rate method. Lease related finance charges are recorded in finance costs in the consolidated statement of net income (loss). The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases defined as leases with a lease term of 12 months or less and low-value assets. These types of leases are recorded in the consolidated statement of net income (loss) as incurred. |
Borrowing costs | Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognized in profit or loss in the period in which they are incurred. |
Retirement benefit costs | Retirement benefit costs The Company provides pensions and certain health care, dental care, life insurance and other benefits for certain retired employees pursuant to Company policy. For defined benefit pension plans and other post-employment benefits, the defined benefit cost is actuarially determined on an annual basis by independent actuaries using the projected unit credit method. Remeasurement comprising of actuarial gains and losses, the effect of the asset ceiling and the return on plan assets (excluding interest) are recognized immediately in the consolidated statements of financial position with a charge to other comprehensive income (loss) in the period in which they occur. The Company has elected to transfer those amounts recognized in other comprehensive income (loss) to a separate reserve within equity. Net-interest • service cost, past-service cost, gains and losses on curtailments and settlements; • net interest expense; and • remeasurement. The Company recognizes the first two components of defined benefit costs in profit or loss in its consolidated statements of net income (loss): service cost, past service cost, gains and losses on curtailments and settlements in Cost of sales and Administrative and selling expenses; and net interest expense in Interest on pension and other post-employment benefit obligations. The determination of a benefit expense requires assumptions such as the discount rate, the expected mortality, the expected rate of future compensation increases and the expected healthcare cost trend rate. Actual results will differ from estimated results which are based on these assumptions. The asset or liability recognized in the consolidated statements of financial position represents the actual plan situation in the Company’s defined benefit and other post-employment benefit plans. All actuarial gains and losses that arise in calculating the present value of the defined benefit obligation and the plan assets, the remeasurement components, are recognized immediately in other comprehensive income (loss). Any defined benefit asset resulting from this calculation is limited to the present value of any economic benefit in the form of refunds from the plan or reduction in future contributions to the plan. |
Termination benefits | Termination benefits Termination benefits are recognized as an expense when the Company is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary retirement. Termination benefits for voluntary retirements are recognized the earlier of the date when the Company recognizes related restructuring costs and the date when the Company can no longer withdraw the offer of the benefits related to the voluntary retirement. |
Short-term benefits | Short-term benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. |
Environmental liabilities | Environmental liabilities An environmental liability is recognized if, as a result of an agreement, the Company has a present legal obligation that can be estimated reliably and it is probable that an outflow of economic benefits will be required to settle the obligation. The amount recognized as an environmental liability is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account risks and uncertainty of cash flow. Where the effect of discounting is material, environmental liabilities are determined by discounting the expected future cash flows at a pre-tax |
Long-term debt | Long-term debt Long-term debt is recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; transaction costs related to the Secured Term Loan Facility and the Algoma Docks Term Loan Facility are amortized in profit or loss using the effective interest method. |
Revenue recognition | Revenue recognition The Company’s revenue is generated primarily from contracts to produce, ship and deliver steel products, and to a lesser extent, to deliver non-steel by-products revenue. Revenue is measured at the fair value of the consideration received or receivable, net of returns and allowances, trade discounts, volume rebates and other incentives. Revenue from the sale of goods is recognized to the extent that it is probable that the economic benefits will flow to the Company, can be reliably measured, and at a point-in-time when the performance obligation is satisfied by transferring the promised good to a customer. A good is considered transferred when the customer obtains control, which is defined as the ability to direct the use of and obtain substantially all of the remaining benefits of an asset. Upon the fulfillment of these criteria, revenue and costs associated with such are included in the consolidated statements of net income (loss). Freight and other transportation costs billed to customers are recorded gross within revenue and cost of goods sold. The Company has pricing latitude in revenue arrangements and is also exposed to inventory and credit risks. The Company offers industry standard payment terms that typically requires payment from customers 30 days after title and control transfers . |
Research | Research Research costs are charged to operations as incurred, due to the nature of the projects. Where government incentives in the form of investment tax credits and grants are received for research projects initiated by the Company for its own purposes, these incentives are deducted from the applicable category of expenditures. |
Finance income | Finance income Finance income is comprised of interest income on short-term deposits. Interest income Interest income from financial assets is recognized when it is probable that the economic benefits will flow to the Company and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable. |
Finance cost | Finance cost Finance cost is comprised of interest expense on borrowings, amortization of issuance costs, and accretion of environmental liabilities. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognized in profit or loss using the effective interest method. Costs related to issuance of the Secured Term Loan Facility and the Algoma Docks Term Loan Facility are recorded as a component of the carrying amount of the related debt and are amortized to profit or loss using the effective interest method. Costs related issuance of the Revolving Credit Facility are recorded in other assets and are amortized to profit or loss on a straight line basis over the period of the facility. Actuarially determined interest costs related to the defined benefit pension obligation and the other post-employment benefit obligation are recorded respectively as components of the carrying amount of the accrued pension liability and the accrued other post-employment benefit obligation. |
Taxation | Taxation Current and deferred income tax are recognized in net income (loss), except when they relate to items that are recognized in other comprehensive income (loss) or directly in equity, in which case, the current and deferred income tax are also recognized in other comprehensive income (loss) or directly in equity, respectively. Current tax The current tax expense is based on taxable income for the year. Taxable income differs from net income (loss) before taxes as reported in the consolidated statements of net income (loss) because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred income tax Deferred income tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable income income The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the asset to be recovered. The Company had incurred net losses for the years ended March 31, 2021 and March 31, 2020. For the years ended March 31, 2021 and March 31, 2020, the Company did not have sufficient evidence to support a determination that sufficient future taxable income was probable. In accordance with IFRS, the Company did not recognize deferred tax assets. For the year ended March 31, 2022, the Company has utilized all non-capital losses carried forward and there is no balance recognized as a deferred tax asset associated with these losses. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the asset is period, |
Share-based payment | Share-based payment The Company provides certain employees with long-term incentive awards. Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value includes the effect of market based vesting conditions but excludes the effect of non-market-based The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the expected vesting period, which is determined based on the Company’s expected timing on meeting the non-market performance condition. The impact of the revision of the original estimates, if any, is recognized in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity. For cash-settled share-based payments, a liability is recognized for the goods or services acquired, measured initially at the fair value of the liability. At each reporting date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognized in profit or loss for the year. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Other comprehensive income (loss) (“OCI(L)”) includes foreign exchange gain on translation to the Company’s presentation currency from the US Dollar functional currency. OCI(L) includes actuarially determined gains and losses on post employment benefits offered to certain employees and the effect of any limits applied to the defined benefit asset. OCI(L) also includes unrealized loss on cash flow hedge reserve. Comprehensive income (loss) is composed of net income (loss) and OCI(L). Accumulated OCI(L) is a separate component of Shareholders’ Equity which includes the accumulated balances of all components of OCI(L) which are recognized in comprehensive income (loss) but excluded from net income (loss). |
New IFRS Standards, Amendments and Interpretations adopted as of April 1, 2021 (effective January 1, 2021) | New IFRS Standards, Amendments and Interpretations adopted as of April 1, 2021 (effective January 1, 2021) The Company adopted the following amendments which did not have a material impact on its financial statements: Interest Rate Benchmark Reform – Phase 2 In August 2020, the IFRS Board issued amendments that complemented those issued in 2019 and focus on the effects of the interest rate benchmark reform on a Company’s financial statements that arise when, for example, an interest rate benchmark used to calculate interest on a financial asset is replaced with an alternative benchmark rate. The Phase 2 amendments address issues that might affect financial reporting during the reform of an interest rate benchmark, including the effects of changes to contractual cash flows or hedging relationships arising from the replacement of an interest rate benchmark with an alternative benchmark rate (replacement issues). The amendment is effective for annual reporting periods beginning on or after January 1, 2021. Although the Company has various debt instruments with interest rate benchmarked to LIBOR, these facilities were fully repaid before March 31, 2022. Further, the Company intends to renegotiate the related debt agreements before June 2023. Refer to Notes 16, 19 and 32. |
Standards and Interpretations issued and not yet adopted | Standards and Interpretations issued and not yet adopted Proceeds before Intended Use IAS 16 “Property, Plant and Equipment (PPE)” sets out an amendment prohibiting an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while Cost of Fulfilling a Contract IAS 37 “Onerous Contracts” sets out an amendment clarifying the meaning of “costs to fulfil a contract”. The amendment clarifies that, before a separate provision for an onerous contract is established, an entity recognizes any impairment loss that has occurred on assets used in fulfilling the contract, rather than on assets dedicated to that contract. The application of this amendment is not expected to have a significant impact on the financial position and performance of the Company, or on the Company’s financial reporting. The amendment is effective for annual reporting periods beginning on or after January 1, 2022. A mended Disclosure for Accounting Policies IAS 1 “Presentation of Financial Statements” sets out amendments that are intended to help preparers in deciding which accounting policies to disclose in their financial statements. The application of this amendment is not expected to have a significant impact on the financial position and performance of the Company, or on the Company’s financial reporting. The amendments are effective for annual reporting periods beginning on or after January 1, 2023. Amended Scope of Recognition IAS 12 “Income Taxes” sets out amendments that narrow the scope of recognition exemption in paragraphs 15 and 24 (recognition exemption) so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. The application of this amendment is not expected to have a significant impact on the financial position and performance of the Company, or on the Company’s financial reporting. The amendments are effective for annual reporting periods beginning on or after January 1, 2023. Early adoption is permitted. Definition of Accounting Estimates IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors” sets out amendments introducing the definition of an accounting estimate and include other amendments to assist entities distinguish changes in accounting estimates from changes in accounting policies. The application of this amendment is not expected to have a significant impact on the financial position and performance of the Company, or on the Company’s financial reporting. The amendment is effective for annual reporting periods beginning on or after January 1, 2023 and changes in accounting estimates that occur on or after the start of that period. Early adoption is permitted. Classification of Liabilities as Current or Non-current IAS 1 “Presentation of Financial Statements” sets out amendments to remove the requirement for a right to defer settlement or roll over of a liability for at least twelve months to be unconditional. Instead, such a right must have substance and exist at the end of the reporting period. The amendments also clarify how a company classifies a liability that includes a counterparty conversion option. The application of this amendment is not expected to have a significant impact on the financial position and performance of the Company, or on the Company’s financial reporting. This amendment is effective for annual reporting periods beginning on or after January 1, 2023. Early adoption is permitted. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Summary of Detailed Information About Estimated Useful life | Depreciation is calculated generally by the straight-line method based on estimated useful lives as follow s: Category of Property, Plant and Equipment Range of Estimated Useful Life Buildings 5 to 30 years Machinery and equipment 5 to 40 years Vehicles 6 to 12 years Computer hardware 3 to 5 years |
Merger Transaction (Tables)
Merger Transaction (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Summary of Table Reconciles the Elements of the Merge | The following table reconciles the elements of the Merger: Merger transaction Total fair value of consideration: 30.3 million common shares at US $11.25 per common share (US $340.9 million) $ 421.3 Net assets acquired: Cash (US $211.4 million) $ 261.2 Intercompany loan settled the subsequent day of transaction close (US $16.2 million) 20.0 Less: warrant liability (US $74.5 million) (92.0 ) Less: Legato liabilities assumed (US $2.8 million) (3.5 ) Total listing expense (US $190.7 million) $ 235.6 |
Summary of Common Shares Outstanding | The following table shows the number of common shares outstanding immediately following the consummation of the Merger: Number of Common shares outstanding prior to Merger (post stock-split) 71,767,775 Common shares issued to Legato shareholders 30,306,320 Common shares issued to PIPE investors 10,000,000 Total 112,074,095 |
Revenue and Segmented Informa_2
Revenue and Segmented Information (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Summary of Internal Performance Measurement and Resource Allocation | Years ended, March 31, March 31, March 31, Total revenue is comprised of: Sheet & Strip $ 3,083.1 $ 1,340.4 $ 1,417.8 Plate 465.7 274.7 324.8 Freight 172.9 150.4 175.1 Non-steel 84.3 29.4 39.2 $ 3,806.0 $ 1,794.9 $ 1,956.9 The geographical distribution of total revenue is as follows: Sales to customers in Canada $ 1,312.8 $ 748.3 $ 845.7 Sales to customers in the United States 2,398.5 1,024.5 1,069.7 Sales to customers in the rest of the world 94.7 22.1 41.5 $ 3,806.0 $ 1,794.9 $ 1,956.9 For the year ended March 31, 2022, sales of $409.5 million to one customer represented greater than 10% of total revenue. For the year ended March 31, 2021, the sales to any one customer did not represent greater than 10% of total revenue. For the year ended March 31, 2020, sales of $203.5 million to one customer represented greater than 10% of total revenue. |
Cost of Sales (Tables)
Cost of Sales (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Summary of Detailed Information About Cost of Sales Explanatory | Years ended, March 31, March 31, March 31, Total cost of sales is comprised of: Cost of steel revenue $ 2,054.6 $ 1,457.9 $ 1,822.7 Cost of freight revenue 173.1 150.4 175.1 Cost of non-steel 64.3 29.4 39.2 $ 2,292.0 $ 1,637.7 $ 2,037.0 Inventories recognized as cost of sales: $ 2,118.9 $ 2,974.6 $ 1,861.9 Net inventory write-downs as a result of net realizable value lower than cost included in cost of sales: $ 2.8 $ 2.5 $ — Amortization included in cost of steel revenue for the year ended March 31, 2022 was $ million (March 31, 2021 - $ million and March 31, 2020 - $ million). Wages and benefits included in cost of steel revenue for the year ended March 31, 2022 was $ million (March 31, 2021 - $ million and March 31, 2020 — $ million). |
Administrative and Selling Ex_2
Administrative and Selling Expenses (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Summary of Detailed Information About Administrative and Selling Expenses | Years ended, March 31, March 31, March 31, Administrative and selling expense is comprised of: Personnel expenses $ 54.2 $ 39.6 $ 29.7 Professional, consulting, legal and other fees 36.2 22.2 17.1 Software licenses 4.6 3.1 2.7 Amortization of intangible assets and non-producing assets 0.4 0.4 0.5 Other administrative and selling 7.6 7.1 6.9 $ 103.0 $ 72.4 $ 56.9 |
Finance Cost (Tables)
Finance Cost (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Summary of Detailed Information About Finance Cost Explanatory | Years ended, March 31, March 31, March 31, Finance costs are comprised of: Interest on the Revolving Credit Facility (Note 16) $ 0.1 $ 4.3 $ 2.1 Interest on the Secured Term Loan Facility (Note 19) 24.1 43.0 41.0 Interest on the Algoma Docks Term Loan (Note 19) 2.5 4.7 6.7 Other interest expense 1.5 1.5 1.5 Revolving Credit Facility fees 1.6 1.2 2.2 Unwinding of issuance costs of debt facilities (Note 16 and Note 19) and accretion of governmental loan benefits and discounts on environmental liabilities 18.8 13.8 10.3 $ 48.6 $ 68.5 $ 63.8 |
Interest On Pension And Other_2
Interest On Pension And Other Post-Employment Benefit Obligations (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Summary of Interest On Pension And Other Post Employment Benefit Obligations | Years ended, March 31, March 31, March 31, Interest on pension and other post-employment benefit obligations is comprised of: Interest on defined benefit pension obligation (Note 22) $ 3.6 $ 7.4 $ 8.4 Interest on other post-employment benefit obligation (Note 23) 8.0 9.6 8.9 $ 11.6 $ 17.0 $ 17.3 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Summary of Account Receivable Net Explanatory | As at, March 31, March 31, The carrying amount of: Trade accounts receivable $ 389.0 $ 259.3 Allowance for doubtful accounts (2.4 ) (1.8 ) Governmental loan claims receivable Federal Advanced Manufacturing Fund (“Federal AMF”) Loan — 6.0 Federal Ministry of Industry, Strategic Innovation Fund (“Federal SIF”) Agreement 5.2 3.0 Canada Emergency Wage Subsidy receivable — 0.5 Northern Industrial Electricity Rate program rebate receivable 2.8 2.6 Ontario Workplace Safety and Insurance Board New Experimental Experience Rating rebate receivable — 1.5 Other accounts receivable 7.7 3.5 $ 402.3 $ 274.6 Allowance for doubtful accounts As at, March 31, March 31, Opening balance $ (1.8 ) $ (0.7 ) Remeasurement of loss allowance (0.6 ) (1.1 ) Ending balance $ (2.4 ) $ (1.8 ) |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Summary of Inventories Net Explanatory | As at, March 31, March 31, The carrying amount of: Raw materials and consumables $ 308.7 $ 278.3 Work in progress 103.6 109.2 Finished goods 67.7 27.8 $ 480.0 $ 415.3 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Summary of Property Plant and Equipment, Net | As at, March 31, March 31, The carrying amount of: Freehold land $ 6.1 $ 6.2 Buildings 39.3 44.5 Machinery and equipment 605.5 614.7 Computer hardware 0.6 0.5 Right-of-use 3.4 1.6 Property under construction 118.8 32.4 $ 773.7 $ 699.9 |
Summary of Changes in Cost of Property Plant and Equipment | The following table presents the changes to the cost of the Company’s property, plant and equipment for the years ended March 31, 2022 and March 31, 2021: Cost Freehold Buildings Machinery & Computer Right-of-use Property Total Balance at March 31, 2020 $ 6.9 $ 73.9 $ 804.7 $ 1.2 $ 2.2 $ 83.6 $ 972.5 Additions — — 3.8 — — 67.9 71.7 Transfers — 0.4 107.2 0.1 — (107.7 ) 0.0 Disposals — — (0.2 ) — — (1.7 ) (1.9 ) Foreign exchange (0.8 ) (7.8 ) (87.4 ) (0.1 ) (0.3 ) (9.6 ) (105.9 ) Balance at March 31, 2021 $ 6.1 $ 66.5 $ 828.1 $ 1.2 $ 1.9 $ 32.6 $ 936.4 Additions — — 3.3 — — 164.6 167.9 Transfers — 0.2 74.7 0.2 2.0 (77.1 ) — Disposals — (0.3 ) (0.3 ) — — — (0.6 ) Foreign exchange — (0.5 ) (5.5 ) — 0.1 (1.3 ) (7.2 ) Balance at March 31, 2022 $ 6.1 $ 65.9 $ 900.3 $ 1.4 $ 4.0 $ 118.8 $ 1,096.5 |
