Tree Island Steel Announces Third Quarter 2024 Results

VANCOUVER, British Columbia, Canada – November 5, 2024 – Tree Island Steel (”Tree Island” or the ”Company”) (TSX:
TSL) announced today its financial results for the three months ended September 30, 2024.

For the three-month period ended September 30, 2024, revenues, net of freight and distribution costs, decreased by
$1.8 million to $51.6 million, compared to $53.4 million in 2023. Gross profit for the quarter decreased to $2.1 million,
from $6.0 million in the same period in 2023. Adjusted EBITDA amounted to $6 thousand, compared to $4.1 million
during the same period in 2023. The largest drivers for the decreased earnings are the lower average selling prices and
reduced spreads between selling prices and raw material costs. This was due to competitive pricing pressures across
our market segments but especially in the residential and industrial segments.

For the nine months ended September 30, 2024, revenues, net of freight and distribution costs, decreased by $30.0
million to $162.2 million compared to $192.2 million in 2023, and gross profit decreased to $11.5 million from $26.9
million. The decrease is for the same factors as in the quarter. The shutdown of Etiwanda facility last year also impacted
volumes and revenue from Q3 2023 and onwards. This resulted in an Adjusted EBITDA of $6.0 million, compared to
$20.6 million during the same period in 2023.

“In the past three months we continued to face uncertainty in the market. Generally slower demand from our customers
along with declines in steel prices influenced market prices for our products. We remain committed to controlling our
costs and leveraging our operational capabilities to navigate the challenging economic environment”, commented
Nancy Davies, Chief Operating Officer of Tree Island Steel.