Algoma Steel says it is seeking $500 million in federal support as the company faces continued uncertainty from U.S. tariffs on ´ºÉ«Ö±²¥ steel. A worker is shown at Algoma Steel in Sault Ste. Marie, Ontario on Friday, April 25, 2025. THE CANADIAN PRESS/Sean Kilpatrick
Algoma Steel says it is seeking $500 million in federal support as the company faces continued uncertainty from U.S. tariffs on ´ºÉ«Ö±²¥ steel. A worker is shown at Algoma Steel in Sault Ste. Marie, Ontario on Friday, April 25, 2025. THE CANADIAN PRESS/Sean Kilpatrick
SAULT STE. MARIE - Algoma Steel Group Inc. says lower steel shipment volumes and tariffs weighed on its bottom line during the second quarter.Â
The steel maker reported a net loss of $110.6 million during the quarter compared with net income of $6.1 million a year earlier.Â
Algoma Steel says it paid $64.1 million in tariffs during the quarter, compared to none during the same 2024 period.Â
Revenue during the second quarter came in at $589.7 million, lower than $650.5 million the year before.Â
Algoma Steel CEO Michael Garcia says the firm's operational results met its expectations for the quarter, but were affected by tariff uncertainty and weak steel demand.Â
Last week, the company said it is seeking $500 million in federal support as it faces continued uncertainty from U.S. tariffs on ´ºÉ«Ö±²¥ steel.
This report by ´ºÉ«Ö±²¥was first published July 29, 2025.
