Canada
July 1, 2026
Written by Ethan Bernard
Algoma Steel Group expects lower shipments in the second quarter of 2026 but anticipates adjusted EBITDA to move back into the black.
The Sault Ste. Marie, Ontario-based steelmaker said in guidance on Tuesday that steel shipments are expected to be in the range of 175,000 to 180,000 tons in Q2’26. That’s off from 223,681 tons in Q1’26 and 472,056 tons a year earlier.
Stelco Holdings Inc. is indefinitely idling its finishing operations in Hamilton, Ontario. The Canadian steelmaker, a subsidiary of Cleveland-Cliffs, will concentrate steel production at its Lake Erie Works in Nanticoke, Ontario, a Cliffs spokesperson told SMU.
The latest tally of active drilling rigs increased in both the US and Canada this week, according to oil and gas rig count data published by Baker Hughes.
Global raw steel production slowed for the third month in a row in August, according to the latest figures from the World Steel Association (worldsteel).
Metalformers’ optimism softened in the Precision Metalforming Association (PMA) September Business Conditions Report.
Drilling activity increased in the US this week but declined in Canada, according to active oil and gas rig count figures recently released from Baker Hughes. The US rig count rose by four to 595 rigs this week, now at the highest level recorded in over two years. Canadian counts eased to a 10-week low of 197 this week, down 10 rigs from the prior week.