Tag: Algoma

Algoma Steel has secured a contract to supply up to 24,000 metric tons of structural steel plate for Seaspan Shipyards’ Canadian Coast Guard icebreaker program. The agreement, valued at about $182 million Canadian, covers steel for up to six multi-purpose icebreakers, at ~4,000 metric tons per vessel. Algoma will produce the plate, with Stigterstaal Canada serving as the marine steel processing and distribution partner. The order is the largest polar-class steel order in Algoma’s history, according to the companies.

Algoma’s net loss narrowed in the third quarter, but the company continues to be affected by US tariffs and the transition to electric-arc furnace (EAF) steelmaking. The Sault Ste. Marie, Ontario-based steelmaker reported a net loss of Canadian $129.6 million (USD$92.6 million) in the third quarter ended Sept. 30, narrowing 73% from CAD$485.1 million a year earlier. Net sales dropped 52% to CAD$249.4 million in the same comparison.

Algoma Steel Group Inc. expects the first heat from its second electric-arc furnace (EAF) in the coming days, even as it forecasts a quarterly EBITDA loss and a 20% decline in shipments.

Algoma Steel has restarted electric-arc furnace (EAF) production in Sault Ste. Marie, Ontario, after a turbine failure at its Lake Superior Power (LSP) plant.

Algoma Steel’s Piyush Shukla has been named the 2026 SMU NexGen Leadership Award winner.

Algoma Steel Inc. has halted its electric-arc furnace (EAF) in Sault Ste. Marie, Ontario, after an unplanned outage at its Lake Superior Power (LSP) plant.

Algoma’s CEO touted the company’s plate production and its focus on the Canadian market.

Algoma Steel narrowed its earnings loss by 13.2% in the second quarter as the company's electric-arc furnace (EAF) steelmaking ramped up further.

Hanwha Ocean has not definitively pulled its plans in Canada.

Algoma Steel is in talks with ThyssenKrupp Marine Systems (TKMS) following the Canadian government's selection of the German company as the preferred supplier of submarines.

The Canadian government has selected a German firm to build submarines, passing on a contract from a South Korean company linked with Algoma Steel.

Algoma Steel Group expects lower shipments in its second quarter of 2026 but anticipates adjusted EBITDA to move back into the black.

Canada’s steel production dropped sharply in May, falling 15% year over year and running 14% lower year-to-date, according to Earth-i’s Savant Global Monitoring Index. May’s production was just under 900,000 metric tons.

Algoma Steel announced on Thursday a price increase for coil and plate products, effective immediately.

Algoma CEO forges new path against tariff headwinds

Algoma Steel's loss widened in the first quarter as tariffs and the EAF transition impacted its bottom line.

Dozens of Canadian United Steelworkers (USW) labor union members lobbied federal politicians on Thursday, April 23 in Ottawa.

Plate market participants we spoke to this week offered a long list of concerns: escalating fuel and freight expenses, consolidated sources of end-market demand, tariff-related complications, as well as long lead times and delivery delays from US mills. The cherry on top? An ever shrinking availability of spot tons from domestic mills.

Algoma Steel aims to increase plate prices by US$60 per short ton (CA$80/st), effectively immediately, according to a letter to customers dated Thursday.

Canada's Algoma Steel and Roshel Inc. have partnered to form Roshel Algoma Defence (RADS), a sovereign ballistic steel solutions joint venture.

Algoma Steel Group Inc. released first-quarter earnings guidance, expecting to report a significant decline in shipments and adjusted EBITDA as the steelmaker continues its transition to electric-arc furnace steelmaking.

The layoffs at Algoma Steel’s integrated facility went into effect today. Going forward, it will use the electric arc furnace (EAF) for producing its steel.

The Canadian government has placed limits on salaries, bonuses, and other forms of compensation for top executives at Algoma Steel, according to a local media report.

Algoma Steel said the Section 232 tariff shock continues to shape its business model. The 50% US duty effectively shut the company out of its largest export market, forcing a structural pivot toward Canada.

Algoma Steel Inc. added to its mounting losses during the fourth quarter. Sales and shipments plummeted as ongoing trade tensions between Canada and the US force the Sault Ste. Marie, Ontario-based steelmaker to reconfigure its entire business model.

I want to say a big thank you to everyone who attended the Tampa Steel Conference. More than 600 people – smashing the record we set last year.

Plate production for the construction of the Polar Max Icebreaker is underway at Algoma’s Sault Ste. Marie facility in Ontario.  

This news item was first published by CRU. To learn about CRU’s global commodities research and analysis services, visit www.crugroup.com. Canada’s Algoma Steel signed a binding Memorandum of Understanding (MoU) with Hanwha Ocean to support Canada’s submarine program and Algoma’s diversification strategy. A new structural steel beam mill may result. Financial support, subject to conditions being […]

The final charge of Algoma Steel’s #7 blast furnace occurred on Saturday, as the company transitions to fully electric-arc furnace (EAF) steelmaking.

Algoma Steel Group Inc. is preparing to report another significant quarterly loss as it winds down its blast furnace operations and ramps up electric-arc furnace steelmaking.