Summary of Changes to Accumulated Amortization of Property Plant and Equipment | The following table presents the changes to accumulated amortization on the Company’s property, plant and equipment for the years ended March 31, 2022 and March 31, 2021: Accumulated Amortization: Freehold Buildings Machinery & Computer Right-of-use Property Total Balance at March 31, 2020 $ — $ 18.9 $ 153.5 $ 0.4 $ 0.2 $ — $ 173.0 Amortization expense — 5.4 80.2 0.2 0.2 — 86.0 Foreign exchange — (2.4 ) (20.2 ) — — — (22.6 ) Balance at March 31, 2021 $ — $ 21.9 $ 213.5 $ 0.6 $ 0.4 $ — $ 236.5 Amortization expense — 4.7 82.6 0.2 0.2 — 87.7 Disposals — — 0.3 — — — 0.3 Foreign exchange — — (1.6 ) — — — (1.7 ) Balance at March 31, 2022 $ — $ 26.6 $ 294.8 $ 0.8 $ 0.6 $ — $ 322.8 |
Bank Indebtedness (Tables)
Bank Indebtedness (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Bank Indebtedness [Line Items] | |
Summary of Company's Bank Indebtedness Arising from Financing Activities | The changes in the Company’s bank indebtedness for the years ended March 31, 2022 and March 31, 202 1 Balance at March 31, 2020 $ 256.2 Revolving Credit Facility drawn 173.3 Repayment of Revolving Credit Facility (318.4 ) Exchange (21.0 ) Balance at March 31, 2021 $ 90.1 Revolving Credit Facility drawn 18.3 Repayment of Revolving Credit Facility (105.1 ) Foreign exchange (3.2 ) Balance at March 31, 2022 $ 0.1 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Summary of Accounts Payable and Accrued Liabilities | As at, March 31, March 31, The carrying amount of: Accounts payable $ 54.6 $ 43.3 Accrued liabilities 54.3 58.3 Wages and accrued vacation payable 153.0 52.2 $ 261.9 $ 153.8 |
Taxes Payable and Accrued Tax_2
Taxes Payable and Accrued Taxes (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Summary of Taxes Payable and Accrued Taxes | As at, March 31, March 31, The carrying amount of: Payroll taxes payable $ 3.7 $ 3.5 Sales taxes payable 4.2 3.5 Carbon tax accrual 3.1 20.2 Income taxes payable 53.3 — $ 64.3 $ 27.2 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Long Term Borrowings Other Than Bank Loan [Line Items] | |
Summary of Long Term Borrowings Other Than Bank Loans | As at, March 31, March 31, The carrying amount of: Secured Term Loan Facility due November 30, 2025 Current portion $ — $ 3.6 Long-term portion — 378.3 $ — $ 381.9 Algoma Docks Term Loan Facility due May 31, 2025 Current portion $ — $ 11.1 Long-term portion — 64.9 $ — $ 76.0 Less: unamortized financing costs Current portion $ — $ 1.1 Long-term portion — 3.9 $ — $ 5.0 $ — $ 452.9 Current portion of long-term debt $ — $ 13.6 Long-term portion of long-term debt — 439.3 $ — $ 452.9 |
Summary of Company's Long-term Debt Facilities Arising From Financing Activities | The changes in the Company’s bank indebtedness for the years ended March 31, 2022 and March 31, 202 1 Balance at March 31, 2020 $ 256.2 Revolving Credit Facility drawn 173.3 Repayment of Revolving Credit Facility (318.4 ) Exchange (21.0 ) Balance at March 31, 2021 $ 90.1 Revolving Credit Facility drawn 18.3 Repayment of Revolving Credit Facility (105.1 ) Foreign exchange (3.2 ) Balance at March 31, 2022 $ 0.1 |
Secured Term Loans And Algoma Dock Term Loan [Member] | |
Disclosure Of Long Term Borrowings Other Than Bank Loan [Line Items] | |
Summary of Company's Long-term Debt Facilities Arising From Financing Activities | Reconciliation of liabilities arising from financing activities Secured Term Loan Algoma Docks Term Balance at March 31, 2019 $ 372.9 $ 95.9 Facility repayment (3.8 ) (6.5 ) Unwinding of issuance costs of debt facility 1.2 — Foreign exchange 19.6 5.0 Balance at March 31, 2020 $ 389.9 $ 94.4 Interest payment in kind 33.2 — Facility repayment (3.8 ) (8.8 ) Unwinding of issuance costs of debt facility 1.2 — Foreign exchange (43.4 ) (9.6 ) Balance at March 31, 2021 $ 377.0 $ 76.0 Facility repayment (381.8 ) (76.0 ) Unwinding of issuance costs of debt facility 5.2 — Foreign exchange (0.4 ) — Balance at March 31, 2022 $ — $ — |
Governmental Loans (Tables)
Governmental Loans (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Summary of Details in Tabular Form of Governmental Loans | As at, March 31, March 31, The carrying amount of: Long-term portion Federal AMF Loan, denominated in Canadian dollars , due March 1, 2028 $ 33.4 $ 39.7 Provincial MENDM Loan, denominated in Canadian dollars, due November 30, 41.9 38.7 Federal SIF Agreement loan, denominated in Canadian dollars, due April 30, 8.8 8.0 Federal SIF Agreement loan, denominated in Canadian dollars, due January 1, 1.1 — $ 85.2 $ 86.4 Current portion Federal AMF Loan, denominated in Canadian dollars $ 10.0 $ — $ 95.2 $ 86.4 |
Summary of Company's Long-term Debt Facilities Arising From Financing Activities | The changes in the Company’s Long-term governmental loan facilities arising from financing activities are presented below: Governmental Governmental Acretion of Carrying Federal AMF Loan Balance at March 31, 2021 $ 60.2 $ (26.5 ) $ 6.0 $ 39.7 (0.8 ) — 4.5 3.7 Balance at March 31, 2022 $ 59.4 $ (26.5 ) $ 10.5 $ 43.4 Provincial MENDM Loan Balance at March 31, 2021 $ 59.9 $ (26.4 ) $ 5.2 $ 38.7 — — 3.2 3.2 Balance at March 31, 2022 $ 59.9 $ (26.4 ) $ 8.4 $ 41.9 Federal SIF Loan Balance at March 31, 2021 $ 15.0 $ (7.8 ) $ 0.8 $ 8.0 — — 0.8 0.8 Balance at March 31, 2022 $ 15.0 $ (7.8 ) $ 1.6 $ 8.8 Federal SIF Loan (EAF) Balance at March 31, 2021 $ — $ — $ — $ — 2.2 (1.1 ) — 1.1 Balance at March 31, 2022 $ 2.2 $ (1.1 ) $ — $ 1.1 Total, Governmental Loans Balance at March 31, 2021 $ 135.1 $ (60.7 ) $ 12.0 $ 86.4 1.4 (1.1 ) 8.5 8.8 Balance at March 31, 2022 $ 136.5 $ (61.8 ) $ 20.5 $ 95.2 |
Summary of applicable interest rates | The applicable interest rates since the inception of this agreement are as follows: December 1, 2019 to November 30, 2020 2.500 % December 1, 2020 to November 30, 2021 2.500 % |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Summary of Fair Value and Notional Amount of Derivatives | The fair value and notional amounts of these derivatives are as follows: Fair Value Liability Notional Amounts Average Price (USD) (tons, in thousands) (per ton) March 31, March 31, March 31, March 31, March 31, March 31, Cash flow hedges - commodity price risk Natural gas swaps $ 0.2 $ — — — $ — — Steel swaps 28.6 49.4 90.0 117.0 $ 1,091.0 728.7 $ 28.8 $ 49.4 |
Summary of Movements in Cash Flow Hedge Reserve | The movements in the cash flow hedge reserve for the years ended March 31, 2022 and March 31, 2021, as a component of Accumulated other comprehensive income (loss) is as follows: As at, March 31, March 31, March 31, Opening balance $ 64.8 $ — $ — Loss arising on changes in fair value of cash flow hedges, net of tax of million, million and nil, respectively 89.5 70.7 2.5 Loss reclassified to net income (loss) (129.6 ) (5.9 ) (2.5 ) Net unrealized (income) loss on cash flow hedges (40.1 ) 64.8 — Ending balance $ 24.7 $ 64.8 $ — |
Pension Benefits (Tables)
Pension Benefits (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Summary of principal assumptions used for the purposes of the actuarial valuations | The principal assumptions used for the purposes of the actuarial valuations were as follows: Years ended, March 31, March 31, Assumptions for determination of defined benefit cost: Defined obligation and past service cost 3.28% 4.03% Net interest cost 2.53% 3.47% Current service cost 3.55% 4.25% Interest cost on current service cost 3.13% 3.92% Discount rate for determination of defined benefit obligation 4.16% 3.16% Assumptions for determination of defined benefit cost and defined benefit Ultimate rate of compensation increase 2.00% 2.00% Mortality 105% 105% CPM2014 CPM-B CPM2014 CPM-B |
Summary of Pension benefit expense recognized in profit or loss, defined benefit plans | The components of amounts recognized in the consolidated statements of net income (loss) in respect of these defined benefit plans are presented below: Years ended, March 31, March 31, March 31, Amounts recognized in net income (loss) were as follows: Current service cost $ 20.8 $ 20.0 $ 23.0 Net interest cost 3.6 7.6 8.4 $ 24.4 $ 27.6 $ 31.4 Defined benefit costs recognized in: Cost of sales $ 18.8 $ 18.0 $ 20.6 Administrative and selling expense 2.0 2.0 2.4 Interest on pension liability 3.6 7.6 8.4 $ 24.4 $ 27.6 $ 31.4 |
Summary of Pension Benefits Recognized in Statements of Other Comprehensive income Loss | The components of amounts recognized in the consolidated statements of comprehensive income (loss) in respect of these defined benefit plans are presented below: Years ended, March 31, March 31, March 31, Amounts recognized in other comprehensive income (loss), were as follows: Actuarial gain on accrued pension liability $ (57.9 ) $ (51.8 ) $ (48.6 ) Less tax effect — — 4.6 $ (57.9 ) $ (51.8 ) $ (44.0 ) The amounts included in the consolidated statements of financial position in respect of the Company’s net obligation in respect of its defined benefit plans are as follows: As at, March 31, March 31, Present value of defined benefit obligation $ 1,343.6 $ 1,504.3 Fair value of plan assets 1,225.5 1,334.2 Net accrued pension liability $ 118.1 $ 170.1 |
Summary of Continuities of the defined benefit plan assets and obligations | Continuities of the defined benefit plan assets and obligations are as follows: Years ended, Movements in the present value of the plan assets were as follows: Fair value of plan assets at beginning of year $ 1,334.2 $ 1,155.8 Actual return (net of investment management expenses) (46.5 ) 209.5 Administration expenses (1.5 ) (1.2 ) Employer contributions 18.4 50.3 Benefits paid (79.1 ) (80.2 ) Fair value of plan assets at end of the year, March 31, 2022 and March 31, 2021, $ 1,225.5 $ 1,334.2 Movements in the present value of the defined benefit obligation were as follows: Defined benefit obligation at the beginning of the year $ 1,504.3 $ 1,400.8 Current service cost 19.8 18.7 Interest cost 37.0 47.2 Actuarial (gains) losses arising from financial assumptions (154.6 ) 127.3 Effect of experience adjustments 16.2 (8.3 ) Effect of demographic assumptions — (1.2 ) Benefits paid (79.1 ) (80.2 ) Defined benefit obligation at end of the y e $ 1,343.6 $ 1,504.3 |
Summary of Reconciliation of the amounts recognized in accumulated other comprehensive income (loss) | Reconciliation of the amounts recognized in accumulated other comprehensive income (loss) in the consolidated statements of changes in shareholders’ equity were as follows: Actuarial Tax Actuarial Balance at March 31, 2020 $ (29.1 ) $ (0.3 ) $ (29.4 ) Actuarial gain immediately recognized (51.8 ) — (51.8 ) Balance at March 31, 2021 $ (80.9 ) $ (0.3 ) $ (81.2 ) Actuarial gain immediately recognized (57.9 ) — (57.9 ) Balance at March 31, 2022 $ (138.8 ) $ (0.3 ) $ (139.1 ) |
Summary of major categories of plan assets | The major categories of plan assets were as follows: As at March 31, March 31, Cash and cash equivalents 1 % 1 % Equity instruments 45 % 51 % Debt instruments 43 % 42 % Other 11 % 6 % 100 % 100 % |
Summary of sensitivity the defined benefit obligation to the key actuarial assumptions | Years ended, March 31, March 31, Effect of change in discount rate assumption One percentage point increase $ (134.5 ) $ (164.4 ) One percentage point decrease $ 162.7 $ 202.0 Effect of change in salary scale One percentage point increase $ 19.4 $ 25.2 One percentage point decrease $ (17.5 ) $ (22.6 ) Effect of change in mortality assumption Set forward one year $ 34.4 $ 41.4 Set back one year $ (33.6 ) $ (40.6 ) |
Other Post-Employment Benefits
Other Post-Employment Benefits (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Statement [Line Items] | |
Disclosure In Tabular Form Of Acturial Assumptons For Pension Plans [Table Text Block] | The principal assumptions used for the purposes of the actuarial valuations were as follows: Years ended, March 31, March 31, Assumptions for determination of defined benefit cost: Defined obligation and past service cost 3.28% 4.03% Net interest cost 2.53% 3.47% Current service cost 3.55% 4.25% Interest cost on current service cost 3.13% 3.92% Discount rate for determination of defined benefit obligation 4.16% 3.16% Assumptions for determination of defined benefit cost and defined benefit Ultimate rate of compensation increase 2.00% 2.00% Mortality 105% 105% CPM2014 CPM-B CPM2014 CPM-B |
Summary of Financial Position in Respect of its Other Post-Retirement Benefit Plans | The components of amounts recognized in the consolidated statements of net income (loss) in respect of these defined benefit plans are presented below: Years ended, March 31, March 31, March 31, Amounts recognized in net income (loss) were as follows: Current service cost $ 20.8 $ 20.0 $ 23.0 Net interest cost 3.6 7.6 8.4 $ 24.4 $ 27.6 $ 31.4 Defined benefit costs recognized in: Cost of sales $ 18.8 $ 18.0 $ 20.6 Administrative and selling expense 2.0 2.0 2.4 Interest on pension liability 3.6 7.6 8.4 $ 24.4 $ 27.6 $ 31.4 |
Summary of Other Comprehensive Income (Loss) in the Consolidated Statements of Changes in Shareholder's Equity | Reconciliation of the amounts recognized in accumulated other comprehensive income (loss) in the consolidated statements of changes in shareholders’ equity were as follows: Actuarial Tax Actuarial Balance at March 31, 2020 $ (29.1 ) $ (0.3 ) $ (29.4 ) Actuarial gain immediately recognized (51.8 ) — (51.8 ) Balance at March 31, 2021 $ (80.9 ) $ (0.3 ) $ (81.2 ) Actuarial gain immediately recognized (57.9 ) — (57.9 ) Balance at March 31, 2022 $ (138.8 ) $ (0.3 ) $ (139.1 ) |
Summary of Other Post-Employment Benefit Obligation to Changes in the Discount Rate, Health Care Cost Trend Rate and Mortality Assumptions | Years ended, March 31, March 31, Effect of change in discount rate assumption One percentage point increase $ (134.5 ) $ (164.4 ) One percentage point decrease $ 162.7 $ 202.0 Effect of change in salary scale One percentage point increase $ 19.4 $ 25.2 One percentage point decrease $ (17.5 ) $ (22.6 ) Effect of change in mortality assumption Set forward one year $ 34.4 $ 41.4 Set back one year $ (33.6 ) $ (40.6 ) |
Other Post Employment Benefits [Member] | |
Statement [Line Items] | |
Disclosure In Tabular Form Of Acturial Assumptons For Pension Plans [Table Text Block] | The principal assumptions used for the purposes of the actuarial valuations were as follows: As at and for the years ended, March 31, March 31, Assumptions for determination of defined benefit cost: Discount rate Defined benefit obligation 3.41% 4.15% Current service cost 3.68% 4.43% Interest cost on benefit obligation 2.79% 3.65% Interest cost on current service cost 3.58% 4.31% Health care cost immediate trend rate 5.04% 5.09% Assumptions for determination of defined benefit obligation: Effective discount rate 4.31% 3.41% Health care cost immediate trend rate 5.04% 5.04% Assumptions for determination of defined benefit cost and defined benefit obligation: Health care cost ultimate trend rate 4.00% 4.00% Year ultimate health care cost trend rate reached 2040 2040 Salary Increases per annum 2.00% 2.00% Mortality 105%CPM CPM-B 105%CPM Private CPM-B |
Disclosure of Detailed Information About Other Post Employment Benefits Recognized in Statements of Income Loss Explanatory | Years ended, March 31, March 31, March 31, Amounts recognized in net income (loss) were as follows: Current service cost $ 4.0 $ 3.2 $ 4.0 Net interest cost 8.0 9.6 8.9 $ 12.0 $ 12.8 $ 12.9 Post employment benefit costs recognized in: Cost of sales $ 3.6 $ 2.8 $ 3.6 Administrative and selling expense 0.4 0.4 0.4 Interest on pension liability 8.0 9.6 8.9 $ 12.0 $ 12.8 $ 12.9 |
Disclosure of Detailed Information About Other Post Employment Benefits Recognized in Statements of Other Comprehensive income Loss Explanatory | The components of amounts recognized in the consolidated statements of comprehensive income (loss) in respect of these other post-employment benefit plans are presented below: Years ended, March 31, March 31, March 31, Amounts recognized in other comprehensive (income) loss, were as follows: Actuarial (income) losses on accrued post employment benefit liability $ (60.0 ) $ 28.8 $ (33.2 ) Less tax effect — — 2.6 $ (60.0 ) $ 28.8 $ (30.6 ) |
Summary of Financial Position in Respect of its Other Post-Retirement Benefit Plans | The amounts included in the consolidated statements of financial position arising from the Company’s obligation in respect of its other post-retirement benefit plans were as follows: As at, March 31, March 31, Present value of post-employment benefit obligation $ 239.8 $ 297.8 Fair value of plan assets — — Accrued other post-employment benefit obligation $ 239.8 $ 297.8 |
Summary of Other Comprehensive Income (Loss) in the Consolidated Statements of Changes in Shareholder's Equity | Reconciliation of the amounts recognized in accumulated other comprehensive income (loss) in the consolidated statements of changes in shareholder’s equity were as follows: Actuarial Tax Actuarial Balance at March 31, 2020 $ (22.8 ) $ — $ (22.8 ) Actuarial loss immediately recognized 28.8 — 28.8 Balance at March 31, 2021 $ 6.0 $ — $ 6.0 Actuarial gain immediately recognized (60.0 ) — (60.0 ) Balance at March 31, 2022 $ (54.0 ) $ — $ (54.0 ) |
Summary of Continuities of the Defined Benefit Plan Assets and Obligations | Continuities of the other post-employment benefit plan assets and obligations are as follows: Movements in the present value of the post-employment benefit plan assets were as follows: Fair value of plan assets at beginning of year $ — $ — Employer contributions 10.3 (11.0 ) Benefits paid (10.3 ) 11.0 Fair value of plan assets at end of the year, March 31, 2022 and March 31, 2021, $ — $ — Movements in the present value of the other post-employment benefit obligation were as follows: Defined benefit obligation at the beginning of the year $ 297.8 $ 267.3 Current service cost 4.0 3.2 Interest cost 8.0 9.6 Actuarial (gains) losses arising from financial assumptions (31.6 ) 30.9 Actuarial gains arising from demographic assumptions (20.2 ) — Actuarial gains from experience adjustments (7.8 ) (2.2 ) Benefits paid (10.3 ) (11.0 ) Defined benefit obli g $ 239.8 $ 297.8 |
Summary of Other Post-Employment Benefit Obligation to Changes in the Discount Rate, Health Care Cost Trend Rate and Mortality Assumptions | The sensitivity of the other post-employment benefit obligation to changes in the discount rate, health care cost trend rate and mortality assumptions are as follows: Years ended, March 31, March 31, Effect of change in discount rate assumption One percentage point increase $ (29.9 ) $ (38.8 ) One percentage point decrease $ 37.7 $ 49.8 Effect of change in health care cost trend rates One percentage point increase $ 29.6 $ 41.2 One percentage point decrease $ (24.9 ) $ (32.9 ) Effect of change in mortality assumption Set forward one year $ 9.5 $ 14.0 Set back one year $ (9.3 ) $ (13.6 ) |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Summary of Detailed about Other Long term Liabilities | As at, March 31, March 31, The carrying amount of the following other long term liabilities: Accrued interest payable, Provincial MENDM Loan $ 2.3 $ 1.4 Long-term disability plan obligation 0.8 1.1 Long-term portion of lease liability 0.9 — $ 4.0 $ 2.5 |
Environmental Liabilities (Tabl
Environmental Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Summary of Environmental Liabilities | As at, March 31, March 31, The carrying amount of Environmental liabilities in respect of: The Company’s Operation Site $ 33.7 $ 35.0 Northern Ontario mine sites owned by Old Steelco Inc. 4.3 4.9 $ 38.0 $ 39.9 Current portion $ 4.5 $ 4.5 Long-term portion 33.5 35.4 $ 38.0 $ 39.9 |
Summary of Reconciliation of Environmental Liabilities | The Northern Total Balance at March 31, 2020 $ 34.3 $ 4.6 $ 38.9 Payments (1.6 ) — (1.6 ) Accretion of discount 2.3 0.3 2.6 Balance at March 31, 2021 $ 35.0 $ 4.9 $ 39.9 Payments (4.6 ) (1.0 ) (5.6 ) Accretion of discount 3.3 0.4 3.7 Balance at March 31, 2022 $ 33.7 $ 4.3 $ 38.0 |
Tax Matters (Tables)
Tax Matters (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Summary of Detailed Information About Components of Income Tax Expense Explanatory | The components of income tax (recovery) expense for the years ended March 31, 2022, March 31, 2021, and March 31, 2020 are as follows: Years ended, March 31, March 31, March 31, Income tax expense (recovery) recognized in net income (loss): Current tax expense $ 197.2 $ — $ — Deferred income tax expense 101.7 — (4.3 ) $ 298.9 $ — $ (4.3 ) Income tax expense recognized in other comprehensive income (loss): Tax effect of net unrealized loss on cash flow hedges flow hedges $ 7.8 $ — $ — Tax effect of actuarial gains on defined benefit pension obligation — — 4.6 Tax effect of actuarial gains on other post-employment benefits — — 2.6 $ 7.8 $ — $ 7.2 |
Summary of Income taxes in the consolidated statements of net (loss) income | Income taxes in the consolidated statements of net income (loss) for the years ended March 31, 2022, March 31, 2020 and March 31, 2020 vary from amounts that would be computed by applying statutory income tax rates for the following reason: Years ended, March 31, March 31, March 31, Income (loss) before income taxes $ 1,156.6 $ (76.1 ) $ (180.2 ) Income tax expense (recovery) based on the applicable tax rate of 25% $ 289.1 $ (19.0 ) $ (45.1 ) Add / (deduct): Non-deductible 3.0 3.2 3.1 Non-deductible 4.7 3.3 3.8 Non-deductible 0.8 2.7 1.7 Change in unrecognized tax benefits (45.1 ) 2.7 45.9 Adjustment in respect of prior years 2.2 7.2 (13.7 ) Share-based payment compensation 1.4 — — Listing expense 58.9 — — Changes in fair value of warrant liability 1.6 — — Changes in fair value of earnout liability (19.2 ) — — Other 1.5 — — Income tax expense (recovery) based on the applicable $ 298.9 $ — $ (4.3 ) |
