Canada
Algoma Steel CEO Mike Garcia to retire at year end
Written by Michael Cowden
October 29, 2025
Algoma Steel Group Inc. CEO Michael Garcia will retire at the end of the year, the company said on Tuesday.
Rajat Marwah, CFO of the Canadian flat-rolled steelmaker, will be appointed president on Nov. 1 and CEO on Jan. 1.
Michael Moraca, currently Algoma’s treasurer, will become CFO effective Jan. 1.
“I want to thank Mike for his strong leadership during a pivotal period for Algoma,” company board chair Andy Harshaw said in a statement. “Under his tenure, the company has strengthened its foundation, advanced its electric arc furnace project, and built an exceptional team.”
Garcia has been CEO of Algoma since 2022, when he replaced Michael McQaude. He joined the company after holding senior roles at Alcoa, Gerdau, and Evraz.
Garcia led Algoma through its transition to EAF steelmaking and, more recently, turmoil stemming from 50% Section 232 tariffs. He also spoke at SMU events and on Community Chats webinars – where he shared not only his deep knowledge of steelmaking but also his passion for the Las Vegas Knights and the annual Army-Navy football game. (“Go Army, Beat Navy.” You didn’t have to guess which side he was on.)
Garcia informed Algoma’s board of his plans to retire in late 2024. The company said it launched a succession process at that time.
“I first spoke to the board about my potential retirement close to a year ago. Working closely with the board, we focused on identifying the right candidate and timing to ensure stability and continuity for Algoma,” Garcia said.
“I have full confidence that Rajat and the leadership team will continue to advance Algoma’s transformation into a leading low-carbon steel producer,” he added.
Marwah joined Algoma in 2008. The company said he has been pivotal in shaping its strategy, capital markets initiatives, and its transition to EAF steelmaking.
“I’ve been part of Algoma Steel’s leadership team for almost two decades and have had the privilege of working alongside exceptional people through both challenges and milestones,” Marwah said. “It’s an honour to be entrusted by the board to lead this next phase of our journey.”
Algoma makes hot-rolled coil, cold-rolled coil, and plate. That company expects to have raw steel production capacity of 3.7 million tons per year once its EAF transition is complete.
