03:15:57 EDT Mon 07 Jul 2025
Enter Symbol
or Name
USA
CA



Algoma Steel Group Inc
Symbol ASTL
Shares Issued 104,883,802
Close 2025-02-07 C$ 11.92
Market Cap C$ 1,250,214,920
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Globe says Algoma Steel hears Trump threaten tariffs

2025-02-10 09:25 ET - In the News

The Globe and Mail reports in its Monday edition that U.S. President Donald Trump said he will today announce plans for 25-per-cent tariffs on all steel and aluminum imports, including from Canada -- a move that could have devastating consequences for both industries in Canada, which rely on U.S. markets. The Globe's Mark Rendell and Steven Chase write that speaking to reporters on Air Force One on his way to the Super Bowl, Mr. Trump said that the tariffs would apply to "any steel coming into the United States," and "aluminum too." Canada is the largest international supplier of both metals to the U.S. Mr. Trump did not specify when the tariffs would take effect and provided no additional details. He also said he will announce "reciprocal" tariffs on countries that impose levies on U.S. goods. The President has spent his first three weeks in office threatening trade wars against both allies and adversaries. The major steelmakers in Canada are Algoma, Stelco and Dofasco. Canada's aluminum industry is in a slightly better spot. In the event of tariffs, however, the sector would be able to pass on some price increases to some customers and shift a significant amount of its business to other markets over time.

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