05:48:52 EDT Mon 07 Jul 2025
Enter Symbol
or Name
USA
CA



Algoma Steel Group Inc
Symbol ASTL
Shares Issued 104,883,802
Close 2025-04-03 C$ 7.19
Market Cap C$ 754,114,536
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Globe says Algoma Steel wants action on foreign dumping

2025-04-04 09:21 ET - In the News

The Globe and Mail reports in its Friday edition that the Canadian Steel Producers Association is calling on the federal government to immediately erect new trade barriers against foreign dumping to help domestic producers better compete in their home market in the face of U.S. tariffs. The Globe's Niall McGee writes that Canadian steelmakers are highly dependent on the U.S. market and are now desperately trying to win more business at home where demand outstrips production. At its most egregious, dumping can drive Canadian steelmakers out of the market entirely. About 38 per cent of the steel purchased in Canada is sourced from foreign producers, and many have been found guilty of engaging in unfair trade practices. Algoma Steel regularly runs into a brick wall in this country because it must compete with cheap steel flooding in from China, South Korea, Malaysia, India, Vietnam, the Middle East and Turkey. And while the Canadian steelmaker has filed unfair trading cases with the Canadian government, Michael Garcia, chief executive officer, said they can take up to 18 months to play out and by the time there is a resolution the business is often already lost. Meanwhile, the damage from the March tariffs is mounting.

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