Summary of tax-effected temporary differences which result in deferred income tax assets and (liabilities) | The tax-effected Balance at Movements in: Balance at Profit (loss) Other Unrecognized Accounting reserves $ 4.0 $ (1.4 ) $ — $ — $ 2.6 Inventory reserve (4.1 ) 0.6 — — (3.5 ) Non-capital 98.2 (98.2 ) — — (0.0 ) Capital tax loss carryforward 0.2 1.7 — — 1.9 Property, plant and equipment and intangible assets (151.3 ) 6.9 — — (144.4 ) Unrealized exchange gain on US dollar debt 1.2 (0.3 ) — — 0.9 Governmental loans benefit (10.3 ) — — (10.3 ) Financing expenses (1.0 ) 1.0 — — — Deferred revenue 50.2 (1.5 ) — — 48.7 SRED expenditures 2.4 (2.5 ) — — (0.1 ) Transaction costs — 5.1 5.1 Unrealized loss on cash flow hedges — (1.3 ) 7.8 6.5 Other 0.2 (0.5 ) — — (0.3 ) $ — $ (100.7 ) $ 7.8 $ — $ (92.9 ) At March 31, 2022, the Company has fully utilized non-capital The tax-effected Balance at Movements in: Balance at Profit (loss) Other Unrecognized Accounting reserves $ 2.9 $ 1.1 $ — $ — $ 4.0 Inventory reserve (2.9 ) (1.2 ) — — (4.1 ) Non-capital 110.2 (9.3 ) — (2.7 ) 98.2 Capital tax loss carryforward 0.2 — — — 0.2 Property, plant and equipment and intangible assets (167.1 ) 15.8 — — (151.3 ) Unrealized exchange gain on US dollar debt 0.6 0.6 — — 1.2 Financing expenses (1.3 ) 0.3 — — (1.0 ) Deferred revenue 57.4 (7.2 ) — — 50.2 SRED expenditures — 2.4 — — 2.4 Other — 0.2 0.2 $ — $ 2.7 $ — $ (2.7 ) $ — |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Summary of classes of share capital | Number of Stated Balance at March 31, 2020 — $ — Issuance of capitial stock 1 71,767,775 409.5 Balance at March 31, 2021 71,767,775 $ 409.5 Issuance of capital stock: Merger transaction 40,306,320 542.7 Earnout rights 35,883,692 434.1 Return of capital — (8.3 ) Balance at March 31, 2022 147,957,787 $ 1,378.0 1. Retrospectively adjusted to reflect the reverse stock split, described below. |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Summary of Computation of Basic and Diluted Net Income (Loss) Per Common Share | The following table sets forth the computation of basic and diluted net income (loss) per common share: March 31, March 31, March 31, (in millions) Net income (loss) attributable to ordinary shareholders $ 857.7 $ (76.1 ) $ (175.9 ) Loss on change in fair value of warrants(i) 6.4 — — Net income (loss) attributable to ordinary shareholders (diluted) $ 864.1 $ (76.1 ) $ (175.9 ) (in thousands) Weighted average common shares outstanding(ii) 100.6 71.8 71.8 Dilutive effect of warrants(i) 10.9 Dilutive weighted average common shares outstanding 111.5 71.8 71.8 Net income (loss) per common share: Basic $ 8.53 $ (1.06 ) $ (2.46 ) Diluted $ 7.75 $ (1.06 ) $ (2.46 ) (i) In connection with the Merger, 24,179,000 units of the previously outstanding Legato warrants were converted into an equal number of warrants issued by the Company. For the purposes of determining diluted net income (loss) per common share, net income (loss) was adjusted for the change in the fair value of the warrants in the amount of $6.4 million as the warrants were determined to be dilutive. (ii) Pursuant to the Merger, on October 19, 2021, the Company effected a reverse stock split, such that each outstanding common share became such number of common shares as determined by the conversion factor of 71.76775%. As a result, 71,767,775 common shares of the Company were issued in replacement of the 100,000,001 common shares previously outstanding. The reverse stock split is also accounted for in the comparative periods for which net income (loss) per common share is presented. |
Net Change In Non-Cash Operat_2
Net Change In Non-Cash Operating Working Capital (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Summary Of Changes In Non Cash Operating Working Capital | Years ended, March 31, March 31, March 31, Accounts receivable $ (127.0 ) $ (47.2 ) $ 88.4 Taxes payable and accrued taxes (22.1 ) 16.7 3.7 Inventories (63.6 ) (33.6 ) (36.8 ) Prepaid expenses and other current assets 12.5 (70.3 ) 20.2 Accounts payable and accrued liabilities 166.6 (21.2 ) (42.4 ) Derivative financial instruments (net) 12.5 (15.3 ) 1.2 Secured term loan interest payment in kind — 33.2 — $ (21.1 ) $ (137.7 ) $ 34.3 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Summary of Detailed Information Financial Assets And Liabilities Classified And Measured | The Company’s financial assets and financial liabilities are classified and measured as follows: As at, March 31, 2022 March 31, 2021 Category Carrying Fair Carrying Fair Financial assets Cash (1) Financial assets at amortized cost $ 915.3 $ 915.3 $ 21.2 $ 21.2 Restricted cash (1) Financial assets at amortized cost $ 3.9 $ 3.9 $ 3.9 $ 3.9 Accounts receivable (2) Financial assets at amortized cost $ 402.3 $ 402.3 $ 274.6 $ 274.6 Margin payments (1) Financial assets at amortized cost $ 29.5 $ 29.5 $ 49.4 $ 49.4 Related party receivable (1) Financial assets at amortized cost $ — $ — 2.2 2.2 Financial liabilities Bank indebtedness (1) Financial liabilities at amortized cost $ 0.1 $ 0.1 $ 90.1 $ 90.1 Accounts payable and accrued liabilities (1) Financial liabilities at amortized cost $ 261.9 $ 261.9 $ 153.8 $ 153.8 Current portion of governmental loans (1) Financial liabilities at amortized cost $ 10.0 $ 10.0 $ — $ — Long-term debt (1) Financial liabilities at amortized cost $ — $ — $ 439.3 $ 439.3 Long-term governmental loans (1) Financial liabilities at amortized cost $ 95.2 $ 95.2 $ 86.4 $ 86.4 Derivative instruments (3) Financial instruments at FVTOCI(L) $ 28.8 $ 28.8 $ 49.4 $ 49.4 Warrant liability (4) Financial instruments at FVTP(L) $ 99.4 $ 99.4 $ — $ — Earnout liability (4) Financial instruments at FVTP(L) $ 22.7 $ 22.7 $ — $ — 1 - 2 - 3 - 4 |
Summary of Company's Canadian Dollar Denominated Financial Instruments | The Company’s Canadian dollar denominated financial instruments as at March 31, 2022, and March 31, 2021, were as follows: As at, March 31, March 31, Cash $ 25.0 $ 5.6 Restricted cash 3.9 3.9 Accounts receivable 164.1 111.2 Bank indebtedness (0.1 ) (42.1 ) Accounts payable and accrued liabilities (204.5 ) (131.6 ) Long-term governmental loans (3.1 ) (87.8 ) Net Canadian dollar denominated financial instruments $ (14.7 ) $ (140.8 ) |
Summary of Company's Contractually Agreed (Undiscounted) Cash Flows Payable Under Financial Liabilities | The following table discloses the Company’s contractually agreed (undiscounted) cash flows payable under financial liabilities, as at March 31, 2022: Carrying Contractual Year 1 Year 2 Years Greater Revolving Credit Facility $ 0.1 $ (0.1 ) $ (0.1 ) $ — $ — $ — Accounts payable and accrued liabilities 261.9 (261.9 ) (261.9 ) — — — Taxes payable 64.3 (64.3 ) (64.3 ) — — — Governmental Loans 95.2 (136.5 ) (9.9 ) (9.9 ) (71.5 ) (45.2 ) Interest on Provincial MENDM Loan 2.3 (2.3 ) (2.3 ) — — — Derivative financial instruments 28.8 (28.8 ) (28.8 ) — — — $ 452.6 $ (493.9 ) $ (367.3 ) $ (9.9 ) $ (71.5 ) $ (45.2 ) The following table discloses the Company’s contractually agreed (undiscounted) cash flows payable under financial liabilities as at March 31, 2021: Carrying Contractual Year 1 Year 2 Years Greater Revolving Credit Facility $ 90.1 $ (90.1 ) $ (90.1 ) $ — $ — $ — Accounts payable and accrued liabilities 144.3 (144.3 ) (144.3 ) — — — Taxes payable 27.2 (27.2 ) (27.2 ) — — — Secured Term Loan Facility 381.9 (381.9 ) (3.6 ) (3.6 ) (374.7 ) — Interest on Secured Term Loan 9.1 (176.4 ) (38.5 ) (38.1 ) (99.8 ) — Algoma Docks Term Loan 76.0 (76.0 ) (11.1 ) (13.2 ) (51.7 ) — Interest on Algoma Docks Term Loan 0.4 (10.8 ) (3.5 ) (3.1 ) (4.2 ) — Governmental Loans 86.4 (135.1 ) — (10.0 ) (55.0 ) (70.1 ) Interest on Provincial MENDM Loan 1.4 — — — — — Available for use asset costs 49.4 (49.4 ) (49.4 ) — — — $ 866.2 $ (1,091.2 ) $ (367.7 ) $ (68.0 ) $ (585.4 ) $ (70.1 ) |
Key Management Personnel (Table
Key Management Personnel (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Summary of Remuneration of the Company's Board of Directors and ELT | Remuneration of the Company’s Board of Directors and ELT for the respective periods is as follows: March 31, March 31, March 31, Salaries and benefits $ 5.2 $ 3.9 $ 3.1 Director fees 0.6 0.3 0.3 Share-based compensation (Note 34) 5.7 14.1 — $ 11.5 $ 18.3 $ 3.4 |
Basis Of Presentation - Additio
Basis Of Presentation - Additional Information (Detail) - shares | 12 Months Ended | |
Mar. 29, 2021 | Mar. 31, 2022 | |
Disclosure of Basis of Presentation [Line Items] | ||
Description of functional currency | United States dollar | |
Description of presentation currency | Canadian dollars | |
Ordinary shares [member] | PurchaseAgreement [Member] | ||
Disclosure of Basis of Presentation [Line Items] | ||
Conversion of Shares Issued | 100,000,001 | |
Conversion of Shares Converted | 100,000,000 |
Significant Accounting Polici_4
Significant Accounting Policies - Summary of Detailed Information About Estimated Useful Life (Detail) | 12 Months Ended |
Mar. 31, 2022 | |
Buildings [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 5 years |
Buildings [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 30 years |
Machinery and equipment [Member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 5 years |
Machinery and equipment [Member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 40 years |
Vehicles [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 6 years |
Vehicles [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 12 years |
Computer equipment [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 3 years |
Computer equipment [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 5 years |
Significant Accounting Polici_5
Significant Accounting Policies - Additional information (Detail) - Computer software [member] | 12 Months Ended |
Mar. 31, 2022 | |
Bottom of range [member] | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 3 years |
Top of range [member] | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 10 years |
Merger Transaction - Additional
Merger Transaction - Additional Information (Detail) $ / shares in Units, $ in Millions, $ in Millions | 12 Months Ended | |||||||||
Oct. 19, 2021 CAD ($) shares | Oct. 19, 2021 USD ($) shares $ / shares | Oct. 01, 2020 | May 13, 2020 CAD ($) | May 13, 2020 USD ($) | Mar. 31, 2022 CAD ($) shares | Mar. 31, 2022 USD ($) shares $ / shares | Mar. 31, 2022 USD ($) shares $ / shares | Feb. 09, 2022 $ / shares shares | Mar. 31, 2021 CAD ($) | |
Disclosure of Merger Transaction Share Based [Line Items] | ||||||||||
Issue of equity | $ | $ 976.8 | |||||||||
Liabilities | $ | $ 1,111 | $ 1,380.1 | ||||||||
Replacement Long Term Incentive Plan Awards [Member] | ||||||||||
Disclosure of Merger Transaction Share Based [Line Items] | ||||||||||
Reverse stock split percentage | 71.76775% | 71.76775% | ||||||||
Issues, fair value measurement, liabilities | $ 44.9 | $ 36.4 | ||||||||
Number of other equity instruments granted in share-based payment arrangement | 3,232,628 | 3,232,628 | ||||||||
Weighted average exercise price of other equity instruments exercisable in share-based payment arrangement | $ / shares | $ 0.013 | |||||||||
Share Based Arrangements Other Equity Instruments Date Of Expiry | Dec. 31, 2025 | Dec. 31, 2025 | ||||||||
Number of days for determining the volume weighted average price of shares | 5 days | 5 days | ||||||||
Expense from cash-settled share-based payment transactions | $ | $ 10.4 | |||||||||
Number of other equity instruments outstanding in share-based payment arrangement | 3,232,628 | 3,232,628 | ||||||||
Estimated Fair Value Of Other Equity Instruments Outstanding In A Share Based Payment Arrangement | 11.25% | 11.25% | ||||||||
Fully Vested Performance Share Units [Member] | ||||||||||
Disclosure of Merger Transaction Share Based [Line Items] | ||||||||||
Transfer from equity settled share based arrangements to liabilities settled share based arrangements value | $ 35.2 | $ 28.7 | ||||||||
Fully Vested Performance Share Units [Member] | Additional paid-in capital [member] | ||||||||||
Disclosure of Merger Transaction Share Based [Line Items] | ||||||||||
Increase decrease through share based payment transactions, Equity | $ 5.2 | $ 4.1 | ||||||||
Merger Agreement [Member] | ||||||||||
Disclosure of Merger Transaction Share Based [Line Items] | ||||||||||
Earnout shares issuable shares | 37,500,000 | 37,500,000 | ||||||||
Earnout shares outstanding | 1,616,305 | 1,616,305 | 35,883,692 | |||||||
Earnout shares fair value per share | $ / shares | $ 11.25 | $ 9.54 | ||||||||
Share Based Payment Compensation Liability [Member] | Replacement Long Term Incentive Plan Awards [Member] | ||||||||||
Disclosure of Merger Transaction Share Based [Line Items] | ||||||||||
Liabilities | $ 45.4 | $ 36.4 | ||||||||
Earnout Liability [Member] | Merger Agreement [Member] | ||||||||||
Disclosure of Merger Transaction Share Based [Line Items] | ||||||||||
Issues, fair value measurement, liabilities | $ 521.3 | $ 421.9 | ||||||||
Liabilities | 22.7 | $ 18.2 | ||||||||
Gains (losses) recognised in other comprehensive income excluding exchange differences, fair value measurement, liabilities | $ | $ 78.1 | |||||||||
Private Investment In Public Equity Investors [Member] | Subscription Agreement [Member] | ||||||||||
Disclosure of Merger Transaction Share Based [Line Items] | ||||||||||
Stock issued during the period shares | 10,000,000 | 10,000,000 | ||||||||
Shares issued price per share | $ / shares | $ 10 | |||||||||
Issue of equity | $ | $ 100 | |||||||||
Legato [Member] | ||||||||||
Disclosure of Merger Transaction Share Based [Line Items] | ||||||||||
Reverse stock split percentage | 71.76775% | 71.76775% | ||||||||
Share based transaction number of shares issued during the period | 30,306,320 | 30,306,320 | ||||||||
Share based transaction fair value of instruments granted during the period | $ 421.3 | $ 340.9 | ||||||||
Legato [Member] | Public Warrants [Member] | ||||||||||
Disclosure of Merger Transaction Share Based [Line Items] | ||||||||||
Class of warrants or rights warrants outstanding | 23,575,000 | |||||||||
Class of warrants or rights term | 5 years | |||||||||
Legato [Member] | Private Placement Warrants [Member] | ||||||||||
Disclosure of Merger Transaction Share Based [Line Items] | ||||||||||
Class of warrants or rights warrants outstanding | 604,000 | |||||||||
Legato [Member] | Warrants [Member] | ||||||||||
Disclosure of Merger Transaction Share Based [Line Items] | ||||||||||
Class of warrants or rights warrants outstanding | 24,179,000 | 24,179,000 | ||||||||
Issues, fair value measurement, liabilities | $ 92 | $ 74.5 | ||||||||
Liabilities | $ 99.4 | $ 79.6 | ||||||||
Gains (losses) recognised in profit or loss excluding exchange differences, fair value measurement, liabilities | $ | $ 6.4 | |||||||||
Warrants estimated fair value per share | $ / shares | $ 3.29 | |||||||||
Class of warrants or rights warrants outstanding per share | $ / shares | $ 11.5 |
Merger Transaction - Summary of
Merger Transaction - Summary of Table Reconciles the Elements of the Merger (Detail) - Oct. 19, 2021 $ in Millions, $ in Millions | USD ($) | CAD ($) | CAD ($) |
Disclosure Details of Allocation of Asset and Liabilities Pursuant to Share Based Arrangement in a Merger Transaction [Line Items] | |||
Net assets acquired: Cash | $ 340.9 | ||
Total listing expense | 190.7 | $ 235.6 | |
Legato [Member] | |||
Disclosure Details of Allocation of Asset and Liabilities Pursuant to Share Based Arrangement in a Merger Transaction [Line Items] | |||
Total fair value of consideration | 30.3 | $ 421.3 | |
Net assets acquired: Cash | 211.4 | 261.2 | |
Intercompany loan settled the subsequent day of transaction close | 16.2 | 20 | |
Less: warrant liability | (74.5) | (92) | |
Less: Legato liabilities assumed | $ (2.8) | $ (3.5) |
Merger Transaction - Summary _2
Merger Transaction - Summary of Table Reconciles the Elements of the Merger (Parenthetical) (Detail) - Oct. 19, 2021 $ / shares in Units, $ in Millions, $ in Millions | USD ($) $ / shares | CAD ($) | CAD ($) |
Disclosure Details of Allocation of Asset and Liabilities Pursuant to Share Based Arrangement in a Merger Transaction [Line Items] | |||
Share based transaction cash acquired | $ | $ 340.9 | ||
Total listing expense | 190.7 | $ 235.6 | |
Legato [Member] | |||
Disclosure Details of Allocation of Asset and Liabilities Pursuant to Share Based Arrangement in a Merger Transaction [Line Items] | |||
Total fair value of consideration | $ 30.3 | $ 421.3 | |
Share based transaction shares issued price per share | $ / shares | $ 11.25 | ||
Share based transaction cash acquired | $ 211.4 | 261.2 | |
Intercompany loan settled the subsequent day of transaction close | 16.2 | 20 | |
Less: warrant liability | (74.5) | (92) | |
Less: Legato liabilities assumed | $ 2.8 | $ 3.5 |
Merger Transaction - Summary _3
Merger Transaction - Summary of Common Shares Outstanding (Detail) | Oct. 19, 2021 shares |
Ordinary shares [member] | |
Disclosure of classes of share capital [line items] | |
Number of shares outstanding | 112,074,095 |
Common shares outstanding prior to Merger (post stock-split) [Member] | |
Disclosure of classes of share capital [line items] | |
Number of shares outstanding | 71,767,775 |
Common shares issued to Legato shareholders [Member] | |
Disclosure of classes of share capital [line items] | |
Number of shares outstanding | 30,306,320 |
Common shares issued to PIPE investors [Member] | |
Disclosure of classes of share capital [line items] | |
Number of shares outstanding | 10,000,000 |
Revenue and Segmented Informa_3
Revenue and Segmented Information - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 CAD ($) Customer | Mar. 31, 2021 CAD ($) Customer | Mar. 31, 2020 CAD ($) Customer | |
Disclosure Of Revenue [Line Items] | |||
Revenue | $ 3,806 | $ 1,794.9 | $ 1,956.9 |
Major Customer [Member] | |||
Disclosure Of Revenue [Line Items] | |||
Revenue | $ 409.5 | $ 203.5 | |
Number Of customer over ten percent revenue benchmark | Customer | 1 | 0 | 1 |
Percentage of entities revenue | 10% | 10% | 10% |
Revenue and Segmented Informa_4
Revenue and Segmented Information - Summary of Internal Performance Measurement and Resource Allocation (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of Products and Services and Geographical Distribution Of Revenue [Line Items] | |||
Revenue | $ 3,806 | $ 1,794.9 | $ 1,956.9 |
Canada [Member] | |||
Disclosure of Products and Services and Geographical Distribution Of Revenue [Line Items] | |||
Revenue | 1,312.8 | 748.3 | 845.7 |
United States [Member] | |||
Disclosure of Products and Services and Geographical Distribution Of Revenue [Line Items] | |||
Revenue | 2,398.5 | 1,024.5 | 1,069.7 |
Rest of the world [Member] | |||
Disclosure of Products and Services and Geographical Distribution Of Revenue [Line Items] | |||
Revenue | 94.7 | 22.1 | 41.5 |
Steel Sheet and Strip [Member] | |||
Disclosure of Products and Services and Geographical Distribution Of Revenue [Line Items] | |||
Revenue | 3,083.1 | 1,340.4 | 1,417.8 |
Plate [Member] | |||
Disclosure of Products and Services and Geographical Distribution Of Revenue [Line Items] | |||
Revenue | 465.7 | 274.7 | 324.8 |
Freight [Member] | |||
Disclosure of Products and Services and Geographical Distribution Of Revenue [Line Items] | |||
Revenue | 172.9 | 150.4 | 175.1 |
Non-steel revenue [Member] | |||
Disclosure of Products and Services and Geographical Distribution Of Revenue [Line Items] | |||
Revenue | $ 84.3 | $ 29.4 | $ 39.2 |
Cost of Sales - Additional Info
Cost of Sales - Additional Information (Detail) - Cost of sales [member] - CAD ($) $ in Millions | 12 Months Ended | |||
Jun. 01, 2018 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of Detailed Information About Cost of Sales [Line Items] | ||||
Carbon tax recognized as recovery | $ 0.6 | |||
Carbon tax recognized as expense | 13.4 | $ 6.9 | ||
Steel [Member] | ||||
Disclosure of Detailed Information About Cost of Sales [Line Items] | ||||
Amortisation expense | 86.7 | 86.8 | $ 127.6 | |
Government grant recognized | 52.8 | 0 | ||
Wages and benefit costs | 305.6 | 288.8 | 325.1 | |
Steel [Member] | United States Steel Tariff [Member] | ||||
Disclosure of Detailed Information About Cost of Sales [Line Items] | ||||
Percentage of steel revenues | 25% | |||
Tariff costs | $ 0 | $ 0 | $ 27.8 |
Cost of Sales - Summary of Deta
Cost of Sales - Summary of Detailed Information About Cost of Sales Explanatory (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of Detailed Information About Cost of Sales [Line Items] | |||
Cost of sales | $ 2,292 | $ 1,637.7 | $ 2,037 |
Cost of sales [member] | |||
Disclosure of Detailed Information About Cost of Sales [Line Items] | |||
Inventories recognized as cost of sales | 2,118.9 | 2,974.6 | 1,861.9 |
Net inventory write-downs as a result of net realizable value lower than cost included in cost of sales | 2.8 | 2.5 | |
Steel [Member] | |||
Disclosure of Detailed Information About Cost of Sales [Line Items] | |||
Cost of sales | 2,054.6 | 1,457.9 | 1,822.7 |
Freight [Member] | |||
Disclosure of Detailed Information About Cost of Sales [Line Items] | |||
Cost of sales | 173.1 | 150.4 | 175.1 |
Non Steel [Member] | |||
Disclosure of Detailed Information About Cost of Sales [Line Items] | |||
Cost of sales | $ 64.3 | $ 29.4 | $ 39.2 |
Administrative and Selling Ex_3
Administrative and Selling Expenses - Summary of Detailed Information About Administrative and Selling Expenses (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Administrative and selling expense is comprised of: | |||
Personnel expenses | $ 54.2 | $ 39.6 | $ 29.7 |
Professional, consulting, legal and other fees | 36.2 | 22.2 | 17.1 |
Software licenses | 4.6 | 3.1 | 2.7 |
Amortization of intangible assets and non-producing assets | 0.4 | 0.4 | 0.5 |
Other administrative and selling | 7.6 | 7.1 | 6.9 |
Selling, general and administrative expense | $ 103 | $ 72.4 | $ 56.9 |
Administrative and Selling Ex_4
Administrative and Selling Expenses - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Government Grant [Member] | ||
Statement [Line Items] | ||
Adjustment to personnel expenses | $ 4.2 | $ 0 |
Finance Costs - Additional Info
Finance Costs - Additional Information (Detail) $ in Millions, $ in Millions | 12 Months Ended | ||
Jan. 10, 2020 | Mar. 31, 2022 CAD ($) | Mar. 31, 2022 USD ($) | |
Disclosure Of Detailed Information About Finance Cost Explanatory [Line Items] | |||
Percentage of premium paid | 1% | ||
Secured Term Loans Facility [Member] | |||
Disclosure Of Detailed Information About Finance Cost Explanatory [Line Items] | |||
Paid In kind Interest | $ 2.9 | $ 2.1 |
Finance Costs - Summary of Deta
Finance Costs - Summary of Detailed Information About Finance Cost Explanatory (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure Of Detailed Information About Finance Cost Explanatory [Line Items] | |||
Other interest expense | $ 1.5 | $ 1.5 | $ 1.5 |
