06:12:22 EDT Mon 07 Jul 2025
Enter Symbol
or Name
USA
CA



Algoma Steel Group Inc
Symbol ASTL
Shares Issued 104,883,802
Close 2025-03-13 C$ 9.00
Market Cap C$ 943,954,218
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Globe says Algoma Steel optimistic on domestic sales

2025-03-14 07:50 ET - In the News

The Globe and Mail reports in its Friday edition that Algoma Steel is still making money despite newly imposed U.S. tariffs on Canadian steel imports, and chief executive officer says a Buy Canadian mandate from the federal government could provide an important boost. The Globe's Niall McGee writes that U.S. President Donald Trump on Wednesday levelled a 25-per-cent tariff on Canadian imports of steel and aluminum, in a boost for American steelmakers and, he hopes, domestic manufacturing. Canada quickly fired back with 25-per-cent levies on $30-billion in U.S. products. Algoma, based in Sault Ste. Marie, Ont., is one of the big three steelmakers in Canada alongside Dofasco and Stelco, both foreign-owned. To offset damage from the U.S. tariffs, Algoma is trying to boost its Canadian order book. About half the steel sold to Canadian consumers is foreign-sourced, so there is ample opportunity for domestic steelmakers to make inroads at home. In a Thursday conference call with analysts after the release of Algoma's quarterly earnings, CEO Michael Garcia said that, in the past 24 hours, the company had discussions with steel plate buyers in Edmonton, as well as individuals connected to two Canadian icebreaker ships.

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