Algoma Steel Anticipates Q4 Losses of $95M-$105M Amid U.S. Tariffs
Algoma Steel anticipates fourth-quarter losses of $95 million to $105 million due to U.S. tariffs, with steel shipments expected to reach 375,000 to 380,000 tons. The company is advancing its Electric Arc Furnace project while announcing 1,000 layoffs effective March 23, despite receiving $500 million in federal and provincial assistance to mitigate tariff impacts.
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Algoma Steel expects fourth-quarter losses between $95 million and $105 million due to U.S. tariffs. Steel shipments are projected at 375,000 to 380,000 tons. The company is ramping up its Electric Arc Furnace (EAF) project and transitioning from blast furnace operations.
Algoma will receive $500 million in federal and provincial assistance to address tariff impacts, with 1,000 layoffs announced for March 23. The federal contribution is $400 million, and the provincial share is $100 million.
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