Unwinding of issuance costs of debt facilities and accretion of governmental loan benefits and discounts on environmental liabilities | 18.8 | 13.8 | 10.3 |
Finance costs | 48.6 | 68.5 | 63.8 |
Revolving Credit Facility [Member] | |||
Disclosure Of Detailed Information About Finance Cost Explanatory [Line Items] | |||
Interest expense | 0.1 | 4.3 | 2.1 |
Revolving credit facility fees | 1.6 | 1.2 | 2.2 |
Secured Term Loans Facility [Member] | |||
Disclosure Of Detailed Information About Finance Cost Explanatory [Line Items] | |||
Interest expense | 24.1 | 43 | 41 |
Algoma Dock Term Loan [Member] | |||
Disclosure Of Detailed Information About Finance Cost Explanatory [Line Items] | |||
Interest expense | $ 2.5 | $ 4.7 | $ 6.7 |
Interest On Pension And Other_3
Interest On Pension And Other Post-Employment Benefit Obligations - Summary of Interest On Pension And Other Post Employment Benefit Obligations (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Interest on pension and other post employment benefit obligations [Abstract] | |||
Interest on defined benefit pension obligation | $ 3.6 | $ 7.4 | $ 8.4 |
Interest on other post-employment benefit obligation | 8 | 9.6 | 8.9 |
Interest On Pension And Other Post-Employment Benefit Obligations | $ 11.6 | $ 17 | $ 17.3 |
Cash and Restricted Cash - Addi
Cash and Restricted Cash - Additional Information (Detail) - CAD ($) $ in Millions | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Disclosure Of Restricted Cash And Cash Equivalents [Abstract] | |||
Cash | $ 915.3 | $ 21.2 | |
Restricted cash and cash equivalents | $ 3.9 | $ 3.9 | $ 3.9 |
Accounts Receivable, Net - Summ
Accounts Receivable, Net - Summary of Account Receivable Net Explanatory (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | |
Trade and Other Receivables [Line Items] | |||
Trade accounts receivable | $ 389 | $ 259.3 | |
Allowance for doubtful accounts | (2.4) | (1.8) | |
Other accounts receivable | 7.7 | 3.5 | |
Total | 402.3 | 274.6 | |
Opening balance | (1.8) | ||
Remeasurement of loss allowance | (0.6) | $ (1.1) | |
Ending balance | (2.4) | ||
Federal Advanced Manufacturing Fund Loan [Member] | |||
Trade and Other Receivables [Line Items] | |||
Governmental loan claims receivable | 0 | 6 | |
Federal Ministry of Industry, Strategic Innovation Fund Agreement [Member] | |||
Trade and Other Receivables [Line Items] | |||
Governmental loan claims receivable | 5.2 | 3 | |
Canada Emergency Wage Subsidy receivable [Member] | |||
Trade and Other Receivables [Line Items] | |||
Governmental loan claims receivable | 0 | 0.5 | |
Northern Industrial Electricity Rate program rebate receivable [Member] | |||
Trade and Other Receivables [Line Items] | |||
Governmental loan claims receivable | 2.8 | 2.6 | |
Ontario Workplace Safety and Insurance Board New Experimental Experience Rating rebate receivable [Member] | |||
Trade and Other Receivables [Line Items] | |||
Governmental loan claims receivable | $ 0 | $ 1.5 |
Inventories, Net - Summary of I
Inventories, Net - Summary of Inventories Net Explanatory (Detail) - CAD ($) $ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Classes of current inventories [abstract] | ||
Raw materials and consumables | $ 308.7 | $ 278.3 |
Work in progress | 103.6 | 109.2 |
Finished goods | 67.7 | 27.8 |
Inventories | $ 480 | $ 415.3 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Additional Information (Detail) $ in Millions, $ in Millions | 12 Months Ended | ||||||||||||
Sep. 20, 2021 CAD ($) | Mar. 29, 2019 CAD ($) | Nov. 30, 2018 CAD ($) | Mar. 31, 2022 CAD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 CAD ($) | Mar. 31, 2021 USD ($) | Mar. 31, 2020 CAD ($) | Mar. 31, 2022 USD ($) | Sep. 20, 2021 USD ($) | Mar. 31, 2021 USD ($) | Mar. 29, 2019 USD ($) | Nov. 30, 2018 USD ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Amortization of property, plant and equipment | $ 87 | $ 87.2 | $ 128.1 | ||||||||||
Current inventories | 480 | 415.3 | |||||||||||
Government grants in respect of property plant and equipment value | $ 4.2 | $ 9.8 | |||||||||||
Purchase of property plant and equipment | 166.2 | 172.1 | 71.7 | 81.5 | 113.3 | ||||||||
Disposal of property plant and equipment | 0.6 | 1.9 | |||||||||||
Gain loss on disposal of property plant and equipment | 0.3 | 1.7 | |||||||||||
Acquisitions of property plant and equipment | 167.9 | 71.7 | |||||||||||
Bottom of range [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Goverment Grants And Loan Claims Date Of Reimbursement | Mar. 03, 2021 | ||||||||||||
Top of range [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Goverment Grants And Loan Claims Date Of Reimbursement | Mar. 31, 2025 | ||||||||||||
Strategic Innovation Fund [Member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Percentage Of Government Loan Contribution To Be Repaid | 50% | ||||||||||||
Repayments Of Borrowings | $ 15 | ||||||||||||
Borrowings Maximum Borrowing Capacity | $ 200 | ||||||||||||
Government Funding Agreements [Member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Property, plant and equipment, expenditures recognised in course of its construction | $ 30 | $ 120 | |||||||||||
Construction in progress [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Payments for construction in progress | $ 46.9 | $ 0 | |||||||||||
Accumulated depreciation and amortisation [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Amortization of property, plant and equipment | 87.7 | 86 | 120.2 | ||||||||||
Current inventories | 7.9 | 5.6 | 6.5 | ||||||||||
Disposal of property plant and equipment | (0.3) | ||||||||||||
Accumulated depreciation and amortisation [member] | Construction in progress [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Amortization of property, plant and equipment | 0 | 0 | |||||||||||
Disposal of property plant and equipment | 0 | ||||||||||||
CANADA | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Borrowings | $ 30 | ||||||||||||
Government Loans And Grants Recovery Applied And Received | 60 | ||||||||||||
CANADA | Bottom of range [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Goverment Grants And Loan Claims Application Date | Nov. 01, 2018 | Oct. 01, 2014 | |||||||||||
CANADA | Top of range [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Goverment Grants And Loan Claims Application Date | Nov. 30, 2018 | Nov. 30, 2018 | |||||||||||
CANADA | Advanced Manufacturing Fund [Member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Borrowings | $ 60 | ||||||||||||
CANADA | Electric Arc Furnace [Member] | Canada Infrastructure Bank Fund [Member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Borrowings | $ 200 | ||||||||||||
CANADA | Electric Arc Furnace [Member] | Strategic Innovation Fund [Member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Borrowings | 220 | ||||||||||||
CANADA | Government Funding Agreements [Member] | Electric Arc Furnace [Member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Borrowings | $ 420 | ||||||||||||
CANADA | AlgomaSteelInc [Member] | Bottom of range [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Goverment Grants And Loan Claims Application Date | Dec. 01, 2018 | Dec. 01, 2018 | |||||||||||
CANADA | AlgomaSteelInc [Member] | Top of range [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Goverment Grants And Loan Claims Application Date | May 01, 2021 | Mar. 31, 2021 | |||||||||||
ONT | Bottom of range [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Goverment Grants And Loan Claims Application Date | Apr. 01, 2017 | ||||||||||||
ONT | Top of range [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Goverment Grants And Loan Claims Application Date | Nov. 30, 2018 | ||||||||||||
ONT | AlgomaSteelInc [Member] | Bottom of range [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Goverment Grants And Loan Claims Application Date | Dec. 01, 2018 | ||||||||||||
ONT | AlgomaSteelInc [Member] | Top of range [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Goverment Grants And Loan Claims Application Date | Nov. 30, 2024 | ||||||||||||
Federal AMF Loan [Member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Government grants in respect of property plant and equipment value | 0 | 3.9 | |||||||||||
Liabilities arising from financing activities | 43.4 | 39.7 | |||||||||||
Ministry Of Energy Loan [Member] | ONT | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Government grants in respect of property plant and equipment value | 0 | $ 0.3 | |||||||||||
Borrowings | $ 60 | ||||||||||||
Government Loans And Grants Recovery Applied And Received | 60 | ||||||||||||
MinistryOfIndustryLoan [Member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Government grants in respect of property plant and equipment value | 1.1 | 0 | |||||||||||
Government Loans And Grants Recovery Applied And Received | 2.2 | ||||||||||||
GovernmentalLoanClaimsReceivable | 0 | ||||||||||||
MinistryOfIndustryLoan [Member] | Strategic Innovation Fund [Member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Government grants in respect of property plant and equipment value | 0 | 3.9 | |||||||||||
GovernmentalLoanClaimsReceivable | 3 | ||||||||||||
Reimbursements of Government Loans applied | 15 | ||||||||||||
Canada Infrastructure Bank Funding [Member] | Canada Infrastructure Bank Fund [Member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Borrowings | 0 | ||||||||||||
Borrowings Maximum Borrowing Capacity | $ 220 | ||||||||||||
Governmental Loan Benenfit Recognized Immediately [Member] | Federal AMF Loan [Member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Liabilities arising from financing activities | (26.5) | (26.5) | $ 26.5 | $ 26.5 | |||||||||
Governmental Loan Benenfit Recognized Immediately [Member] | Ministry Of Energy Loan [Member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Liabilities arising from financing activities | 26.4 | 26.4 | |||||||||||
Governmental Loan Benenfit Recognized Immediately [Member] | MinistryOfIndustryLoan [Member] | Strategic Innovation Fund [Member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Liabilities arising from financing activities | $ 22.8 | $ 22.8 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Summary of Property Plant and Equipment, Net (Detail) - CAD ($) $ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, net | $ 773.7 | $ 699.9 |
Freehold land | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, net | 6.1 | 6.2 |
Buildings | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, net | 39.3 | 44.5 |
Machinery and equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, net | 605.5 | 614.7 |
Computer hardware | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, net | 0.6 | 0.5 |
Right-of-use assets | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, net | 3.4 | 1.6 |
Property under construction | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, net | $ 118.8 | $ 32.4 |
Property, Plant and Equipment_5
Property, Plant and Equipment, Net - Summary of Changes in Cost of Property Plant and Equipment (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Of Detailed Information About Changes In Cost Of Property Plant And Equipment [Line Items] | ||
Beginning balance | $ 699.9 | |
Disposals | (0.6) | $ (1.9) |
Ending balance | 773.7 | 699.9 |
Freehold Land | ||
Disclosure Of Detailed Information About Changes In Cost Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 6.2 | |
Ending balance | 6.1 | 6.2 |
Buildings | ||
Disclosure Of Detailed Information About Changes In Cost Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 44.5 | |
Ending balance | 39.3 | 44.5 |
Machinery & Equipment | ||
Disclosure Of Detailed Information About Changes In Cost Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 614.7 | |
Ending balance | 605.5 | 614.7 |
Computer Hardware | ||
Disclosure Of Detailed Information About Changes In Cost Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 0.5 | |
Ending balance | 0.6 | 0.5 |
Right-of-use assets | ||
Disclosure Of Detailed Information About Changes In Cost Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 1.6 | |
Ending balance | 3.4 | 1.6 |
Property under construction | ||
Disclosure Of Detailed Information About Changes In Cost Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 32.4 | |
Ending balance | 118.8 | 32.4 |
Gross carrying amount [member] | ||
Disclosure Of Detailed Information About Changes In Cost Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 936.4 | 972.5 |
Additions | 167.9 | 71.7 |
Transfers | 0 | 0 |
Disposals | (0.6) | (1.9) |
Foreign exchange | (7.2) | (105.9) |
Ending balance | 1,096.5 | 936.4 |
Gross carrying amount [member] | Freehold Land | ||
Disclosure Of Detailed Information About Changes In Cost Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 6.1 | 6.9 |
Additions | 0 | 0 |
Transfers | 0 | 0 |
Disposals | 0 | 0 |
Foreign exchange | 0 | (0.8) |
Ending balance | 6.1 | 6.1 |
Gross carrying amount [member] | Buildings | ||
Disclosure Of Detailed Information About Changes In Cost Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 66.5 | 73.9 |
Additions | 0 | 0 |
Transfers | 0.2 | 0.4 |
Disposals | (0.3) | 0 |
Foreign exchange | (0.5) | (7.8) |
Ending balance | 65.9 | 66.5 |
Gross carrying amount [member] | Machinery & Equipment | ||
Disclosure Of Detailed Information About Changes In Cost Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 828.1 | 804.7 |
Additions | 3.3 | 3.8 |
Transfers | 74.7 | 107.2 |
Disposals | (0.3) | (0.2) |
Foreign exchange | (5.5) | (87.4) |
Ending balance | 900.3 | 828.1 |
Gross carrying amount [member] | Computer Hardware | ||
Disclosure Of Detailed Information About Changes In Cost Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 1.2 | 1.2 |
Additions | 0 | 0 |
Transfers | 0.2 | 0.1 |
Disposals | 0 | 0 |
Foreign exchange | 0 | (0.1) |
Ending balance | 1.4 | 1.2 |
Gross carrying amount [member] | Right-of-use assets | ||
Disclosure Of Detailed Information About Changes In Cost Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 1.9 | 2.2 |
Additions | 0 | 0 |
Transfers | 2 | 0 |
Disposals | 0 | 0 |
Foreign exchange | 0.1 | (0.3) |
Ending balance | 4 | 1.9 |
Gross carrying amount [member] | Property under construction | ||
Disclosure Of Detailed Information About Changes In Cost Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 32.6 | 83.6 |
Additions | 164.6 | 67.9 |
Transfers | (77.1) | (107.7) |
Disposals | 0 | (1.7) |
Foreign exchange | (1.3) | (9.6) |
Ending balance | $ 118.8 | $ 32.6 |
Property, Plant and Equipment_6
Property, Plant and Equipment, Net - Summary of Changes to Accumulated Amortization of Property Plant and Equipment (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure Of Detailed Information About Changes To Accumulated Amortisation Of Property Plant And Equipment [Line Items] | |||
Beginning balance | $ (699.9) | ||
Amortization expense | 87 | $ 87.2 | $ 128.1 |
Disposals | (0.6) | (1.9) | |
Ending balance | (773.7) | (699.9) | |
Accumulated depreciation and amortisation | |||
Disclosure Of Detailed Information About Changes To Accumulated Amortisation Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 236.5 | 173 | |
Amortization expense | 87.7 | 86 | 120.2 |
Disposals | 0.3 | ||
Foreign exchange | (1.7) | (22.6) | |
Ending balance | 322.8 | 236.5 | 173 |
Freehold Land | |||
Disclosure Of Detailed Information About Changes To Accumulated Amortisation Of Property Plant And Equipment [Line Items] | |||
Beginning balance | (6.2) | ||
Ending balance | (6.1) | (6.2) | |
Freehold Land | Accumulated depreciation and amortisation | |||
Disclosure Of Detailed Information About Changes To Accumulated Amortisation Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 0 | 0 | |
Amortization expense | 0 | 0 | |
Disposals | 0 | ||
Foreign exchange | 0 | 0 | |
Ending balance | 0 | 0 | 0 |
Buildings | |||
Disclosure Of Detailed Information About Changes To Accumulated Amortisation Of Property Plant And Equipment [Line Items] | |||
Beginning balance | (44.5) | ||
Ending balance | (39.3) | (44.5) | |
Buildings | Accumulated depreciation and amortisation | |||
Disclosure Of Detailed Information About Changes To Accumulated Amortisation Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 21.9 | 18.9 | |
Amortization expense | 4.7 | 5.4 | |
Disposals | 0 | ||
Foreign exchange | 0 | (2.4) | |
Ending balance | 26.6 | 21.9 | 18.9 |
Machinery & Equipment | |||
Disclosure Of Detailed Information About Changes To Accumulated Amortisation Of Property Plant And Equipment [Line Items] | |||
Beginning balance | (614.7) | ||
Ending balance | (605.5) | (614.7) | |
Machinery & Equipment | Accumulated depreciation and amortisation | |||
Disclosure Of Detailed Information About Changes To Accumulated Amortisation Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 213.5 | 153.5 | |
Amortization expense | 82.6 | 80.2 | |
Disposals | 0.3 | ||
Foreign exchange | (1.6) | (20.2) | |
Ending balance | 294.8 | 213.5 | 153.5 |
Computer Hardware | |||
Disclosure Of Detailed Information About Changes To Accumulated Amortisation Of Property Plant And Equipment [Line Items] | |||
Beginning balance | (0.5) | ||
Ending balance | (0.6) | (0.5) | |
Computer Hardware | Accumulated depreciation and amortisation | |||
Disclosure Of Detailed Information About Changes To Accumulated Amortisation Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 0.6 | 0.4 | |
Amortization expense | 0.2 | 0.2 | |
Disposals | 0 | ||
Foreign exchange | 0 | 0 | |
Ending balance | 0.8 | 0.6 | 0.4 |
Right-of-use assets | |||
Disclosure Of Detailed Information About Changes To Accumulated Amortisation Of Property Plant And Equipment [Line Items] | |||
Beginning balance | (1.6) | ||
Ending balance | (3.4) | (1.6) | |
Right-of-use assets | Accumulated depreciation and amortisation | |||
Disclosure Of Detailed Information About Changes To Accumulated Amortisation Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 0.4 | 0.2 | |
Amortization expense | 0.2 | 0.2 | |
Disposals | 0 | ||
Foreign exchange | 0 | 0 | |
Ending balance | 0.6 | 0.4 | 0.2 |
Property under construction | |||
Disclosure Of Detailed Information About Changes To Accumulated Amortisation Of Property Plant And Equipment [Line Items] | |||
Beginning balance | (32.4) | ||
Ending balance | (118.8) | (32.4) | |
Property under construction | Accumulated depreciation and amortisation | |||
Disclosure Of Detailed Information About Changes To Accumulated Amortisation Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 0 | 0 | |
Amortization expense | 0 | 0 | |
Disposals | 0 | ||
Foreign exchange | 0 | 0 | |
Ending balance | $ 0 | $ 0 | $ 0 |
Bank Indebtedness - Additional
Bank Indebtedness - Additional Information (Detail) $ in Thousands, $ in Millions | 12 Months Ended | ||||||
Nov. 30, 2018 CAD ($) | Mar. 31, 2022 CAD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 CAD ($) | Mar. 31, 2021 USD ($) | Nov. 30, 2018 USD ($) | |
Disclosure Of Bank Indebtedness [Line Items] | |||||||
Current secured bank loans outstanding | $ 0.1 | $ 90.1 | $ 71,700 | ||||
Secured Asset Based Revolving Credit Facility [Member] | |||||||
Disclosure Of Bank Indebtedness [Line Items] | |||||||
Proceeds from non-current borrowings | 0.1 | $ 90 | |||||
Libor [Member] | Floating interest rate [member] | Secured Asset Based Revolving Credit Facility [Member] | |||||||
Disclosure Of Bank Indebtedness [Line Items] | |||||||
Line of credit maximum borrowing capacity | $ 250,000 | ||||||
Borrowings interest rate adjustment percentage | 1.50% | ||||||
Debt instrument unused borrowing capacity | 278.2 | $ 222,600 | 200.8 | 156,500 | |||
Letters of credit outstanding and borrowing base reserves | 34.1 | $ 27,300 | 27.4 | $ 21,800 | |||
Other Non Current Assets [Member] | Libor [Member] | Floating interest rate [member] | Secured Asset Based Revolving Credit Facility [Member] | |||||||
Disclosure Of Bank Indebtedness [Line Items] | |||||||
Debt issuance costs incurred | $ 7 | ||||||
Unamortized debt issuance costs | $ 2.1 | $ 3.5 |
Bank Indebtedness - Summary of
Bank Indebtedness - Summary of Company's Bank Indebtedness Arising from Financing Activities (Detail) - Secured Asset Based Revolving Credit Facility [Member] - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Of Bank Indebtedness [Line Items] | ||
Beginning balance | $ 90.1 | $ 256.2 |
Revolving Credit Facility drawn | 18.3 | 173.3 |
Repayment of Revolving Credit Facility | (105.1) | (318.4) |
Foreign exchange | (3.2) | (21) |
Ending balance | $ 0.1 | $ 90.1 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities - Summary of Accounts Payable and Accrued Liabilities (Detail) - CAD ($) $ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure of Detailed Information About Accounts Payable and Accrued Liabilities [Line Items] | ||
Accounts payable | $ 54.6 | $ 43.3 |
Accrued liabilities | 54.3 | 58.3 |
Wages and accrued vacation payable | 153 | 52.2 |
Accounts Payable and Accrued Liabilities Current | $ 261.9 | $ 153.8 |
Taxes Payable and Accrued Tax_3
Taxes Payable and Accrued Taxes - Summary of Taxes Payable and Accrued Taxes (Detail) - CAD ($) $ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure of Detailed Information About Taxes Payable and Accrued Taxes [Abstract] | ||
Payroll taxes payable | $ 3.7 | $ 3.5 |
Sales taxes payable | 4.2 | 3.5 |
Carbon tax accrual | 3.1 | 20.2 |
Income taxes payable | 53.3 | |
Taxes Payable and Accrued Taxes Current | $ 64.3 | $ 27.2 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) $ in Millions, $ in Millions | 12 Months Ended | ||||||
Nov. 29, 2021 | Nov. 30, 2018 CAD ($) | Mar. 31, 2022 CAD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 CAD ($) | Mar. 31, 2021 USD ($) | Nov. 30, 2018 USD ($) | |
Disclosure Of Long Term Borrowings Other Than Bank Loan [Line Items] | |||||||
Borrowings maturity | November 26, 2046 | ||||||
Secured Term Loan Facility [Member] | |||||||
Disclosure Of Long Term Borrowings Other Than Bank Loan [Line Items] | |||||||
Notioanl amount | $ 378.8 | $ 285 | |||||
Borrowings interest rate adjustment percentage | 8.50% | 8.50% | |||||
Borrowings maturity | November 30, 2025 | ||||||
Percentage of premium | 1% | 1% | |||||
Interest expense | $ 2.9 | $ 2.1 | |||||
Transaction cost | 7.8 | ||||||
Unamortized transaction cost | $ 0 | $ 5 | |||||
Algoma Docks Term Loan Facility [Member] | |||||||
Disclosure Of Long Term Borrowings Other Than Bank Loan [Line Items] | |||||||
Notioanl amount | $ 97 | $ 73 | |||||
Borrowings interest rate adjustment percentage | 5% | ||||||
