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.
A federal judge in Pittsburgh has ordered U.S. Steel and Algoma Steel to resolve their iron ore pellet contract dispute through arbitration. The decision comes after USS sued the Canadian steelmaker for refusing a shipment of iron ore pellets from U.S. Steel's Minnesota operations in September.
Canadian steelmaker Algoma's plans to bring forward the scheduled full transition to electric-arc furnace (EAF) steel production by one year merits a revisit. Why? Because of its potential impact on ferrous scrap flows between the US and Canada.
Plans are in the works to save 500 steelworker jobs at Algoma Steel and to construct two new mills – a plate mill and a beam mill, according to various local media reports.
Canada’s Algoma Steel announced ~1,000 layoffs on Monday as a result of disruptions from the US tariff situation.
Algoma Steel CEO Michael Garcia has been recognized by Canada’s The Globe and Mail newspaper as “CEO of the Year: Corporate Citizen.”
Algoma Steel plans to continue its transition to electric-arc furnace (EAF) steelmaking using the CA$500 million in loans from the Ontario provincial and Canadian federal governments.
SunCoke Energy’s earnings declined in the third quarter as weaker domestic coke sales and contract economics weighed on results.
Algoma Steel’s net loss more than quadrupled in the third quarter on trade woes and its EAF transition. Separately, the company announced a change in leadership, as CEO Michael Garcia will retire at the end of the year.
Any steel imports into the EU that exceed the new, lower quota level would be subject to a 50% tariff, which represents a major increase from the EU’s current 25% out-of-quota tariff. This move would largely align the EU’s steel tariff rate with Canada and the United States.
U.S. Steel is suing Algoma over the Canadian flat-rolled producer's rejection of iron pellet shipments, arguing it has breached its contract.
The three Canadian companies have announced a strategic partnership to support the development of an ultra-high-speed transit line from Edmonton to Calgary.
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.