The Globe and Mail reports in its Friday, Nov. 22, edition that Stifel analyst Ian Gillies sees an inflection point for the North American steel sector as "market sentiment is improving and a pickup in demand and pricing is anticipated starting in 1Q25." The Globe's David Leeder writes in the Eye On Equities column that Mr. Gillies says: "Positively, a Trump administration is widely believed to be constructive for U.S. non-resi spending, helping drive a recovery in steel demand. Our baseline assumption is that Canada will be excluded from steel tariffs, but it does present a significant tail risk to Algoma." Mr. Gillies raised his share target for Algoma Steel Group to $22 from $20, matching the consensus. He rates Algoma "buy." Mr. Gillies says in a note: "Algoma Steel is a growth stock as it is embarking on a capital investment up to $918-milliion (prior: $825-million to $875-million) to convert its BOF to an EAF. This will likely increase the company's effective production capacity by 0.7 mmtpa, or 25 per cent. It should also reduce the company's risk related to a rising carbon tax in Canada. The company's strong balance sheet and government support leave it well-positioned to fund this growth plan."