Steel Mills

Zekelman Industries lowers stake in Algoma Steel

Written by Ethan Bernard

September 25, 2025

Barry Zekelman has reduced his company’s stake in Canadian steelmaker Algoma Steel.

Zekelman, executive chairman and CEO of Chicago-based pipe and tube maker Zekelman Industries, lowered the stake to 3.08% from 5.02%, according to a filing with the US Securities and Exchange Commission on Tuesday, Sept. 23.

“It is true, I have no confidence that the Canadian Government will do anything meaningful to ensure the long-term viability of the Canadian steel industry,” Zekelman said in a statement to SMU. “They don’t seem to understand the gravity of the situation.”

At a Fireside Chat at Steel Summit 2025, Zekelman had said the Canadian steel industry was “on their knees” due to the current tariff situation.

He also lamented the Canadian government’s lack of effective action to ensure the prosperity of Canada’s domestic steel industry.

Algoma woes

The news comes as Algoma has faced a series of setbacks. As SMU has reported, the Sault Ste. Marie, Ontario-based steelmaker is assessing the viability of US sales because of the onerous 50% Section 232 steel tariffs. (For more information on Algoma’s situation, click here.)

Algoma did not respond to a request for comment by time of publication.

Ethan Bernard

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

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