Repayments of non-current borrowings | $ 76 | $ 60.4 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long Term Borrowings Other Than Bank Loans (Detail) - CAD ($) $ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure Of Long Term Borrowings Other Than Bank Loan [Line Items] | ||
Less: unamortized financing costs - Current portion | $ 0 | $ 1.1 |
Less: unamortized financing costs - Long-term portion | 0 | 3.9 |
Other borrowings | 0 | 5 |
Current portion of long-term debt | 0 | 13.6 |
Long-term portion of long-term debt | 0 | 439.3 |
Other borrowings | 0 | 452.9 |
Secured Term Loan Facility due November 30, 2025 [Member] | ||
Disclosure Of Long Term Borrowings Other Than Bank Loan [Line Items] | ||
Current portion | 0 | 3.6 |
Long-term portion | 0 | 378.3 |
Other borrowings gross | 0 | 381.9 |
Algoma Docks Term Loan Facility due May 31, 2025 [Member] | ||
Disclosure Of Long Term Borrowings Other Than Bank Loan [Line Items] | ||
Current portion | 0 | 11.1 |
Long-term portion | 0 | 64.9 |
Other borrowings gross | $ 0 | $ 76 |
Long-Term Debt - Summary of Com
Long-Term Debt - Summary of Company's Long-term Debt Facilities Arising From Financing Activities (Detail) - Secured Term Loans And Algoma Dock Term Loan [Member] - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2019 | |
Secured Term Loan Facility [Member] | |||
Disclosure Of Long Term Borrowings Other Than Bank Loan [Line Items] | |||
Beginning balance | $ 377 | $ 389.9 | $ 372.9 |
Interest payment in kind | 33.2 | ||
Facility repayment | (381.8) | (3.8) | (3.8) |
Unwinding of issuance costs of debt facility | 5.2 | 1.2 | 1.2 |
Foreign exchange | (0.4) | (43.4) | 19.6 |
Ending balance | 0 | 377 | |
Algoma Docks Term Loan Facility [Member] | |||
Disclosure Of Long Term Borrowings Other Than Bank Loan [Line Items] | |||
Beginning balance | 76 | 94.4 | 95.9 |
Interest payment in kind | 0 | ||
Facility repayment | (76) | (8.8) | (6.5) |
Unwinding of issuance costs of debt facility | 0 | 0 | |
Foreign exchange | 0 | (9.6) | $ 5 |
Ending balance | $ 0 | $ 76 |
Governmental Loans - Summary of
Governmental Loans - Summary of Details in Tabular Form of Governmental Loans (Detail) - CAD ($) $ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure Details Of Governmental Loans [Line Items] | ||
Long-term governmental loans | $ 85.2 | $ 86.4 |
Current portion of governmental loans | 10 | 0 |
Governmental loans current and non current | 95.2 | 86.4 |
Federal AMF Loan [Member] | ||
Disclosure Details Of Governmental Loans [Line Items] | ||
Long-term governmental loans | 33.4 | 39.7 |
MENDM Loan [Member] | ||
Disclosure Details Of Governmental Loans [Line Items] | ||
Long-term governmental loans | 41.9 | 38.7 |
Federal SIF Agreement Loan [Member] | ||
Disclosure Details Of Governmental Loans [Line Items] | ||
Long-term governmental loans | 8.8 | 8 |
Federal SIF Agreement Loan Due January One Two Thousand And Thirty [Member] | ||
Disclosure Details Of Governmental Loans [Line Items] | ||
Long-term governmental loans | $ 1.1 | $ 0 |
Governmental Loans - Summary _2
Governmental Loans - Summary of Details in Tabular Form of Governmental Loans (Parenthetical) (Detail) | 12 Months Ended | ||||
Nov. 29, 2021 | Mar. 29, 2019 | Nov. 30, 2018 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Details Of Governmental Loans [Line Items] | |||||
Borrowings maturity | November 26, 2046 | ||||
Federal AMF Loan [Member] | |||||
Disclosure Details Of Governmental Loans [Line Items] | |||||
Borrowings maturity | March 1, 2028 | March 1, 2028 | March 1, 2028 | ||
Decription of currency used | Canadian dollars | Canadian dollars | |||
MENDM Loan [Member] | |||||
Disclosure Details Of Governmental Loans [Line Items] | |||||
Borrowings maturity | November 30, 2028 | November 30, 2028 | |||
Decription of currency used | Canadian dollars | Canadian dollars | |||
Federal SIF Agreement Loan [Member] | |||||
Disclosure Details Of Governmental Loans [Line Items] | |||||
Borrowings maturity | April 30, 2031 | April 30, 2031 | April 30, 2031 | ||
Decription of currency used | Canadian dollars | Canadian dollars | |||
Federal SIF Agreement Loan Due January One Two Thousand And Thirty [Member] | |||||
Disclosure Details Of Governmental Loans [Line Items] | |||||
Borrowings maturity | January 1, 2030 | January 1, 2030 | |||
Decription of currency used | Canadian dollars | Canadian dollars |
Governmental Loans - Summary o
Governmental Loans - Summary of Company's Long-term Debt Facilities Arising From Financing Activities (Detail) - 12 months ended Mar. 31, 2022 $ in Millions, $ in Millions | USD ($) | CAD ($) |
Federal AMF Loan [Member] | ||
Disclosure Details Of Governmental Loans [Line Items] | ||
Beginning balance | $ 39.7 | |
Increase (decrease) through other changes, liabilities arising from financing activities | 3.7 | |
Ending balance | 43.4 | |
Federal AMF Loan [Member] | Governmental Loan Issued [Member] | ||
Disclosure Details Of Governmental Loans [Line Items] | ||
Beginning balance | 60.2 | |
Increase (decrease) through other changes, liabilities arising from financing activities | (0.8) | |
Ending balance | 59.4 | |
Federal AMF Loan [Member] | Governmental loan benefit recognized immediately [Member] | ||
Disclosure Details Of Governmental Loans [Line Items] | ||
Beginning balance | $ 26.5 | (26.5) |
Increase (decrease) through other changes, liabilities arising from financing activities | 0 | |
Ending balance | $ 26.5 | (26.5) |
Federal AMF Loan [Member] | Acretion of governmental loan benefit [Member] | ||
Disclosure Details Of Governmental Loans [Line Items] | ||
Beginning balance | 6 | |
Increase (decrease) through other changes, liabilities arising from financing activities | 4.5 | |
Ending balance | 10.5 | |
Provincial MENDM Loan [Member] | ||
Disclosure Details Of Governmental Loans [Line Items] | ||
Beginning balance | 38.7 | |
Increase (decrease) through other changes, liabilities arising from financing activities | 3.2 | |
Ending balance | 41.9 | |
Provincial MENDM Loan [Member] | Governmental Loan Issued [Member] | ||
Disclosure Details Of Governmental Loans [Line Items] | ||
Beginning balance | 59.9 | |
Increase (decrease) through other changes, liabilities arising from financing activities | 0 | |
Ending balance | 59.9 | |
Provincial MENDM Loan [Member] | Governmental loan benefit recognized immediately [Member] | ||
Disclosure Details Of Governmental Loans [Line Items] | ||
Beginning balance | (26.4) | |
Increase (decrease) through other changes, liabilities arising from financing activities | 0 | |
Ending balance | (26.4) | |
Provincial MENDM Loan [Member] | Acretion of governmental loan benefit [Member] | ||
Disclosure Details Of Governmental Loans [Line Items] | ||
Beginning balance | 5.2 | |
Increase (decrease) through other changes, liabilities arising from financing activities | 3.2 | |
Ending balance | 8.4 | |
Federal SIF Loan [Member] | ||
Disclosure Details Of Governmental Loans [Line Items] | ||
Beginning balance | 8 | |
Increase (decrease) through other changes, liabilities arising from financing activities | 0.8 | |
Ending balance | 8.8 | |
Federal SIF Loan [Member] | Governmental Loan Issued [Member] | ||
Disclosure Details Of Governmental Loans [Line Items] | ||
Beginning balance | 15 | |
Increase (decrease) through other changes, liabilities arising from financing activities | 0 | |
Ending balance | 15 | |
Federal SIF Loan [Member] | Governmental loan benefit recognized immediately [Member] | ||
Disclosure Details Of Governmental Loans [Line Items] | ||
Beginning balance | (7.8) | |
Increase (decrease) through other changes, liabilities arising from financing activities | 0 | |
Ending balance | (7.8) | |
Federal SIF Loan [Member] | Acretion of governmental loan benefit [Member] | ||
Disclosure Details Of Governmental Loans [Line Items] | ||
Beginning balance | 0.8 | |
Increase (decrease) through other changes, liabilities arising from financing activities | 0.8 | |
Ending balance | 1.6 | |
Federal SIF Loan (EAF) [Member] | ||
Disclosure Details Of Governmental Loans [Line Items] | ||
Beginning balance | 0 | |
Increase (decrease) through other changes, liabilities arising from financing activities | 1.1 | |
Ending balance | 1.1 | |
Federal SIF Loan (EAF) [Member] | Governmental Loan Issued [Member] | ||
Disclosure Details Of Governmental Loans [Line Items] | ||
Beginning balance | 0 | |
Increase (decrease) through other changes, liabilities arising from financing activities | 2.2 | |
Ending balance | 2.2 | |
Federal SIF Loan (EAF) [Member] | Governmental loan benefit recognized immediately [Member] | ||
Disclosure Details Of Governmental Loans [Line Items] | ||
Beginning balance | 0 | |
Increase (decrease) through other changes, liabilities arising from financing activities | (1.1) | |
Ending balance | (1.1) | |
Federal SIF Loan (EAF) [Member] | Acretion of governmental loan benefit [Member] | ||
Disclosure Details Of Governmental Loans [Line Items] | ||
Beginning balance | 0 | |
Increase (decrease) through other changes, liabilities arising from financing activities | 0 | |
Ending balance | 0 | |
Government Loans [Member] | ||
Disclosure Details Of Governmental Loans [Line Items] | ||
Beginning balance | 86.4 | |
Increase (decrease) through other changes, liabilities arising from financing activities | 8.8 | |
Ending balance | 95.2 | |
Government Loans [Member] | Governmental Loan Issued [Member] | ||
Disclosure Details Of Governmental Loans [Line Items] | ||
Beginning balance | 135.1 | |
Increase (decrease) through other changes, liabilities arising from financing activities | 1.4 | |
Ending balance | 136.5 | |
Government Loans [Member] | Governmental loan benefit recognized immediately [Member] | ||
Disclosure Details Of Governmental Loans [Line Items] | ||
Beginning balance | (60.7) | |
Increase (decrease) through other changes, liabilities arising from financing activities | (1.1) | |
Ending balance | (61.8) | |
Government Loans [Member] | Acretion of governmental loan benefit [Member] | ||
Disclosure Details Of Governmental Loans [Line Items] | ||
Beginning balance | 12 | |
Increase (decrease) through other changes, liabilities arising from financing activities | 8.5 | |
Ending balance | $ 20.5 |
Governmental Loans – Addi
Governmental Loans – Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||||
Nov. 29, 2021 | Mar. 29, 2019 | Nov. 30, 2018 | Mar. 31, 2022 | Mar. 31, 2021 | Sep. 20, 2021 | |
Statement [Line Items] | ||||||
Borrowings maturity date | November 26, 2046 | |||||
Non current portion of governmental loans | $ 85.2 | $ 86.4 | ||||
Borrowings interest rate | 1.50% | |||||
Nonrevolving Construction Credit Facility [Member] | ||||||
Statement [Line Items] | ||||||
Credit Facility | 0 | |||||
Federal AMF Loan [Member] | ||||||
Statement [Line Items] | ||||||
Eligible interest free loan | $ 60 | $ 60 | $ 60 | |||
Borrowings maturity date | March 1, 2028 | March 1, 2028 | March 1, 2028 | |||
Borrowings maturity start date | Apr. 01, 2022 | |||||
Income from government grants | $ 15.8 | $ 20.3 | ||||
Non current portion of governmental loans | 43.4 | 39.7 | ||||
MENDM Loan [Member] | ||||||
Statement [Line Items] | ||||||
Eligible interest free loan | $ 60 | $ 60 | $ 60 | |||
Borrowings maturity date | November 30, 2028 | November 30, 2028 | ||||
Borrowings maturity start date | Dec. 31, 2024 | |||||
Income from government grants | $ 18.1 | $ 21.3 | ||||
Non current portion of governmental loans | 41.9 | 38.7 | ||||
Borrowings interest rate | 2.50% | |||||
Federal SIF Agreement Loan [Member] | ||||||
Statement [Line Items] | ||||||
Eligible interest free loan | $ 15 | $ 15 | ||||
Borrowings maturity date | April 30, 2031 | April 30, 2031 | April 30, 2031 | |||
Borrowings maturity start date | Apr. 30, 2024 | |||||
Income from government grants | $ 15 | $ 15 | ||||
Non current portion of governmental loans | 8.8 | 8 | ||||
Aggregate loan and grant eligible amount | $ 30 | |||||
Government grant | 15 | |||||
Interest free loan amount | $ 15 | |||||
Additional eligible interest free loan | 15 | 6.3 | ||||
Additional income from government grants | 6.2 | 3.9 | ||||
Federal SIF Agreement Loan Due January One Two Thousand And Thirty Member [Member] | Algoma Steel Parent SCA [Member] | ||||||
Statement [Line Items] | ||||||
Eligible interest free loan | 2.2 | 0 | ||||
Income from government grants | 1.1 | 0 | ||||
Non current portion of governmental loans | $ 1.1 | $ 0 | ||||
Aggregate loan and grant eligible amount | $ 200 | |||||
Canada Infrastructure Bank [Member] | ||||||
Statement [Line Items] | ||||||
Borrowings | $ 220 |
Governmental Loans - Summary _3
Governmental Loans - Summary of applicable interest rates (Detail) | Mar. 31, 2022 | Nov. 29, 2021 | Nov. 30, 2018 |
Disclosure In Tabular Form Of Applicable Interest Rates [Line Items] | |||
Interest Rates | 1.50% | ||
MENDM Loan [Member] | |||
Disclosure In Tabular Form Of Applicable Interest Rates [Line Items] | |||
Interest Rates | 2.50% | ||
MENDM Loan [Member] | December First Two Thousand And Nineteen To November Thirteeth Two Thousand And Twenty [Member] | |||
Disclosure In Tabular Form Of Applicable Interest Rates [Line Items] | |||
Interest Rates | 2.50% | ||
MENDM Loan [Member] | December First Two Thousand And Twenty To November Thirteeth Two Thousand And Twenty One [Member] | |||
Disclosure In Tabular Form Of Applicable Interest Rates [Line Items] | |||
Interest Rates | 2.50% |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) $ in Thousands, $ in Millions | 12 Months Ended | ||||
Mar. 31, 2022 CAD ($) | Mar. 31, 2021 CAD ($) | Mar. 31, 2020 CAD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2019 CAD ($) | |
Disclosure of detailed information about financial instruments [line items] | |||||
Hedges of cash flow designated as effective other comprehensive income loss | $ 40.1 | $ (64.8) | $ 0 | ||
Financial liabilities at fair value through profit or loss | 28.8 | 49.4 | |||
Steel [Member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Hedges of cash flow designated as effective other comprehensive income loss | 89.5 | 70.7 | 2.5 | ||
Reserve of cash flow hedges | 24.7 | 64.8 | 0 | $ 0 | |
Other comprehensive gain loss from cash flow hedges reclassified to income statement after tax | 129.6 | 5.9 | 2.5 | ||
Steel [Member] | Revenue [Member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Reserve of cash flow hedges | 24.7 | 64.8 | |||
Other comprehensive gain loss from cash flow hedges reclassified to income statement after tax | 127.5 | 4.2 | |||
Natural Gas [Member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Hedges of cash flow designated as effective other comprehensive income loss | 2.1 | 1.7 | $ 2.5 | ||
Financial liabilities at fair value through profit or loss | 0.2 | ||||
Interest Rate Swaps And Master Derivative Agreement Two Thousand And Two [Member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Mark to market margin threshold | $ 250 | ||||
Cash collateral given | $ 29.5 | $ 49.4 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Fair Value and Notional Amount of Derivatives (Detail) $ in Millions | 12 Months Ended | |
Mar. 31, 2022 CAD ($) t | Mar. 31, 2021 CAD ($) t | |
Disclosure of detailed information about financial instruments [line items] | ||
Fair Value Liability | $ 28.8 | $ 49.4 |
Natural Gas [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Fair Value Liability | 0.2 | |
Cash flow hedges [member] | Natural Gas [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Fair Value Liability | $ 0.2 | $ 0 |
Notional Amounts | t | 0 | 0 |
Average Price (USD) | 0 | 0 |
Cash flow hedges [member] | Steel [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Fair Value Liability | $ 28.6 | $ 49.4 |
Notional Amounts | t | 90,000 | 117,000 |
Average Price (USD) | 1,091 | 728.7 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Movements in Cash Flow Hedge Reserve (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure Of Movements In Cash Flow Hedge Reserve [Line Items] | |||
Loss arising on changes in fair value of cash flow hedges, net of tax of $7.8 million, $16.1 million and nil, respectively | $ 40.1 | $ (64.8) | $ 0 |
Steel [Member] | |||
Disclosure Of Movements In Cash Flow Hedge Reserve [Line Items] | |||
Opening balance | 64.8 | 0 | 0 |
Loss arising on changes in fair value of cash flow hedges, net of tax of $7.8 million, $16.1 million and nil, respectively | 89.5 | 70.7 | 2.5 |
Loss reclassified to net income (loss) | (129.6) | (5.9) | (2.5) |
Net unrealized (income) loss on cash flow hedges | (40.1) | 64.8 | 0 |
Ending balance | $ 24.7 | $ 64.8 | $ 0 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Summary of Movements in Cash Flow Hedge Reserve (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure Of Movements In Cash Flow Hedge Reserve [Line Items] | |||
Income tax component in other comprehensive income relating to cash flow hedges | $ 7.8 | $ 16.1 | $ 0 |
Steel [Member] | |||
Disclosure Of Movements In Cash Flow Hedge Reserve [Line Items] | |||
Income tax component in other comprehensive income relating to cash flow hedges | $ 7.8 | $ 16.1 | $ 0 |
Pension Benefits - Additional I
Pension Benefits - Additional Information (Details) - Pension defined benefit plans [member] $ in Millions | 12 Months Ended | |||
Mar. 31, 2023 CAD ($) | Mar. 31, 2022 CAD ($) | Mar. 31, 2021 CAD ($) | Mar. 31, 2020 CAD ($) | |
Disclosure of defined benefit plans [line items] | ||||
Defined Contribution Plan Per Hour Contribution | 2.85 | 2.85 | ||
Post-employment benefit expense, defined contribution plans | $ 9 | $ 8.7 | ||
Contribution to defined benefit plan | $ 18.4 | $ 50.3 | $ 51.4 | |
Estimate of contributions expected to be paid to plan for next annual reporting period | $ 18.9 | |||
Percentage deficit in the return on plan assets | 10% | 10% | ||
Decrease In Other Comprehensive Income After Tax Due To Possible Percentage Deficit In The Return On Plan Assets | $ 130 | $ 114 | ||
Defined Benefit Obligation [Member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Weighted average duration of defined benefit obligation | 10 days | |||
Current Service Costs [Member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Weighted average duration of defined benefit obligation | 17 days |
Pension Benefits - Summary of p
Pension Benefits - Summary of principal assumptions used for the purposes of the actuarial valuations (Details) - Pension defined benefit plans [member] - $ / t | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure In Tabular Form Of Acturial Assumptons For Pension Plans [Line Items] | ||
Defined obligation and past service cost | 3.28% | 4.03% |
Net interest cost | 2.53% | 3.47% |
Current service cost | 3.55% | 4.25% |
Interest cost on current service cost | 3.13% | 3.92% |
Discount rate for determination of defined benefit obligation | 4.16% | 3.16% |
Ultimate rate of compensation increase | 2% | 2% |
Mortality | 105 | 105 |
Pension Benefits - Summary of
Pension Benefits - Summary of Pension benefit expense recognized in profit or loss, defined benefit plans (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Amounts recognized in net income (loss) were as follows: | |||
Net interest cost | $ 11.6 | $ 17 | $ 17.3 |
Defined benefit costs recognized | 12 | 12.8 | 12.9 |
Pension Benefits [Member] | |||
Amounts recognized in net income (loss) were as follows: | |||
Current service cost | 20.8 | 20 | 23 |
Net interest cost | 3.6 | 7.6 | 8.4 |
Defined benefit costs recognized | 24.4 | 27.6 | 31.4 |
Pension Benefits [Member] | Cost of sales [member] | |||
Amounts recognized in net income (loss) were as follows: | |||
Defined benefit costs recognized | 18.8 | 18 | 20.6 |
Pension Benefits [Member] | Administrative and Selling Expense [Member] | |||
Amounts recognized in net income (loss) were as follows: | |||
Defined benefit costs recognized | 2 | 2 | 2.4 |
Pension Benefits [Member] | Interest on Pension Liability [Member] | |||
Amounts recognized in net income (loss) were as follows: | |||
Defined benefit costs recognized | $ 3.6 | $ 7.6 | $ 8.4 |
Pension Benefits - Summary of_2
Pension Benefits - Summary of Pension Benefits Recognized in Statements of Other Comprehensive Income Loss (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Amounts recognized in other comprehensive income (loss) were as follows: | |||
Less tax effect | $ 0 | $ 0 | $ 7.2 |
Actuarial (income) losses on accrued post employment benefit liability | 117.9 | 23 | 74.6 |
Pension defined benefit plans [member] | |||
Amounts recognized in other comprehensive income (loss) were as follows: | |||
Actuarial gain on accrued pension liability | (57.9) | (51.8) | (48.6) |
Less tax effect | 0 | 0 | 4.6 |
Actuarial (income) losses on accrued post employment benefit liability | $ (57.9) | $ (51.8) | $ (44) |
Pension Benefits - Summary of a
Pension Benefits - Summary of amounts included in the consolidated statements of financial position in respect of the Company's net obligation (Details) - Pension defined benefit plans [member] - CAD ($) $ in Millions | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Disclosure of defined benefit plans [line items] | |||
Present value of defined benefit obligation | $ 1,343.6 | $ 1,504.3 | $ 1,400.8 |
Fair value of plan assets | 1,225.5 | 1,334.2 | $ 1,155.8 |
Net accrued pension liability | $ 118.1 | $ 170.1 |
Pension Benefits - Summary of M
Pension Benefits - Summary of Movements in the present value of the plan assets (Details) - Pension defined benefit plans [member] - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure In Tabular Form Of Changes In Net Defined Benefit Plan Assets At Fair Value [Line Items] | |||
Fair value of plan assets at beginning of year | $ 1,334.2 | $ 1,155.8 | |
Actual return (net of investment management expenses) | (46.5) | 209.5 | |
Administration expenses | (1.5) | (1.2) | |
Employer contributions | 18.4 | 50.3 | $ 51.4 |
Benefits paid | (79.1) | (80.2) | |
Fair value of plan assets at end of the year, | $ 1,225.5 | $ 1,334.2 | $ 1,155.8 |
Pension Benefits - Summary of_3
Pension Benefits - Summary of Movements in the present value of the defined benefit obligation (Details) - Pension defined benefit plans [member] - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure In Tabular Form Of Changes In Net Defined Benefit Obligation At Present Value [Line Items] | ||
Defined benefit obligation at the beginning of the year | $ 1,504.3 | $ 1,400.8 |
Current service cost | 19.8 | 18.7 |
