The United Steelworkers (USW) is pushing for transparency after Algoma Steel announced earlier this week that it has received CA$500 million in financing from the Canadian government.
Market participants predicted that prices should be at or near a bottom. But while most seemed to agree on that point, many also said they saw little upside given a quiet spot market and ongoing concerns about demand.
Upended by the Trump regime's tornado of tariffs, Algoma Steel is pivoting on its cross-border business model, shifting its focus to supplying the Canadian market.
Algoma Steel has publicly confirmed that it might scale back its presence in the US market. It's no secret why: 50% Section 232 tariffs remain in place against Canada, which has traditionally been one of our closest allies.
Barry Zekelman has reduced his company’s stake in Canadian steelmaker Algoma Steel.
Canadian flat-rolled steelmaker Algoma Steel is reconsidering its presence in the US market after the doubling of US Section 232 tariffs on imported steel to 50%, a company spokeswoman said.
Algoma Steel is increasing its credit facility from USD$300 million to USD$375 million due to "market conditions."
Canada’s Algoma Steel saw a sharp loss in the second quarter amid a continued challenging market environment and “tariff uncertainties.”
Algoma Steel applied to Canada’s federal Large Enterprise Tariff Loan (LETL) program for $500 million to support its long-term operations.
Algoma Steel expects a narrower sequential loss in the second quarter, but the company continues to be impacted by the US tariff situation.
Algoma Steel reached a milestone in its transformation from blast furnace to electric arc furnace (EAF) steelmaking, with its Unit One EAF achieving its first steel production this week.
Canada’s Algoma Steel swung to a loss in the first quarter amid "market challenges," and the company now expects first steel production from its first EAF in the second quarter.
The latest SMU Community Chat webinar reply is now available on our website to all members. After logging in at steelmarketupdate.com, visit the community tab and look under the “previous webinars” section of the dropdown menu. All past Community Chat webinars are also available under that selection. If you need help accessing the webinar replay, or if your company […]
Algoma Steel CEO Michael Garcia will be the featured guest on SMU’s Community Chat webinar on Wednesday, April 9, at 11 a.m. ET. Register here for free to join the timely conversation. As a key Canadian flat-rolled steel producer and supplier to the US, Algoma can offer valuable insight into the evolving tariff landscape — its challenges […]
During the chat, we’ll discuss trends in the North American sheet and plate markets, as well as the unique aspects of the Canadian market. We’ll talk all thing tariffs — and the timing couldn’t be better in the wake of Liberation Day on April 2.
Algoma Steel has resumed shipments to the US, effective Friday, March 14. And the Canadian steelmaker sees a potential opportunity with the current tariff situation.
Algoma Steel's net loss narrowed in the fourth quarter vs. a year earlier amid economic uncertainty and tariff-related issues.
Facing an uncertain tariff trade war, Algoma Steel took action this week, halting steel shipments to the US, laying off employees, and prepping for an unknown future, according to local media reports.
"We experienced an event at the blast furnace which required a controlled shut down to facilitate repairs," a spokesperson said.
“We continue to make significant progress in our strategic transformation to become one of North America's leading low-carbon steel producers, setting the stage for an exciting 2025,” CEO Michael Garcia said.
Canada’ Algoma Steel has announced a change in its fiscal year end from March 31 to Dec. 31.
Canada’s Algoma Steel swung to a steep loss in the quarter ended Sept. 30 on lower steel shipments, greater consumption of purchased coke, and weakening market conditions.
Canadian flat-rolled steelmaker Algoma predicts that it will be roughly breakeven on an adjusted EBITDA basis in the second quarter of its fiscal year. The Sault Ste. Marie, Ontario-based company expects adjusted EBIDTA in a range from a gain of $5 million CAD ($3.7 million USD) to a loss of $5 million CAD in fiscal Q2'25.
Zekelman Industries has bought 5% of available shares of Canada’s Algoma Steel.
Despite this summer’s “challenging near-term pricing and uncertain macroeconomic conditions,” Algoma Steel CEO Michael Garcia said the company is focusing on what it can control: operating safely, providing exceptional customer service, and successfully executing its capital programs.
The United Kingdom and other countries are using the “green” label to subsidize bailouts of obsolete, inefficient, and excess capacity that should exit the market. US steelmakers have invested billions of dollars in technologies that curb greenhouse gas output. These investments have been market-based and led by EAF producers such as Nucor, Steel Dynamics, and CMC.
The recently announced acquisition of Stelco by Cleveland-Cliffs (Cliffs), priced at nearly three times book value, provides a great price for Stelco shareholders. And various synergies will likely leave Cliffs with tremendous runway for further growth in this deal. Cliffs expects to close this deal in 2024 Q4 upon government approval. This approval is expected but not a given.
There are just 40 days left until the 2024 SMU Steel Summit gets underway on Aug. 26 at the Georgia International Convention Center (GICC) in Atlanta. And I’m pleased to announce that it's official now: More than 1,000 people have registered to at attend! Another big development: The desktop version of the networking app for the event has officially launched!
Cleveland-Cliffs has been pursuing M&A opportunities for some time now and thinks it has found a solid partner with aligned interests in Stelco. The companies announced on Monday that Cliffs would acquire the integrated Canadian steelmaker. That same day, Cliffs held a conference call with analysts to discuss the acquisition. Lourenco Goncalves, Cliffs’ chairman, president, […]
Algoma executives reiterated that operations are proceeding as normal following an unplanned BF outage earlier this year.