Algoma Steel shares rise 14.69% after-hour as Stifel maintains buy rating and C$11.50 target post Hanwa MoU.

Algoma Steel Group surged 14.69% in after-hours trading following Stifel Canada's decision to maintain its buy rating and C$11.50 price target on the stock. The firm cited the company's recent memorandum of understanding with South Korea's Hanwa as a catalyst for its continued optimism. The agreement, though non-binding, signals strategic collaboration potential that could enhance Algoma's market positioning. Analysts likely viewed the partnership as a positive step toward operational expansion or cost optimization, aligning with the significant post-market rally.