Interest cost | 37 | 47.2 |
Actuarial (gains) losses arising from financial assumptions | (154.6) | 127.3 |
Effect of experience adjustments | 16.2 | (8.3) |
Effect of demographic assumptions | 0 | (1.2) |
Benefits paid | (79.1) | (80.2) |
Defined benefit obligation at end of the year, | $ 1,343.6 | $ 1,504.3 |
Pension Benefits - Summary of R
Pension Benefits - Summary of Reconciliation of the amounts recognized in accumulated other comprehensive income (loss) (Details) - Pension defined benefit plans [member] - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure In Tabular Form Of Acturial Gain Loss Immediately Recognized In Other Comprehensive Income [Line Items] | ||
Beginning balance , Actuarial gain immediately recognized | $ (80.9) | $ (29.1) |
Actuarial gain immediately recognized , Actuarial gain immediately recognized | (57.9) | (51.8) |
Ending balance , Actuarial gain immediately recognized | (138.8) | (80.9) |
Beginning balance , Tax effect | (0.3) | (0.3) |
Actuarial gain immediately recognized , Tax effect | 0 | 0 |
Ending balance , Tax effect | (0.3) | (0.3) |
Beginning balance , Actuarial gain immediately recognized, net of tax | (81.2) | (29.4) |
Actuarial gain immediately recognized , Actuarial gain immediately recognized, net of tax | (57.9) | (51.8) |
Ending balance , Actuarial gain immediately recognized, net of tax | $ (139.1) | $ (81.2) |
Pension Benefits - Summary of_4
Pension Benefits - Summary of major categories of plan assets (Details) - Pension defined benefit plans [member] | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure In Tabular Form Of Portfolio Of Plan Assets In Percentage Terms [Line Items] | ||
Cash and cash equivalents | 1% | 1% |
Equity instruments | 45% | 51% |
Debt instruments | 43% | 42% |
Other | 11% | 6% |
Percentage Contributed To Fair Value Of Plan Assets | 100% | 100% |
Pension Benefits - Summary of s
Pension Benefits - Summary of sensitivity the defined benefit obligation to the key actuarial assumptions (Details) - Pension defined benefit plans [member] - CAD ($) $ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Actuarial assumption of discount rates [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ (134.5) | $ (164.4) |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | 162.7 | 202 |
Actuarial assumption of expected rates of salary increases [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | 19.4 | 25.2 |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | (17.5) | (22.6) |
Actuarial assumption of mortality rates [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | 34.4 | 41.4 |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | $ (33.6) | $ (40.6) |
Pension Benefits - Summary of_5
Pension Benefits - Summary of sensitivity the defined benefit obligation to the key actuarial assumptions (Parentheticals) (Details) | Mar. 31, 2022 | Mar. 31, 2021 |
Actuarial assumption of discount rates [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of reasonably possible increase in actuarial assumption | 1% | 1% |
Percentage of reasonably possible decrease in actuarial assumption | 1% | 1% |
Actuarial assumption of expected rates of salary increases [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of reasonably possible increase in actuarial assumption | 1% | 1% |
Percentage of reasonably possible decrease in actuarial assumption | 1% | |
Actuarial assumption of mortality rates [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Reasonably Possible Increase In Acturial Assumption By One Year | 1 | 1 |
Reasonably Possible Decrease In Acturial Assumption By One Year | 1 | 1 |
Other Post-Employment Benefit_2
Other Post-Employment Benefits - Summary of statements of financial position (Detail) - Other Post Employment Benefits [Member] | Mar. 31, 2022 | Mar. 31, 2021 |
Statement [Line Items] | ||
Defined benefit obligation | 3.41% | 4.15% |
Current service cost | 3.68% | 4.43% |
Interest cost on benefit obligation | 2.79% | 3.65% |
Interest cost on current service cost | 3.58% | 4.31% |
Health care cost immediate trend rate | 5.04% | 5.09% |
Effective discount rate | 4.31% | 3.41% |
Health care cost immediate trend rate | 5.04% | 5.04% |
Health care cost ultimate trend rate | 4% | 4% |
Year ultimate health care cost trend rate reached | 2040 years | 2040 years |
Salary Increases per annum | 2% | 2% |
Mortality | 105 | 105 |
Other Post-Employment Benefit_3
Other Post-Employment Benefits - Disclosure of the consolidated statements of comprehensive loss in respect of these defined benefit plans (Details) - Other Post Employment Benefits [Member] - CAD ($) $ in Millions | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Disclosure of defined benefit plans [line items] | |||
Present value of post-employment benefit obligation | $ 239.8 | $ 297.8 | $ 267.3 |
Fair value of plan assets | 0 | 0 | |
Accrued other post-employment benefit obligation | $ 239.8 | $ 297.8 |
Other Post-Employment Benefit_4
Other Post-Employment Benefits - Summary of Other Comprehensive Income (Loss) in the Consolidated Statements of Changes in Shareholder's Equity (Detail) - Other Post Employment Benefits [Member] - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement [Line Items] | ||
Beginning balance , Actuarial gain immediately recognized | $ 6 | $ (22.8) |
Actuarial gain immediately recognized , Actuarial gain immediately recognized | (60) | 28.8 |
Ending balance , Actuarial gain immediately recognized | (54) | 6 |
Beginning balance , Tax effect | 0 | 0 |
Actuarial loss immediately recognized , Tax effect | 0 | 0 |
Ending balance , Tax effect | 0 | 0 |
Beginning balance , Actuarial gain immediately recognized, net of tax | 6 | (22.8) |
Actuarial gain immediately recognized , Actuarial gain immediately recognized, net of tax | (60) | 28.8 |
Ending balance , Actuarial gain immediately recognized, net of tax | $ (54) | $ 6 |
Other Post-Employment Benefit_5
Other Post-Employment Benefits - Summary of Continuities of the Defined Benefit Plan Assets and Obligations (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Other Post Employment Benefits [Member] | |||
Statement [Line Items] | |||
Fair value of plan assets at beginning of year | $ 0 | ||
Employer contributions | 10.3 | $ 11 | $ 11.6 |
Fair value of plan assets at end of the year, | 0 | 0 | |
Defined benefit obligation at the beginning of the year | 297.8 | 267.3 | |
Current service cost | 4 | 3.2 | |
Interest cost | 8 | 9.6 | |
Actuarial (gains) losses arising from financial assumptions | (31.6) | 30.9 | |
Actuarial gains from experience adjustments | (7.8) | (2.2) | |
Actuarial gains arising from demographic assumptions | (20.2) | 0 | |
Benefits paid | 10.3 | 11 | |
Defined benefit obligation at end of the year, | 239.8 | 297.8 | 267.3 |
Postemployment benefit plan assets [Member] | |||
Statement [Line Items] | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Employer contributions | 10.3 | 11 | |
Benefits paid | 10.3 | 11 | |
Fair value of plan assets at end of the year, | $ 0 | $ 0 | $ 0 |
Other Post-Employment Benefit_6
Other Post-Employment Benefits - Disclosure of Detailed Information About Other Post Employment Benefits Recognized in Statements of Income Loss Explanatory (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of defined benefit plans [line items] | |||
Net interest cost | $ 11.6 | $ 17 | $ 17.3 |
Post-employment benefit expense in profit or loss, defined benefit plans | 12 | 12.8 | 12.9 |
Other Post Employment Benefits [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Current service cost | 4 | 3.2 | 4 |
Net interest cost | 8 | 9.6 | 8.9 |
Post-employment benefit expense in profit or loss, defined benefit plans | 12 | 12.8 | 12.9 |
Other Post Employment Benefits [Member] | Administrative and Selling Expense [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Post-employment benefit expense in profit or loss, defined benefit plans | 0.4 | 0.4 | 0.4 |
Other Post Employment Benefits [Member] | Interest on Pension Liability [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Post-employment benefit expense in profit or loss, defined benefit plans | 8 | 9.6 | 8.9 |
Other Post Employment Benefits [Member] | Cost of sales [member] | |||
Disclosure of defined benefit plans [line items] | |||
Post-employment benefit expense in profit or loss, defined benefit plans | $ 3.6 | $ 2.8 | $ 3.6 |
Other Post-Employment Benefit_7
Other Post-Employment Benefits - Disclosure of Detailed Information About Other Post Employment Benefits Recognized in Statements of Other Comprehensive income Loss Explanatory (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Amounts recognized in other comprehensive (income) loss, were as follows | |||
Actuarial (income) losses on accrued post employment benefit liability | $ 117.9 | $ 23 | $ 74.6 |
Less tax effect | 0 | 0 | 7.2 |
Other Post Employment Benefits [Member] | |||
Amounts recognized in other comprehensive (income) loss, were as follows | |||
Actuarial (income) losses on accrued post employment benefit liability | (60) | 28.8 | (33.2) |
Less tax effect | 0 | 0 | 2.6 |
Other Post Employment Benefits Total [Member] | |||
Amounts recognized in other comprehensive (income) loss, were as follows | |||
Actuarial (income) losses on accrued post employment benefit liability | $ (60) | $ 28.8 | $ (30.6) |
Other Post-Employment Benefit_8
Other Post-Employment Benefits - Additional Information (Detail) - Other Post Employment Benefits [Member] - CAD ($) $ in Millions | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement [Line Items] | ||||
Contribution to defined benefit plan | $ 10.3 | $ 11 | $ 11.6 | |
Estimate of contribution expected to be paid to plan | $ 12.6 |
Other Post-Employment Benefit_9
Other Post-Employment Benefits - Summary of Other Post-Employment Benefit Obligation to Changes in the Discount Rate, Health Care Cost Trend Rate and Mortality Assumptions (Detail) - Pension defined benefit plans [member] - CAD ($) $ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Actuarial assumption of discount rates [member] | ||
Statement [Line Items] | ||
One percentage point increase | $ (134.5) | $ (164.4) |
One percentage point decrease | 162.7 | 202 |
Actuarial assumption of discount rates [member] | OtherPostEmploymentBenefits [Member] | ||
Statement [Line Items] | ||
One percentage point increase | (29.9) | (38.8) |
One percentage point decrease | 37.7 | 49.8 |
Actuarial assumption of expected rates of salary increases [member] | ||
Statement [Line Items] | ||
One percentage point increase | 19.4 | 25.2 |
One percentage point decrease | (17.5) | (22.6) |
Actuarial assumption of expected rates of salary increases [member] | OtherPostEmploymentBenefits [Member] | ||
Statement [Line Items] | ||
One percentage point increase | 29.6 | 41.2 |
One percentage point decrease | (24.9) | (32.9) |
Actuarial assumption of mortality rates [member] | ||
Statement [Line Items] | ||
One percentage point increase | 34.4 | 41.4 |
One percentage point decrease | (33.6) | (40.6) |
Actuarial assumption of mortality rates [member] | OtherPostEmploymentBenefits [Member] | ||
Statement [Line Items] | ||
One percentage point increase | 9.5 | 14 |
One percentage point decrease | $ (9.3) | $ (13.6) |
Other Long-Term Liabilities - S
Other Long-Term Liabilities - Summary of Detailed about Other Long term Liabilities (Detail) - CAD ($) $ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure of Detailed about Other Long term Liabilities Lineitems [Line Items] | ||
Other non-current non-financial liabilities | $ 4 | $ 2.5 |
MENDM Loan [Member] | ||
Disclosure of Detailed about Other Long term Liabilities Lineitems [Line Items] | ||
Other non-current non-financial liabilities | 2.3 | 1.4 |
Long-term disability plan obligation [Member] | ||
Disclosure of Detailed about Other Long term Liabilities Lineitems [Line Items] | ||
Other non-current non-financial liabilities | 0.8 | 1.1 |
Longterm portion of lease liability [Member] | ||
Disclosure of Detailed about Other Long term Liabilities Lineitems [Line Items] | ||
Other non-current non-financial liabilities | $ 0.9 | $ 0 |
Other Long-Term Liabilities - A
Other Long-Term Liabilities - Additional Information (Detail) - CAD ($) $ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure of Detailed about Other Long term Liabilities Lineitems [Line Items] | ||
Other non-current non-financial liabilities | $ 4 | $ 2.5 |
Non-current loans and receivables | 60 | |
Long-term disability plan obligation [Member] | ||
Disclosure of Detailed about Other Long term Liabilities Lineitems [Line Items] | ||
Other non-current non-financial liabilities | 0.8 | 1.1 |
MENDM Loan [Member] | ||
Disclosure of Detailed about Other Long term Liabilities Lineitems [Line Items] | ||
Other non-current non-financial liabilities | 2.3 | 1.4 |
Non-current loans and receivables | $ 2.3 | $ 1.4 |
Environmental Liabilities - Sum
Environmental Liabilities - Summary of Environmental Liabilities (Detail) - CAD ($) $ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure of Detailed Information About Environmental liabilities [Line Items] | ||
Environmental Liabilities | $ 38 | $ 39.9 |
Current portion | 4.5 | 4.5 |
Long-term portion | 33.5 | 35.4 |
The Companys Operation Site [Member] | ||
Disclosure of Detailed Information About Environmental liabilities [Line Items] | ||
Environmental Liabilities | 33.7 | 35 |
Northern Ontario mine sites owned by Old Steelco Inc [Member] | ||
Disclosure of Detailed Information About Environmental liabilities [Line Items] | ||
Environmental Liabilities | $ 4.3 | $ 4.9 |
Environmental Liabilities - S_2
Environmental Liabilities - Summary of Reconciliation of Environmental Liabilities (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of Detailed Information About Reconciliation of Environmental Liabilities Explanatory [Line Items] | ||
Beginning balance | $ 1,380.1 | |
Ending balance | 1,111 | $ 1,380.1 |
Environmental Liabilities [Member] | ||
Disclosure of Detailed Information About Reconciliation of Environmental Liabilities Explanatory [Line Items] | ||
Beginning balance | 39.9 | 38.9 |
Payments | (5.6) | (1.6) |
Accretion of discount | 3.7 | 2.6 |
Ending balance | 38 | 39.9 |
Environmental Liabilities [Member] | The Companys Operation Site [Member] | ||
Disclosure of Detailed Information About Reconciliation of Environmental Liabilities Explanatory [Line Items] | ||
Beginning balance | 35 | 34.3 |
Payments | (4.6) | (1.6) |
Accretion of discount | 3.3 | 2.3 |
Ending balance | 33.7 | 35 |
Environmental Liabilities [Member] | Northern Ontario mine sites owned by Old Steelco Inc [Member] | ||
Disclosure of Detailed Information About Reconciliation of Environmental Liabilities Explanatory [Line Items] | ||
Beginning balance | 4.9 | 4.6 |
Payments | (1) | 0 |
Accretion of discount | 0.4 | 0.3 |
Ending balance | $ 4.3 | $ 4.9 |
Environmental Liabilities - Add
Environmental Liabilities - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement [Line Items] | ||
Letters Of Credit | $ 16.1 | $ 17.2 |
Environmental costs recognized ,captalized in period | 20 years | |
Environmental liabilities [member] | ||
Statement [Line Items] | ||
Environmental costs recognized ,discount rate | 9% | |
The companys operation site [member] | ||
Statement [Line Items] | ||
Letters Of Credit | $ 13.7 | 13.7 |
Northern ontario mine sites owned by old steelco inc [member] | ||
Statement [Line Items] | ||
Letters Of Credit | $ 2.4 | $ 3.5 |
Tax Matters - Additional Inform
Tax Matters - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement [Line Items] | |||
Summary Of Utilization of non capital tax losses during the period | $ 306.5 | ||
Applicable tax rate | 25% | 25% | 25% |
Deferred tax asset when utilisation is dependent on future taxable profits in excess of profits from reversal of taxable temporary differences and entity has suffered loss in jurisdiction to which deferred tax asset relates | $ 60.1 | ||
Canadian Federal Income Tax [Member] | |||
Statement [Line Items] | |||
Applicable tax rate | 15% | 15% | 15% |
Canadian Provincial Income Tax [Member] | |||
Statement [Line Items] | |||
Applicable tax rate | 10% | 10% | 10% |
Tax Matters - Summary of Detail
Tax Matters - Summary of Detailed Information About Components of Income Tax Expense Explanatory (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Major components of tax expense (income) [abstract] | |||
Current tax expense | $ 197.2 | $ 0 | $ 0 |
Deferred income tax expense | 101.7 | 0 | (4.3) |
Income Tax Expense Continuing Operations | 298.9 | 0 | (4.3) |
Tax effect of net unrealized loss on cash flow hedges | 7.8 | 16.1 | 0 |
Tax effect of actuarial gains on defined benefit pension obligation | 0 | 0 | 4.6 |
Tax effect of actuarial gains on other post-employment benefits | 0 | 0 | 2.6 |
Income tax relating to components of other comprehensive income | $ 7.8 | $ 0 | $ 7.2 |
Tax Matters - Summary of Income
Tax Matters - Summary of Income taxes in the consolidated statements of net (loss) income (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure Of Reconciliation Of Tax Expense Income At Applicable Tax Rate To Provision For Income Taxes [Abstract] | |||
Income (loss) before income taxes | $ 1,156.6 | $ (76.1) | $ (180.2) |
Income tax expense (recovery) based on the applicable tax rate | 289.1 | (19) | (45.1) |
Non-deductible post-employment benefits payments | 3 | 3.2 | 3.1 |
Non-deductible pension contributions | 4.7 | 3.3 | 3.8 |
Non-deductible accretion of financial obligations | 0.8 | 2.7 | 1.7 |
Change in unrecognized tax benefits | (45.1) | 2.7 | 45.9 |
Adjustment in respect of prior years | 2.2 | 7.2 | (13.7) |
Share-based payment compensation | 1.4 | 0 | 0 |
Listing expense | 58.9 | 0 | 0 |
Changes in fair value of warrant liability | 1.6 | 0 | 0 |
Changes in fair value of earnout liability | (19.2) | 0 | 0 |
Other | 1.5 | 0 | 0 |
Income tax expense (recovery) based on the applicable | $ 298.9 | $ 0 | $ (4.3) |
Tax Matters - Summary of Inco_2
Tax Matters - Summary of Income taxes in the consolidated statements of net (loss) income (Parenthetical) (Details) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure Of Reconciliation Of Tax Expense Income At Applicable Tax Rate To Provision For Income Taxes [Abstract] | |||
Applicable tax rate | 25% | 25% | 25% |
Tax Matters - Summary of tax-ef
Tax Matters - Summary of tax-effected temporary differences which result in deferred income tax assets and (liabilities) (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | $ 0 | $ 0 | |
Deferred tax expense (income) recognised in profit or loss | (100.7) | 2.7 | |
Income tax relating to components of other comprehensive income | 7.8 | 0 | $ 7.2 |
Increase Decrease Through Unrecognized Deferred Tax Asset | 0 | (2.7) | |
Ending balance | (92.9) | 0 | 0 |
Accounting Reserves [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 4 | 2.9 | |
Deferred tax expense (income) recognised in profit or loss | (1.4) | 1.1 | |
Income tax relating to components of other comprehensive income | 0 | 0 | |
Increase Decrease Through Unrecognized Deferred Tax Asset | 0 | 0 | |
Ending balance | 2.6 | 4 | 2.9 |
Inventory Reserve [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | (4.1) | (2.9) | |
Deferred tax expense (income) recognised in profit or loss | 0.6 | (1.2) | |
Income tax relating to components of other comprehensive income | 0 | 0 | |
Increase Decrease Through Unrecognized Deferred Tax Asset | 0 | 0 | |
Ending balance | (3.5) | (4.1) | (2.9) |
Non Capital Tax Loss Carryforward [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 98.2 | 110.2 | |
Deferred tax expense (income) recognised in profit or loss | (98.2) | (9.3) | |
Income tax relating to components of other comprehensive income | 0 | 0 | |
Increase Decrease Through Unrecognized Deferred Tax Asset | 0 | (2.7) | |
Ending balance | 0 | 98.2 | 110.2 |
Capital Tax Loss Carryforward [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 0.2 | 0.2 | |
Deferred tax expense (income) recognised in profit or loss | 1.7 | 0 | |
Income tax relating to components of other comprehensive income | 0 | 0 | |
Increase Decrease Through Unrecognized Deferred Tax Asset | 0 | 0 | |
Ending balance | 1.9 | 0.2 | 0.2 |
Property Plant And Equipment And Intangible Assets [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | (151.3) | (167.1) | |
Deferred tax expense (income) recognised in profit or loss | 6.9 | 15.8 | |
Income tax relating to components of other comprehensive income | 0 | 0 | |
Increase Decrease Through Unrecognized Deferred Tax Asset | 0 | 0 | |
Ending balance | (144.4) | (151.3) | (167.1) |
Unrealised foreign exchange gains (losses) [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 1.2 | 0.6 | |
Deferred tax expense (income) recognised in profit or loss | (0.3) | 0.6 | |
Income tax relating to components of other comprehensive income | 0 | 0 | |
Increase Decrease Through Unrecognized Deferred Tax Asset | 0 | 0 | |
Ending balance | 0.9 | 1.2 | 0.6 |
Governmental Loans Benefit [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (income) recognised in profit or loss | (10.3) | ||
Income tax relating to components of other comprehensive income | 0 | ||
Increase Decrease Through Unrecognized Deferred Tax Asset | 0 | ||
Ending balance | (10.3) | ||
Financing Expenses [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | (1) | (1.3) | |
Deferred tax expense (income) recognised in profit or loss | 1 | 0.3 | |
Income tax relating to components of other comprehensive income | 0 | 0 | |
Increase Decrease Through Unrecognized Deferred Tax Asset | 0 | 0 | |
Ending balance | 0 | (1) | (1.3) |
Deferred Revenue [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 50.2 | 57.4 | |
Deferred tax expense (income) recognised in profit or loss | (1.5) | (7.2) | |
Income tax relating to components of other comprehensive income | 0 | 0 | |
Increase Decrease Through Unrecognized Deferred Tax Asset | 0 | 0 | |
Ending balance | 48.7 | 50.2 | 57.4 |
SRED Expenditures [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 2.4 | 0 | |
Deferred tax expense (income) recognised in profit or loss | (2.5) | 2.4 | |
Income tax relating to components of other comprehensive income | 0 | 0 | |
Increase Decrease Through Unrecognized Deferred Tax Asset | 0 | 0 | |
Ending balance | (0.1) | 2.4 | 0 |
Transaction Costs [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 0 | ||
Deferred tax expense (income) recognised in profit or loss | 5.1 | ||
