(Updates with stock price movement in the headline and the first paragraph.)

Algoma Steel (ASTL) shares were over 5% lower in recent Thursday trading following its Q3 guidance overnight.

Late Wednesday, the firm said it expects Q3 total steel shipments of 415,000 to 420,000 net tons and adjusted EBITDA loss of 80 million Canadian dollars ($57.4 million) to CA$90 million.

Algoma also said David Sgro has resigned from its board for personal reasons.

Price: 3.22, Change: -0.18, Percent Change: -5.41