01:10:13 EDT Mon 07 Jul 2025
Enter Symbol
or Name
USA
CA



Algoma Steel Group Inc
Symbol ASTL
Shares Issued 104,933,802
Close 2025-04-30 C$ 7.06
Market Cap C$ 740,832,642
Recent Sedar Documents

Globe says Algoma Steel spells out need for trade deal

2025-05-01 07:49 ET - In the News

The Globe and Mail reports in its Thursday edition that Algoma chief executive officer Michael Garcia is appealing to Prime Minister Mark Carney to "immediately engage" with the Trump administration about dropping punishing tariffs on imports of Canadian steel. The Globe's Niall McGee writes that Sault Ste. Marie-based Algoma is under significant strain owing to the 25-per-cent tariffs on steel and aluminum imposed by U.S. President Donald Trump on March 12. The Canadian steelmaker is directly bearing the costs of the tariffs because it is importer of record in the United States, and it has largely been unable to pass on the costs to its customers. The little under three weeks the company was subject to the tariffs during the first quarter cost it $10.5-million. The U.S. market accounts for about half of Algoma's revenue. Before the Liberals won a minority government this week, Mr. Carney, the party leader, met with Mr. Garcia during one of his final campaign stops at Sault Ste. Marie last Friday. The Algoma boss also outlined the harm being inflicted by suspected foreign dumping into the Canadian steel market. Mr. Garcia says Turkey, Taiwan, Italy, France and South Korea dump product into the domestic market.

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