Ending balance | 5.1 | 0 | |
Unrealized Loss On Cash Flow Hedges [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 0 | ||
Deferred tax expense (income) recognised in profit or loss | (1.3) | ||
Income tax relating to components of other comprehensive income | 7.8 | ||
Ending balance | 6.5 | 0 | |
Other temporary differences [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 0.2 | 0 | |
Deferred tax expense (income) recognised in profit or loss | (0.5) | 0.2 | |
Income tax relating to components of other comprehensive income | 0 | ||
Increase Decrease Through Unrecognized Deferred Tax Asset | 0 | ||
Ending balance | $ (0.3) | $ 0.2 | $ 0 |
Commitments And Contingencies-
Commitments And Contingencies- Additional Information (Detail) $ in Thousands, $ in Millions | 12 Months Ended | ||||
Mar. 31, 2022 CAD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 CAD ($) | Mar. 31, 2021 USD ($) | |
Statement [Line Items] | |||||
Current secured bank loans outstanding | $ 0.1 | $ 90.1 | $ 71,700 | ||
Governmental loans current and non current | 95.2 | 86.4 | |||
Secured Asset Based Revolving Credit Facility [Member] | |||||
Statement [Line Items] | |||||
Proceeds from non-current borrowings | 0.1 | $ 90 | |||
Secured Asset Based Revolving Credit Facility [Member] | Floating interest rate [member] | Libor [Member] | |||||
Statement [Line Items] | |||||
Debt instrument unused borrowing capacity | 278.2 | $ 222,600 | 200.8 | 156,500 | |
Letters of credit outstanding and borrowing base reserves | 34.1 | 27,300 | 27.4 | 21,800 | |
Parent [member] | |||||
Statement [Line Items] | |||||
Current secured bank loans outstanding | 90.1 | 71,700 | |||
Governmental loans current and non current | 95.2 | 86.4 | |||
Parent [member] | Secured Asset Based Revolving Credit Facility [Member] | |||||
Statement [Line Items] | |||||
Proceeds from non-current borrowings | 0.1 | $ 90 | |||
Parent [member] | Secured Asset Based Revolving Credit Facility [Member] | Floating interest rate [member] | Libor [Member] | |||||
Statement [Line Items] | |||||
Debt instrument unused borrowing capacity | 278.2 | 222,600 | 200.8 | 156,500 | |
Letters of credit outstanding and borrowing base reserves | $ 34.1 | $ 27,300 | $ 27.4 | $ 21,800 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) $ in Millions, $ in Millions | 12 Months Ended | |||||||||||
Feb. 18, 2022 shares | Feb. 09, 2022 shares | Oct. 19, 2021 shares | Oct. 18, 2021 CAD ($) | Oct. 18, 2021 USD ($) | Mar. 29, 2021 shares | Mar. 23, 2021 shares | Mar. 31, 2022 CAD ($) shares | Mar. 31, 2022 USD ($) shares | Mar. 31, 2021 shares | Mar. 03, 2022 shares | ||
Disclosure of classes of share capital [line items] | ||||||||||||
Number of shares issued during period | 147,957,790 | |||||||||||
Number Of Shares Authorized To Be Repurchased | 7,397,889 | |||||||||||
Percentage Of Shares Authorized To Be Repurchased As Of Shares Issued | 5% | |||||||||||
Maximum Number Of Shares To Be Repurchased Per Day | 16,586 | |||||||||||
Stock Repurchased During Period Shares | 0 | 0 | ||||||||||
Dividends paid, ordinary shares | $ 9.3 | $ 7.4 | ||||||||||
Issued capital [member] | ||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||
Number of shares issued during period | [1] | 71,767,775 | ||||||||||
Increase (decrease) in equity | 542.7 | $ 439.1 | ||||||||||
Share issue related cost | $ | 2.2 | |||||||||||
Reduction of issued capital | $ 8.3 | $ 6.7 | $ 8.3 | |||||||||
EarnoutShares [Member] | ||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||
Number of shares issued during period | 35,883,692 | 35,883,692 | ||||||||||
Ordinary shares [member] | ||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||
Number of shares issued during period | 1 | |||||||||||
Ordinary shares [member] | PurchaseAgreement [Member] | ||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||
Conversion of Shares Issued | 100,000,001 | |||||||||||
Conversion of Shares Converted | 100,000,000 | |||||||||||
Ordinary shares [member] | Merger Agreement [Member] | ||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||
Reverse stock split, Conversion ratio | 71.76775% | |||||||||||
Ordinary shares [member] | Merger Agreement [Member] | LegatoCommonShareholders [Member] | ||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||
Number of shares issued during period | 30,306,320 | |||||||||||
Ordinary shares [member] | Merger Agreement [Member] | PIPE Investors [Member] | ||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||
Number of shares issued during period | 10,000,000 | |||||||||||
Common Stock Shares Issued Prior To Merger [Member] | EarnoutShares [Member] | ||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||
Number of shares issued during period | 35,883,692 | |||||||||||
[1]Retrospectively adjusted to reflect the reverse stock split, described below. On March 23, 2021, the Company was incorporated with one share. On March 29, 2021, the Company entered into an agreement with Algoma Steel Intermediate Parent S.A.R.L. to purchase all of the issued and outstanding Common shares (100,000,001) held in Algoma Steel Holdings Inc. in exchange for 100,000,000 additional Common shares in the Company. On October 18, 2021, the Company executed a return of capital to Algoma Steel Intermediate Parent S.a.r.l., a former related party and commonly controlled affiliate of Algoma Steel Parent S.C.A., the Company’s former ultimate parent company. The Company’s subsidiary, Algoma Steel Inc. provided a loan to facilitate the payment totalling $8.3 million (US $6.7 million) (refer to Note 31). Pursuant to the Merger Agreement with Legato (refer to Note 4), on October 19, 2021, the Company effected a reverse stock split, such that each outstanding common share became such number of common shares as determined by the conversion factor of 71.76775% (as defined in the Merger Agreement). As a result, the 100,000,001 common shares outstanding on the day prior to the Merger were split into 71,767,775 common shares. Further, the Company issued an additional 30,306,320 and 10,000,000 common shares to the Legato common shareholders and certain investor (“PIPE Investors”), respectively, in accordance with the Merger Agreement. As a result, capital stock was increased by $542.7 million, net of share issuance costs of $2.2 million (US $439.1 million). On February 9, 2022, the Company issued 35,883,692 common shares in connection with the earnout rights granted to non-management shareholders that existed prior to the Merger (refer to Note 4). On March 3, 2022, the Company announced a normal course issuer bid (the “NCIB”) after receiving regulatory approval from the Toronto Stock Exchange. Pursuant to the NCIB, the Company is authorized to acquire up to a maximum of 7,397,889 of its shares, or 5% of its 147,957,790 issued and outstanding shares as of February 18, 2022, subject to a daily maximum of 16,586 shares. The common shares are available for purchase for cancellation commencing on March 3, 2022 until no later than March 2, 2023. No shares were repurchased by the Company under the NCIB during the year ended March 31, 2022. On March 31, 2022, a dividend payment of $9.3 million (US $7.4 million) was paid and recorded as a distribution through retained earnings (refer to Note 35). |
Capital Stock - Summary of clas
Capital Stock - Summary of classes of share capital (Detail) $ in Millions, $ in Millions | 12 Months Ended | |||||
Feb. 18, 2022 shares | Oct. 18, 2021 CAD ($) | Oct. 18, 2021 USD ($) | Mar. 31, 2022 CAD ($) shares | Mar. 31, 2021 CAD ($) shares | ||
Disclosure of classes of share capital [line items] | ||||||
Number of shares issued during period | shares | 147,957,790 | |||||
Beginning balance | $ 409.5 | |||||
Issue of equity | 976.8 | |||||
Ending balance | $ 1,378 | $ 409.5 | ||||
Issued capital [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Beginning balance, Shares | shares | 71,767,775 | 0 | ||||
Number of shares issued during period | shares | [1] | 71,767,775 | ||||
Number of shares returned during period | shares | 0 | |||||
Ending balance, Shares | shares | 147,957,787 | 71,767,775 | ||||
Beginning balance | $ 409.5 | $ 0 | ||||
Issue of equity | [1] | 409.5 | ||||
Reduction of issued capital | $ (8.3) | $ (6.7) | (8.3) | |||
Ending balance | $ 1,378 | $ 409.5 | ||||
Merger transaction | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares issued during period | shares | 40,306,320 | |||||
Issue of equity | $ 542.7 | |||||
Earnout rights | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares issued during period | shares | 35,883,692 | |||||
Issue of equity | $ 434.1 | |||||
[1]Retrospectively adjusted to reflect the reverse stock split, described below. On March 23, 2021, the Company was incorporated with one share. On March 29, 2021, the Company entered into an agreement with Algoma Steel Intermediate Parent S.A.R.L. to purchase all of the issued and outstanding Common shares (100,000,001) held in Algoma Steel Holdings Inc. in exchange for 100,000,000 additional Common shares in the Company. On October 18, 2021, the Company executed a return of capital to Algoma Steel Intermediate Parent S.a.r.l., a former related party and commonly controlled affiliate of Algoma Steel Parent S.C.A., the Company’s former ultimate parent company. The Company’s subsidiary, Algoma Steel Inc. provided a loan to facilitate the payment totalling $8.3 million (US $6.7 million) (refer to Note 31). Pursuant to the Merger Agreement with Legato (refer to Note 4), on October 19, 2021, the Company effected a reverse stock split, such that each outstanding common share became such number of common shares as determined by the conversion factor of 71.76775% (as defined in the Merger Agreement). As a result, the 100,000,001 common shares outstanding on the day prior to the Merger were split into 71,767,775 common shares. Further, the Company issued an additional 30,306,320 and 10,000,000 common shares to the Legato common shareholders and certain investor (“PIPE Investors”), respectively, in accordance with the Merger Agreement. As a result, capital stock was increased by $542.7 million, net of share issuance costs of $2.2 million (US $439.1 million). On February 9, 2022, the Company issued 35,883,692 common shares in connection with the earnout rights granted to non-management shareholders that existed prior to the Merger (refer to Note 4). On March 3, 2022, the Company announced a normal course issuer bid (the “NCIB”) after receiving regulatory approval from the Toronto Stock Exchange. Pursuant to the NCIB, the Company is authorized to acquire up to a maximum of 7,397,889 of its shares, or 5% of its 147,957,790 issued and outstanding shares as of February 18, 2022, subject to a daily maximum of 16,586 shares. The common shares are available for purchase for cancellation commencing on March 3, 2022 until no later than March 2, 2023. No shares were repurchased by the Company under the NCIB during the year ended March 31, 2022. On March 31, 2022, a dividend payment of $9.3 million (US $7.4 million) was paid and recorded as a distribution through retained earnings (refer to Note 35). |
Net Income (Loss) Per Share - A
Net Income (Loss) Per Share - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Feb. 09, 2022 $ / t | Oct. 19, 2021 Units shares | Mar. 31, 2022 CAD ($) shares | |
Earnings per share [line items] | |||
Increase decrease to profit loss to reflect dilutive effect resulting from gain loss on change in fair value of warrants | $ | $ 6.4 | ||
Ordinary shares [member] | Merger Agreement [Member] | |||
Earnings per share [line items] | |||
Reverse stock split, Conversion ratio | 71.76775% | ||
Reverse stock split, Shares issued | 71,767,775 | ||
Reverse stock split, Shares converted | 100,000,001 | ||
Ordinary shares [member] | Merger Agreement [Member] | PIPE Investors [Member] | |||
Earnings per share [line items] | |||
Number of shares issued during period | 10,000,000 | ||
Merger [Member] | |||
Earnings per share [line items] | |||
Warrants converted | 24,179,000 | ||
Merger [Member] | Top of range [member] | |||
Earnings per share [line items] | |||
Earnout rights granted | 37,500,000 | ||
Merger [Member] | Replacement LTIP Awards [Member] | |||
Earnings per share [line items] | |||
Number of instruments granted in share based payment arrangement | Units | 3,232,628 | ||
Merger [Member] | Deferred Share Units [Member] | |||
Earnings per share [line items] | |||
Number of other equity instruments granted | $ / t | 38,577 | ||
Number of other equity instruments exercisable terms | as the units are exercisable for little or no consideration | ||
Merger [Member] | Ordinary shares [member] | Merger Agreement [Member] | Legato Common Shareholders [Member] | |||
Earnings per share [line items] | |||
Number of shares issued during period | 30,306,320 |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Summary of Computation of Basic and Diluted Net Income (Loss) Per Common Share (Detail) - CAD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Text Block [Abstract] | |||
Net income (loss) attributable to ordinary shareholders | $ 857.7 | $ (76.1) | $ (175.9) |
Loss on change in fair value of warrants(i) | 6.4 | 0 | 0 |
Net income (loss) attributable to ordinary shareholders (diluted) | $ 864.1 | $ (76.1) | $ (175.9) |
Weighted average common shares outstanding | 100,600 | 71,800 | 71,800 |
Dilutive effect of warrants | 10,900 | ||
Weighted average number of ordinary shares used in calculating diluted earnings per share | 111,500 | 71,800 | 71,800 |
Net income (loss) per common share: | |||
Basic | $ 8.53 | $ (1.06) | $ (2.46) |
Diluted | $ 7.75 | $ (1.06) | $ (2.46) |
Net Change In Non-Cash Operat_3
Net Change In Non-Cash Operating Working Capital - Summary Of Changes In Non Cash Operating Working Capital (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule Of Changes In Non Cash Operating Working Capital Line Item [Line Items] | |||
Increase (decrease) in working capital | $ (21.1) | $ (137.7) | $ 34.3 |
Non Cash Item [Member] | |||
Schedule Of Changes In Non Cash Operating Working Capital Line Item [Line Items] | |||
Accounts receivable | (127) | (47.2) | 88.4 |
Taxes payable and accrued taxes | (22.1) | 16.7 | 3.7 |
Inventories | (63.6) | (33.6) | (36.8) |
Prepaid expenses and other current assets | 12.5 | (70.3) | 20.2 |
Accounts payable and accrued liabilities | 166.6 | (21.2) | (42.4) |
Derivative financial instruments (net) | 12.5 | (15.3) | 1.2 |
Secured term loan interest payment in kind | $ 0 | $ 33.2 | $ 0 |
Related Party Transactions an_2
Related Party Transactions and Balances - Additional Information (Detail) $ in Millions, $ in Millions | 12 Months Ended | |||||
Oct. 18, 2021 CAD ($) | Oct. 18, 2021 USD ($) | Mar. 31, 2022 CAD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 CAD ($) | Mar. 31, 2021 USD ($) | |
Issued capital [member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Reduction of issued capital | $ 8.3 | $ 6.7 | $ 8.3 | |||
AlgomaSteelParent SCA [Member] | SettlementOfParentCompanyPromissoryNoteReceivable [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Amounts receivable, Related party transactions | $ 2.2 | $ 1.7 | ||||
Proceeds from amounts receivable, Related party transactions | 6.5 | $ 5 | ||||
AlgomaSteelParent SCA [Member] | SettlementOfParentCompanyPromissoryNoteReceivable [Member] | Issued capital [member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Reduction of issued capital | $ 8.3 | $ 6.7 | ||||
Subsidiaries [member] | AlgomaSteelInc [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Settlement of liabilities on behalf of entity by related party, Related party transactions | $ 6.5 | $ 5 |
Financial instruments - Additio
Financial instruments - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 CAD ($) Tons | Mar. 31, 2021 CAD ($) Tons | Mar. 31, 2020 CAD ($) | |
Disclosure Of Financial Instruments [Line Items] | |||
Current trade receivables | $ 402.3 | $ 274.6 | |
Accounts receivable overdue amount | $ 2.1 | $ 2.3 | |
Percentage of accounts receivable overdue | 0.50% | 0.90% | |
Accounts receivable overdue period | 90 days | ||
Allowance account for credit losses of financial assets | $ 2.4 | $ 1.8 | $ 0.7 |
Interest rate risk [member] | |||
Disclosure Of Financial Instruments [Line Items] | |||
Percentage of reasonably possible increase in unobservable input, liabilities | 1% | ||
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, recognised in profit or loss, after tax, liabilities | $ 6.4 | 6.4 | |
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, recognised in profit or loss, after tax, liabilities | $ 6.4 | $ 6.4 | |
Commodity price risk [member] | Commodity Based Swap Contracts [Member] | |||
Disclosure Of Financial Instruments [Line Items] | |||
Percentage of reasonably possible increase in unobservable input, liabilities | 10% | 10% | |
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, recognised in profit or loss, after tax, liabilities | $ 15.6 | $ 16.8 | |
Aggregate notional quantity outstanding | Tons | 90,000 | 117,000 | |
Accounts Receivable [Member] | |||
Disclosure Of Financial Instruments [Line Items] | |||
Allowance account for credit losses of financial assets | $ 2.4 | $ 1.8 | |
Bottom of range [member] | One Customer [Member] | |||
Disclosure Of Financial Instruments [Line Items] | |||
Percentage of entity's revenue | 10% |
Financial Instruments - Summary
Financial Instruments - Summary of Detailed Information Financial Assets And Liabilities Classified And Measured (Detail) - CAD ($) $ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Financial assets at amortised cost, category [member] | Cash [Member] | ||
Disclosure Of Detailed Information Financial Assets And Liabilities Classified And Measured [Line Items] | ||
Financial assets - Carrying Value | $ 915.3 | $ 21.2 |
Financial assets - Fair Value | 915.3 | 21.2 |
Financial assets at amortised cost, category [member] | Restricted Cash [Member] | ||
Disclosure Of Detailed Information Financial Assets And Liabilities Classified And Measured [Line Items] | ||
Financial assets - Carrying Value | 3.9 | 3.9 |
Financial assets - Fair Value | 3.9 | 3.9 |
Financial assets at amortised cost, category [member] | Trade receivables [member] | ||
Disclosure Of Detailed Information Financial Assets And Liabilities Classified And Measured [Line Items] | ||
Financial assets - Carrying Value | 402.3 | 274.6 |
Financial assets - Fair Value | 402.3 | 274.6 |
Financial assets at amortised cost, category [member] | Margin Payments [Member] | ||
Disclosure Of Detailed Information Financial Assets And Liabilities Classified And Measured [Line Items] | ||
Financial assets - Carrying Value | 29.5 | 49.4 |
Financial assets - Fair Value | 29.5 | 49.4 |
Financial assets at amortised cost, category [member] | Related Party Receivable [Member] | ||
Disclosure Of Detailed Information Financial Assets And Liabilities Classified And Measured [Line Items] | ||
Financial assets - Carrying Value | 0 | 2.2 |
Financial assets - Fair Value | 0 | 2.2 |
Financial liabilities at amortised cost, category [member] | Bank Indebtedness [Member] | ||
Disclosure Of Detailed Information Financial Assets And Liabilities Classified And Measured [Line Items] | ||
Financial liabilities - Carrying Value | 0.1 | 90.1 |
Financial liabilities - Fair Value | 0.1 | 90.1 |
Financial liabilities at amortised cost, category [member] | Accounts Payable and Accrued Liabilities [Member] | ||
Disclosure Of Detailed Information Financial Assets And Liabilities Classified And Measured [Line Items] | ||
Financial liabilities - Carrying Value | 261.9 | 153.8 |
Financial liabilities - Fair Value | 261.9 | 153.8 |
Financial liabilities at amortised cost, category [member] | Current Portion Of Governmental Loans [Member] | ||
Disclosure Of Detailed Information Financial Assets And Liabilities Classified And Measured [Line Items] | ||
Financial liabilities - Carrying Value | 10 | 0 |
Financial liabilities - Fair Value | 10 | 0 |
Financial liabilities at amortised cost, category [member] | Long Term Debt [Member] | ||
Disclosure Of Detailed Information Financial Assets And Liabilities Classified And Measured [Line Items] | ||
Financial liabilities - Carrying Value | 0 | 439.3 |
Financial liabilities - Fair Value | 0 | 439.3 |
Financial liabilities at amortised cost, category [member] | Long Term Governmental Loans [Member] | ||
Disclosure Of Detailed Information Financial Assets And Liabilities Classified And Measured [Line Items] | ||
Financial liabilities - Carrying Value | 95.2 | 86.4 |
Financial liabilities - Fair Value | 95.2 | 86.4 |
Financial Instruments Measured At Fair Value through Other Comprehensive Income Category [Member] | Derivative Instruments [Member] | ||
Disclosure Of Detailed Information Financial Assets And Liabilities Classified And Measured [Line Items] | ||
Financial liabilities - Carrying Value | 28.8 | 49.4 |
Financial liabilities - Fair Value | 28.8 | 49.4 |
Financial Instruments Measured At Fair Value Through Profit Or Loss Category [Member] | Warrant Liability [Member] | ||
Disclosure Of Detailed Information Financial Assets And Liabilities Classified And Measured [Line Items] | ||
Financial liabilities - Carrying Value | 99.4 | 0 |
Financial liabilities - Fair Value | 99.4 | 0 |
Financial Instruments Measured At Fair Value Through Profit Or Loss Category [Member] | Earnout Liability [Member] | ||
Disclosure Of Detailed Information Financial Assets And Liabilities Classified And Measured [Line Items] | ||
Financial liabilities - Carrying Value | 22.7 | 0 |
Financial liabilities - Fair Value | $ 22.7 | $ 0 |
Financial Instruments - Summa_2
Financial Instruments - Summary of Company's Contractually Agreed (Undiscounted) Cash Flows Payable Under Financial Liabilities (Detail) - CAD ($) $ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Maturity Analysis For Financial Liabilities [Line Items] | ||
Trade and other payables, undiscounted cash flows | $ (261.9) | $ (144.3) |
Taxes Payable Undiscounted Cash Flows | (64.3) | (27.2) |
Government Loans Undiscounted Cash Flows | (136.5) | (135.1) |
Derivative financial liabilities, undiscounted cash flows | (28.8) | |
Financial Liabilities Undiscounted Cash Flows | (493.9) | (1,091.2) |
Available for use asset costs undiscounted cash flows | (49.4) | |
Bank borrowings, undiscounted cash flows | (0.1) | (90.1) |
Provincial MENDM Loan [Member] | ||
