Tree Island Steel Announces First Quarter 2026 Results

VANCOUVER, British Columbia, Canada – May 15, 2026 – Tree Island Steel (“Tree Island” or the “Company”) (TSX: TSL)
announced today its financial results for the three months ended March 31, 2026.
In the first quarter of 2026, revenues, net of freight and distribution, were $40.6 million, compared to $50.2 million in
the prior year period. The year-over-year decline was primarily driven by lower U.S. sales volumes reflecting the
continued impact of expanded U.S. tariffs on wire and wire products and the Company’s strategic withdrawal from
certain unprofitable product lines in 2025. This was partially offset by steady growth in Canadian sales, consistent with
the Company’s strategic focus on domestic markets and supported by the positive determination in Canada’s steel wire
antidumping case and by the Steel Diversion Measures implemented by the Canadian government.
Average selling prices increased in the quarter; however, gross profit decreased to $2.5 million from $3.9 million in the
same period in 2025, reflecting lower sales and production volumes. Adjusted EBITDA was $1.0 million, compared to
$2.0 million in the same period in 2025, primarily due to lower gross profit.
“We continue to adjust production levels and our workforce in response to changing demand and also pursuing
opportunities in new and existing markets.” said Nancy Davies, Chief Operating Officer of Tree Island Steel.