Tree Island Steel Announces Full Year 2025 Results

VANCOUVER, British Columbia, Canada – March 12, 2026 – Tree Island Steel (“Tree Island” or the “Company”) (TSX: TSL)
today reported its financial results for the year ended December 31, 2025.

For the three-month period ended December 31, 2025, revenues, net of freight and distribution, were $32.4 million,
compared with $44.8 million in the same period last year. The decline primarily reflected lower U.S. sales volumes due
to the ongoing impact of expanded U.S. tariffs on wire and wire products, as well as the Company’s strategic withdrawal
from certain unprofitable product lines. These factors were partially offset by continued growth in Canadian sales,
consistent with the Company’s increased focus on domestic markets.

For the full year, revenues totaled $161.8 million, down from $207.0 million in 2024. Despite higher average selling
prices, gross profit declined to $9.5 million from $11.8 million, and adjusted EBITDA decreased to $3.0 million from $4.3
million, reflecting lower sales and production volumes. During the year, the Company implemented cost-management
initiatives, including a 27% workforce reduction, to mitigate the impact of reduced volumes.

“We continue to focus on strengthening our position in the Canadian market as we navigate the challenges posed by
U.S. tariffs, ” said Nancy Davies, Chief Operating Officer of Tree Island Steel.

The Company paid quarterly dividends of $0.015 per share during 2025 and has elected to suspend dividend payments
in 2026 in light of ongoing economic uncertainty