Maturity Analysis For Financial Liabilities [Line Items] | ||
Interest Payable Undiscounted Cash Flows | (2.3) | 0 |
Secured Term Loan Facility [Member] | ||
Maturity Analysis For Financial Liabilities [Line Items] | ||
Interest Payable Undiscounted Cash Flows | (176.4) | |
Loans Received Undiscounted Cash Flows | (381.9) | |
Algoma Docks Term Loan [Member] | ||
Maturity Analysis For Financial Liabilities [Line Items] | ||
Interest Payable Undiscounted Cash Flows | (10.8) | |
Loans Received Undiscounted Cash Flows | (76) | |
Year 1 | ||
Maturity Analysis For Financial Liabilities [Line Items] | ||
Trade and other payables, undiscounted cash flows | (261.9) | (144.3) |
Taxes Payable Undiscounted Cash Flows | (64.3) | (27.2) |
Government Loans Undiscounted Cash Flows | (9.9) | 0 |
Derivative financial liabilities, undiscounted cash flows | (28.8) | |
Financial Liabilities Undiscounted Cash Flows | (367.3) | (367.7) |
Available for use asset costs undiscounted cash flows | (49.4) | |
Bank borrowings, undiscounted cash flows | (0.1) | (90.1) |
Year 1 | Provincial MENDM Loan [Member] | ||
Maturity Analysis For Financial Liabilities [Line Items] | ||
Interest Payable Undiscounted Cash Flows | (2.3) | 0 |
Year 1 | Secured Term Loan Facility [Member] | ||
Maturity Analysis For Financial Liabilities [Line Items] | ||
Interest Payable Undiscounted Cash Flows | (38.5) | |
Loans Received Undiscounted Cash Flows | (3.6) | |
Year 1 | Algoma Docks Term Loan [Member] | ||
Maturity Analysis For Financial Liabilities [Line Items] | ||
Interest Payable Undiscounted Cash Flows | (3.5) | |
Loans Received Undiscounted Cash Flows | (11.1) | |
Year 2 | ||
Maturity Analysis For Financial Liabilities [Line Items] | ||
Trade and other payables, undiscounted cash flows | 0 | 0 |
Taxes Payable Undiscounted Cash Flows | 0 | 0 |
Government Loans Undiscounted Cash Flows | (9.9) | (10) |
Derivative financial liabilities, undiscounted cash flows | 0 | |
Financial Liabilities Undiscounted Cash Flows | (9.9) | (68) |
Available for use asset costs undiscounted cash flows | 0 | |
Bank borrowings, undiscounted cash flows | 0 | 0 |
Year 2 | Provincial MENDM Loan [Member] | ||
Maturity Analysis For Financial Liabilities [Line Items] | ||
Interest Payable Undiscounted Cash Flows | 0 | 0 |
Year 2 | Secured Term Loan Facility [Member] | ||
Maturity Analysis For Financial Liabilities [Line Items] | ||
Interest Payable Undiscounted Cash Flows | (38.1) | |
Loans Received Undiscounted Cash Flows | (3.6) | |
Year 2 | Algoma Docks Term Loan [Member] | ||
Maturity Analysis For Financial Liabilities [Line Items] | ||
Interest Payable Undiscounted Cash Flows | (3.1) | |
Loans Received Undiscounted Cash Flows | (13.2) | |
Years 3 to 5 | ||
Maturity Analysis For Financial Liabilities [Line Items] | ||
Trade and other payables, undiscounted cash flows | 0 | 0 |
Taxes Payable Undiscounted Cash Flows | 0 | 0 |
Government Loans Undiscounted Cash Flows | (71.5) | (55) |
Derivative financial liabilities, undiscounted cash flows | 0 | |
Financial Liabilities Undiscounted Cash Flows | (71.5) | (585.4) |
Available for use asset costs undiscounted cash flows | 0 | |
Bank borrowings, undiscounted cash flows | 0 | 0 |
Years 3 to 5 | Provincial MENDM Loan [Member] | ||
Maturity Analysis For Financial Liabilities [Line Items] | ||
Interest Payable Undiscounted Cash Flows | 0 | 0 |
Years 3 to 5 | Secured Term Loan Facility [Member] | ||
Maturity Analysis For Financial Liabilities [Line Items] | ||
Interest Payable Undiscounted Cash Flows | (99.8) | |
Loans Received Undiscounted Cash Flows | (374.7) | |
Years 3 to 5 | Algoma Docks Term Loan [Member] | ||
Maturity Analysis For Financial Liabilities [Line Items] | ||
Interest Payable Undiscounted Cash Flows | (4.2) | |
Loans Received Undiscounted Cash Flows | (51.7) | |
Greater than 5 Years | ||
Maturity Analysis For Financial Liabilities [Line Items] | ||
Trade and other payables, undiscounted cash flows | 0 | 0 |
Taxes Payable Undiscounted Cash Flows | 0 | 0 |
Government Loans Undiscounted Cash Flows | (45.2) | (70.1) |
Derivative financial liabilities, undiscounted cash flows | 0 | |
Financial Liabilities Undiscounted Cash Flows | (45.2) | (70.1) |
Available for use asset costs undiscounted cash flows | 0 | |
Bank borrowings, undiscounted cash flows | 0 | 0 |
Greater than 5 Years | Provincial MENDM Loan [Member] | ||
Maturity Analysis For Financial Liabilities [Line Items] | ||
Interest Payable Undiscounted Cash Flows | 0 | 0 |
Greater than 5 Years | Secured Term Loan Facility [Member] | ||
Maturity Analysis For Financial Liabilities [Line Items] | ||
Interest Payable Undiscounted Cash Flows | 0 | |
Loans Received Undiscounted Cash Flows | 0 | |
Greater than 5 Years | Algoma Docks Term Loan [Member] | ||
Maturity Analysis For Financial Liabilities [Line Items] | ||
Interest Payable Undiscounted Cash Flows | 0 | |
Loans Received Undiscounted Cash Flows | 0 | |
Carrying Amount [member] | ||
Maturity Analysis For Financial Liabilities [Line Items] | ||
Accounts payable and accrued liabilities | 261.9 | 144.3 |
Taxes payable | 64.3 | 27.2 |
Governmental Loans | 95.2 | 86.4 |
Derivative financial instruments | 28.8 | |
Financial liabilities | 452.6 | 866.2 |
Revolving Credit Facility | 0.1 | 90.1 |
Available for use asset costs | 49.4 | |
Carrying Amount [member] | Provincial MENDM Loan [Member] | ||
Maturity Analysis For Financial Liabilities [Line Items] | ||
Interest on Provincial MENDM Loan | $ 2.3 | 1.4 |
Carrying Amount [member] | Secured Term Loan Facility [Member] | ||
Maturity Analysis For Financial Liabilities [Line Items] | ||
Interest on Provincial MENDM Loan | 9.1 | |
Loans received | 381.9 | |
Carrying Amount [member] | Algoma Docks Term Loan [Member] | ||
Maturity Analysis For Financial Liabilities [Line Items] | ||
Interest on Provincial MENDM Loan | 0.4 | |
Loans received | $ 76 |
Financial Instruments - Summa_3
Financial Instruments - Summary of Company's Canadian Dollar Denominated Financial Instruments (Detail) - CAD ($) $ in Millions | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Statement [Line Items] | ||||
Cash | $ 915.3 | $ 21.2 | $ 265 | $ 135.5 |
Accounts receivable | 402.3 | 274.6 | ||
Currency risk [member] | ||||
Statement [Line Items] | ||||
Cash | 25 | 5.6 | ||
Restricted cash | 3.9 | 3.9 | ||
Accounts receivable | 164.1 | 111.2 | ||
Bank indebtedness | (0.1) | (42.1) | ||
Accounts payable and accrued liabilities | (204.5) | (131.6) | ||
Long-term governmental loans | (3.1) | (87.8) | ||
Net Canadian dollar denominated financial instruments | $ (14.7) | $ (140.8) |
Financial Instruments - Summa_4
Financial Instruments - Summary of Company's Canadian Dollar Denominated Financial Instruments (Parenthetical) (Detail) - USD [member] $ in Millions | 12 Months Ended | |
Mar. 31, 2022 CAD ($) | Mar. 31, 2021 CAD ($) | |
Disclosure of detailed information about financial instruments [line items] | ||
Possible increase in the value of foreign currency against the location currency | 0.01 | 0.01 |
Possible decrease in the value of foreign currency against the local currency. | 0.01 | 0.01 |
Currency risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, recognised in profit or loss, after tax, liabilities | $ 1.9 | $ 0.1 |
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, recognised in profit or loss, after tax, liabilities | $ 1.9 | $ 0.1 |
Key Management Personnel - Summ
Key Management Personnel - Summary of Remuneration of the Company's Board of Directors and ELT (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of transactions between related parties [abstract] | |||
Salaries and benefits | $ 5.2 | $ 3.9 | $ 3.1 |
Director fees | 0.6 | 0.3 | 0.3 |
Share-based compensation (Note 34) | 5.7 | 14.1 | |
Key management personnel compensation | $ 11.5 | $ 18.3 | $ 3.4 |
Share Based Compensation - Addi
Share Based Compensation - Additional Information (Detail) $ in Millions | 12 Months Ended | |||
Oct. 19, 2021 CAD ($) | Mar. 31, 2022 shares $ / shares | Mar. 31, 2022 CAD ($) shares | Mar. 31, 2021 CAD ($) | |
Statement [Line Items] | ||||
Number of share options exercised in share-based payment arrangement | shares | 0 | |||
Deferred Share Units [Member] | ||||
Statement [Line Items] | ||||
Number of outstanding share options | shares | 54,558 | 54,558 | ||
Weighted average share price | $ / shares | $ 9.54 | |||
Administrative And Selling Expenses [Member] | ||||
Statement [Line Items] | ||||
Expense from share-based payment transactions | $ | $ 0.7 | $ 14.1 | ||
Longterm Incentive Plan [Member] | ||||
Statement [Line Items] | ||||
Increase (decrease) through share-based payment transactions, equity | $ | $ 8.8 |
Dividends - Additional Informat
Dividends - Additional Information (Detail) - 12 months ended Mar. 31, 2022 $ / shares in Units, $ in Millions, $ in Millions | CAD ($) | USD ($) $ / shares |
Disclosure Of Dividends [Line Items] | ||
Dividends paid, ordinary shares | $ 9.3 | $ 7.4 |
Common Share [Member] | ||
Disclosure Of Dividends [Line Items] | ||
Dividends paid, ordinary shares per share | $ 0.05 | |
Dividends paid, ordinary shares | $ 9.3 | $ 7.4 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Millions | Jun. 13, 2022 USD ($) |
Subsequent Event [Member] | |
Disclosure of non-adjusting events after reporting period [line items] | |
Stock repurchased during period, value | $ 400 |
Schedule I - Combined Condens_6
Schedule I - Combined Condensed Statements of Net Income (loss) (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Operating expenses | |||
Administrative and selling expenses | $ 103 | $ 72.4 | $ 56.9 |
Profit (loss) from operations | 1,411 | 84.8 | (137) |
Other (income) and expenses | |||
Listing expense | 235.6 | 0 | 0 |
Change in fair value of warrant liability | (6.4) | 0 | 0 |
Change in fair value of earnout liability | (78.1) | 0 | 0 |
Total | (254.4) | (160.9) | (43.2) |
Income (loss) before income taxes | 1,156.6 | (76.1) | (180.2) |
Income tax recovery | 298.9 | 0 | (4.3) |
Net income (loss) | 857.7 | (76.1) | (175.9) |
Parent [member] | |||
Statement [Line Items] | |||
Equity in income (loss) of subsidiary | 1,028.8 | (62) | (175.9) |
Operating expenses | |||
Administrative and selling expenses | 7.8 | 14.1 | |
Profit (loss) from operations | 1,021 | (76.1) | (175.9) |
Other (income) and expenses | |||
Listing expense | 235.6 | ||
Change in fair value of warrant liability | 6.4 | ||
Change in fair value of earnout liability | (78.1) | ||
Total | 163.9 | ||
Income (loss) before income taxes | 857.2 | (76.1) | (175.9) |
Income tax recovery | (0.5) | ||
Net income (loss) | $ 857.7 | $ (76.1) | $ (175.9) |
Schedule I - Combined Condens_7
Schedule I - Combined Condensed Statements of Comprehensive Income (loss) (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement [Line Items] | |||
Net income (loss) | $ 857.7 | $ (76.1) | $ (175.9) |
Other comprehensive income (loss), net of income tax, that will not be reclassified subsequently to profit or loss | |||
Foreign exchange loss on translation to presentation currency | (15.5) | (12.3) | 9.5 |
Other comprehensive (loss) income | 142.5 | (54.1) | 84.1 |
Total comprehensive income (loss) | 1,000.2 | (130.2) | (91.8) |
Parent [member] | |||
Statement [Line Items] | |||
Net income (loss) | 857.7 | (76.1) | (175.9) |
Other comprehensive income (loss), net of income tax, that will not be reclassified subsequently to profit or loss | |||
Foreign exchange loss on translation to presentation currency | (15.1) | ||
Equity (deficit) in other comprehensive income of subsidiary | 157.6 | (54.1) | 84.1 |
Other comprehensive (loss) income | 142.5 | (54.1) | 84.1 |
Total comprehensive income (loss) | $ 1,000.2 | $ (130.2) | $ (91.8) |
Schedule I - Combined Condens_8
Schedule I - Combined Condensed Statements of Financial Position (Detail) - CAD ($) $ in Millions | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Assets | ||||
Total assets | $ 2,693.6 | $ 1,553.9 | ||
Liabilities and Shareholders' Equity | ||||
Accounts payable and accrued liabilities | 261.9 | 153.8 | ||
Warrant liability | 99.4 | 0 | ||
Earnout liability | 22.7 | 0 | ||
Share-based payment compensation liability | 45.4 | 10 | ||
Total liabilities | 1,111 | 1,380.1 | ||
Shareholders' equity | ||||
Capital stock | 1,378 | 409.5 | ||
Accumulated other comprehensive income | 152 | 9.5 | ||
Retained earnings (deficit) | 77.8 | (249.3) | ||
Contributed (deficit) surplus | (25.2) | 4.1 | ||
Total shareholders' equity | 1,582.6 | 173.8 | $ 299.9 | $ 391.7 |
Total liabilities and shareholders' equity | 2,693.6 | 1,553.9 | ||
Parent [member] | ||||
Assets | ||||
Investment in subsidiaries | 1,761.1 | 173.8 | ||
Total assets | 1,761.1 | 173.8 | ||
Liabilities and Shareholders' Equity | ||||
Accounts payable and accrued liabilities | 0.7 | |||
Due to related party | 10.2 | |||
Warrant liability | 99.4 | |||
Earnout liability | 22.7 | |||
Share-based payment compensation liability | 45.4 | |||
Total liabilities | 178.5 | |||
Shareholders' equity | ||||
Capital stock | 1,378 | 409.5 | ||
Accumulated other comprehensive income | 152 | 9.5 | ||
Retained earnings (deficit) | 77.8 | (249.3) | ||
Contributed (deficit) surplus | (25.2) | 4.1 | ||
Total shareholders' equity | 1,582.6 | 173.8 | $ 299.9 | $ 391.7 |
Total liabilities and shareholders' equity | $ 1,761.1 | $ 173.8 |
Schedule I - Combined Condens_9
Schedule I - Combined Condensed Statement of Changes in Shareholders' Equity (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | ||
Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Line Items] | ||||
Beginning Balance | $ 173.8 | $ 299.9 | $ 391.7 | |
Net income (loss) | 857.7 | (76.1) | (175.9) | |
Issuance and modification of performance share units | (30) | |||
Issuance of deferred share units | 0.7 | |||
Other comprehensive (loss) income | (15.5) | (12.3) | 9.5 | |
Issuance of capital stock | 976.8 | |||
Return of capital | (8.3) | |||
Earnout rights | (521.3) | |||
Dividends paid | (9.3) | |||
Ending Balance | 1,582.6 | 173.8 | 299.9 | |
Parent [member] | ||||
Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Line Items] | ||||
Beginning Balance | 173.8 | 299.9 | 391.7 | |
Net income (loss) | 857.7 | (76.1) | (175.9) | |
Equity in other comprehensive income of subsidiary | 157.6 | 84.1 | ||
Exercise of performance share units and director units | 4.1 | |||
Deficit in other comprehensive income of subsidiary | (54.1) | |||
Issuance and modification of performance share units | (30) | |||
Issuance of deferred share units | 0.7 | |||
Other comprehensive (loss) income | (15.1) | |||
Issuance of capital stock | 976.8 | |||
Return of capital | (8.3) | |||
Earnout rights | (521.3) | |||
Dividends paid | (9.3) | |||
Ending Balance | 1,582.6 | 173.8 | 299.9 | |
Issued capital | ||||
Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Line Items] | ||||
Issuance of capital stock | [1] | 409.5 | ||
Issued capital | Capital stock | ||||
Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Line Items] | ||||
Beginning Balance | 409.5 | 409.5 | 409.5 | |
Issuance of capital stock | 976.8 | |||
Return of capital | (8.3) | |||
Ending Balance | 1,378 | 409.5 | 409.5 | |
Issued capital | Parent [member] | Capital stock | ||||
Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Line Items] | ||||
Beginning Balance | 409.5 | 409.5 | 409.5 | |
Issuance of capital stock | 976.8 | |||
Return of capital | (8.3) | |||
Ending Balance | 1,378 | 409.5 | 409.5 | |
Contributed Surplus | ||||
Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Line Items] | ||||
Beginning Balance | 4.1 | |||
Issuance and modification of performance share units | (30) | |||
Issuance of deferred share units | 0.7 | |||
Ending Balance | (25.2) | 4.1 | ||
Contributed Surplus | Parent [member] | ||||
Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Line Items] | ||||
Beginning Balance | 4.1 | |||
Exercise of performance share units and director units | 4.1 | |||
Issuance and modification of performance share units | (30) | |||
Issuance of deferred share units | 0.7 | |||
Ending Balance | (25.2) | 4.1 | ||
Foreign exchange gain (loss) on translation to presentation currency | ||||
Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Line Items] | ||||
Beginning Balance | (0.9) | 11.4 | 1.9 | |
Ending Balance | (16.4) | (0.9) | 11.4 | |
Foreign exchange gain (loss) on translation to presentation currency | Parent [member] | ||||
Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Line Items] | ||||
Other comprehensive (loss) income | (15.1) | |||
Ending Balance | (15.1) | |||
Equity (Deficit) in Other Compre- hensive income of subsidiary | Parent [member] | ||||
Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Line Items] | ||||
Beginning Balance | 9.5 | 63.6 | (20.5) | |
Equity in other comprehensive income of subsidiary | 157.6 | 84.1 | ||
Deficit in other comprehensive income of subsidiary | (54.1) | |||
Ending Balance | 167.1 | 9.5 | 63.6 | |
Accumulated other compre- hensive income (loss) | ||||
Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Line Items] | ||||
Beginning Balance | 9.5 | 63.6 | (20.5) | |
Ending Balance | 152 | 9.5 | 63.6 | |
Accumulated other compre- hensive income (loss) | Parent [member] | ||||
Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Line Items] | ||||
Beginning Balance | 9.5 | 63.6 | (20.5) | |
Equity in other comprehensive income of subsidiary | 157.6 | 84.1 | ||
Deficit in other comprehensive income of subsidiary | (54.1) | |||
Other comprehensive (loss) income | (15.1) | |||
Ending Balance | 152 | 9.5 | 63.6 | |
Retained earnings (deficit) | ||||
Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Line Items] | ||||
Beginning Balance | (249.3) | (173.2) | 2.7 | |
Net income (loss) | 857.7 | (76.1) | (175.9) | |
Earnout rights | (521.3) | |||
Dividends paid | (9.3) | |||
Ending Balance | 77.8 | (249.3) | (173.2) | |
Retained earnings (deficit) | Parent [member] | ||||
Parent Company Combined Condensed Statement of Changes in Shareholders Equity [Line Items] | ||||
Beginning Balance | (249.3) | (173.2) | 2.7 | |
Net income (loss) | 857.7 | (76.1) | (175.9) | |
Earnout rights | (521.3) | |||
Dividends paid | (9.3) | |||
Ending Balance | $ 77.8 | $ (249.3) | $ (173.2) | |
[1]Retrospectively adjusted to reflect the reverse stock split, described below. On March 23, 2021, the Company was incorporated with one share. On March 29, 2021, the Company entered into an agreement with Algoma Steel Intermediate Parent S.A.R.L. to purchase all of the issued and outstanding Common shares (100,000,001) held in Algoma Steel Holdings Inc. in exchange for 100,000,000 additional Common shares in the Company. On October 18, 2021, the Company executed a return of capital to Algoma Steel Intermediate Parent S.a.r.l., a former related party and commonly controlled affiliate of Algoma Steel Parent S.C.A., the Company’s former ultimate parent company. The Company’s subsidiary, Algoma Steel Inc. provided a loan to facilitate the payment totalling $8.3 million (US $6.7 million) (refer to Note 31). Pursuant to the Merger Agreement with Legato (refer to Note 4), on October 19, 2021, the Company effected a reverse stock split, such that each outstanding common share became such number of common shares as determined by the conversion factor of 71.76775% (as defined in the Merger Agreement). As a result, the 100,000,001 common shares outstanding on the day prior to the Merger were split into 71,767,775 common shares. Further, the Company issued an additional 30,306,320 and 10,000,000 common shares to the Legato common shareholders and certain investor (“PIPE Investors”), respectively, in accordance with the Merger Agreement. As a result, capital stock was increased by $542.7 million, net of share issuance costs of $2.2 million (US $439.1 million). On February 9, 2022, the Company issued 35,883,692 common shares in connection with the earnout rights granted to non-management shareholders that existed prior to the Merger (refer to Note 4). On March 3, 2022, the Company announced a normal course issuer bid (the “NCIB”) after receiving regulatory approval from the Toronto Stock Exchange. Pursuant to the NCIB, the Company is authorized to acquire up to a maximum of 7,397,889 of its shares, or 5% of its 147,957,790 issued and outstanding shares as of February 18, 2022, subject to a daily maximum of 16,586 shares. The common shares are available for purchase for cancellation commencing on March 3, 2022 until no later than March 2, 2023. No shares were repurchased by the Company under the NCIB during the year ended March 31, 2022. On March 31, 2022, a dividend payment of $9.3 million (US $7.4 million) was paid and recorded as a distribution through retained earnings (refer to Note 35). |
Schedule I - Combined Conden_10
Schedule I - Combined Condensed Statements of Cash Flows (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Parent Company Combined Condensed Statements Of Cash Flows [Line Items] | |||
Net income (loss) | $ 857.7 | $ (76.1) | $ (175.9) |
Items not affecting cash: | |||
Listing expense | 235.6 | ||
Adjustments to reconcile profit (loss) | 1,287.8 | 147.4 | (34.5) |
Net change in non-cash operating working capital | 21.1 | 137.7 | (34.3) |
Cash generated by (used in) operating activities | 1,263.4 | 8.1 | (4.7) |
Financing activities | |||
Dividends paid | (9.3) | ||
Cash (used in) generated by financing activities | (198.7) | (167.4) | 246.7 |
Parent [member] | |||
Parent Company Combined Condensed Statements Of Cash Flows [Line Items] | |||
Net income (loss) | 857.7 | (76.1) | (175.9) |
Items not affecting cash: | |||
Increase in fair value of warrant liability | 6.4 | ||
Decrease in fair value of earnout liability | (78.1) | ||
Listing expense | 235.6 | ||
Investment in shares of subsidiary | (1,028.8) | 62 | $ 175.9 |
Adjustments to reconcile profit (loss) | (7.2) | (14.1) | |
Net change in non-cash operating working capital | 16.5 | $ 14.1 | |
Cash generated by (used in) operating activities | 9.3 | ||
Financing activities | |||
Dividends paid | (9.3) | ||
Cash (used in) generated by financing activities | $ (9.3) |
General Information - Additiona
General Information - Additional Information (Detail) - CAD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement [Line Items] | |||
Dividends received | $ 0 | $ 0 | $ 0 |
Parent [member] | Algoma Steel Holdings Inc [Member] | |||
Statement [Line Items] | |||
Proportion of ownership interest in subsidiary | 100% |