Algoma Steel shares surge 11.62% after-hours after Stifel Canada upgrades to "Buy" rating.

Algoma Steel Group surged 11.62% in after-hours trading following Stifel Canada’s initiation of a “Buy” rating on the stock. The firm highlighted the company’s strategic positioning in the steel industry, citing improved operational efficiency and a strong balance sheet. This recommendation, coupled with recent institutional purchases and a revised credit facility extension, reinforced investor confidence. The rating upgrade directly aligned with the stock’s upward movement, signaling optimism about ASTL’s recovery amid broader market volatility.