Tag: Canada

It’s the scariest time of year in Washington, D.C. … election season. The city is a veritable haunted house of prognostication and speculation as everyone tries to discern which way the howling wind will blow. We’ll let the fortune tellers and prediction markets guess the outcomes of the midterms. What we do know is this: the steel industry has experienced its share of tricks and treats over the past few months. Below are a few notable steel tricks and treats this Halloween season.

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.

Cleveland-Cliffs Chairman and CEO Lourenco Goncalves said Stelco is not for sale, but he might sell it after operating the company for a period. He said he had come to understand that he was unwelcome in Canada. Separately, in a statement to SMU on Wednesday, Goncalves said he would consider a sale only after Stelco records one year of higher production and brings back all laid-off workers. He clarified it was 175 workers, not 500. He also said he would speak with no potential buyers “real or imaginary” now or during the next calendar year.

Canada’s Minister of Industry Melanie Joly has said she won’t meet with Cleveland-Cliffs until it presents a plan and a timeline to restore jobs at its Stelco operations in Hamilton, Ontario. This follows the Cleveland-based steelmaker saying on Monday it was in full compliance with undertakings related to its buy of Stelco in 2024. Stelco announced layoffs affecting up to 500 workers last month. The company cited the impact of US Section 232 tariffs. Subsequently, the Canadian government alleged that the layoffs violated commitments Cliffs made when it purchased Stelco in 2024.

The Canadian federal government and the Ontario provincial government have announced five-year commitments totaling CA$5.22 billion (US$3.72 billion) for a Joint Steel Action Fund. That funding comes alongside up to an additional CA$2.5 billion over two years for large-scale automotive capital projects. The federal and provincial governments said the package is intended to support domestic steel production, automotive manufacturing, and the transition to connected and electric vehicles.

North American auto assemblies fell 2.2% from August to 1.314 million units in September, as lower commercial vehicle production outweighed nearly unchanged personal vehicle output, according to GlobalData. After steady gains through Q2, automotive production has been inconsistent, continuing a seesaw pattern. Still, assemblies remain muted and well below pre-pandemic levels. Total production was 4% below September 2025. Still, last month’s production total was 2.7% above 2026’s monthly average of 1.28 million units.

Cleveland-Cliffs recorded its first profitable quarter since 2024 on higher steel prices, increased sales volumes, and trade policies supportive of US mills. The Cleveland-based steelmaker swung to a profit of $152 million in Q3’2026 compared to a loss of $251 million in the same quarter last year on revenue that rose 18.5% to $5.6 billion over the same period. Prior to Q3’2026, Cliffs had not posted a profit since Q2’24, when it recorded a profit of $2 million.

Stelco is proceeding with layoffs at its Hamilton, Ontario, mill despite the Canadian government’s threat of legal action. Last week, Canadian Industry Minister Mélanie Joly had given Cleveland-Cliffs Inc., the owner of Stelco, five days to respond to its call to maintain employment levels at the Canadian mill. Just days earlier, Cliffs announced it would indefinitely idle Stelco's finishing operations and lay off 500 workers. But the government says Cliffs agreed to maintain employment levels as a condition of its 2024 purchase of Stelco.

Varsteel Ltd. has acquired two additional steel and aluminum service centers in Canada. The Lethbridge, Alberta-based company has added to its portfolio Acier Simmonds of Sherbrooke, Quebec, and Acier Menard of Granby, Quebec. The acquisition builds on Varsteel’s three most recent acquisitions and further expands its market presence in Quebec.

The Canadian government has reportedly given Cleveland-Cliffs Inc. five days to respond to a letter from Canadian Industry Minister Mélanie Joly about the Stelco layoffs or face legal action.

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.

Canadian Prime Minister Mark Carney has threatened legal action against Cleveland-Cliffs over the layoffs announced earlier this week at its Stelco mill in Hamilton, Ontario.

President Trump said a trade deal with Canada could come within the next few weeks.

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 phrase “Fortress North America” seems to resurface anytime US, Canada, and Mexico trade negotiations roll around. The idea of an economic Fortress North America burst onto the scene in the late 1980s and early 1990s in the lead up to NAFTA. In theory...

The rally in steel sheet prices is officially a year old. We haven’t seen a yearlong price rally since 2021, when a snapback in demand following the early days of the pandemic resulted in one of the biggest steel market booms since World War II.

United Steelworkers (USW) International President Roxanne Brown urged US and Canadian trade representatives to reach an agreement that puts working families first. Her words come as trade talks between the two nations remain at an impasse, and escalating tensions have led to new tariffs on both sides. “This conflict is hurting jobs. It’s hurting facilities. It’s hurting communities. And it’s creating uncertainty for workers and families in both countries,” Brown said at a press event on Tuesday.

The Canadian Steel Producers Association (CSPA) has named Blair Dickerson as its new president and CEO, effective Sept. 17.

The latest Baker Hughes rig count figures show that oil and gas drilling increased in both the US and Canada through this week. Drilling is substantially higher than it was this time last year.

Following the 17-month high set in June, US steel exports receded 8% in July, according to recently released US Department of Commerce figures. Trade has been historically low for over a year and remains weak compared to 2022-2024 volumes.

Canada’s retaliatory tariffs on US goods have drawn support from Canadian steel producers and labor groups. Meanwhile, US manufacturers and trade officials are calling for renewed negotiations as the dispute adds costs and uncertainty to cross-border supply chains.

The retaliatory measures—which include 50% tariffs on US steel and aluminum—came after trade talks between Washington and Ottawa collapsed last month.

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.

Rather than recruiting other countries to help, the US appears intent on threatening to punish countries, including its closest friends. In my experience, this strategy has never proved productive. 

The August Business Conditions Report issued by the Precision Metalforming Association (PMA) found that North American sentiment improved markedly in August. “While metalformers expressed growing caution in July, this month’s survey reflects a notable improvement in sentiment,” said Mark Getsay, PMA’s managing director. “The increase in companies expecting stronger economic activity and higher order volumes is an encouraging sign.”

First, a big thank you to everyone who attended SMU Steel Summit this week and the inaugural AMU Aluminum Summit as well. I’m not going to crow too much about it being another record year in terms of attendance. But it was—and you made that possible. Also, it’s always great to see the entire steel […]

Barry Zekelman supports durable, predictable steel trade protection—and the Section 232 tariffs in particular—as a foundation for reinvestment in domestic manufacturing capacity.

Canada has moved to impose new tariffs on US goods, matching tariffs the US has imposed on it.

Canada’s government on Monday announced the largest shipbuilding contract in Quebec’s history.

The Canadian Steel Producers Association (CSPA) has voiced its concern over the latest US tariffs on the country and the lack of a trade deal.