04:35:53 EDT Thu 03 Jul 2025
Enter Symbol
or Name
USA
CA



Algoma Steel Group Inc
Symbol ASTL
Shares Issued 104,933,802
Close 2025-06-04 C$ 7.24
Market Cap C$ 759,720,726
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Globe says Algoma Steel hit by 50% Trump tax

2025-06-04 06:37 ET - In the News

The Globe and Mail reports in its Wednesday edition that the Canadian steel industry and a billionaire steel tycoon are calling for an immediate crackdown from Ottawa on dumping of foreign steel into Canada to appease U.S. President Donald Trump. The Globe's Niall McGee writes that Mr. Trump on Tuesday followed through with his threat to double the tariff on steel and aluminum imports to 50 per cent from 25 per cent. Michael Garcia, the chief executive officer of Algoma Steel, on Monday told The Globe that, barring a massive run-up in the price of the commodity, a 50-per-cent tariff would put it out of business in the U.S. In his executive order Tuesday, Mr. Trump drew attention to foreign steelmakers that he alleges are dumping metal into the U.S. market at artificially low prices. Canadian steel billionaire Barry Zekelman applauded Mr. Trump for jacking up the tariffs on Canadian steelmakers, and he blamed Ottawa for bringing the problem on itself by allowing cheap dumped foreign steel to flood the Canadian market. "What he's trying to do is force Canada's hand," said Mr. Zekelman, CEO of Zekelman Industries. "He's trying to say, 'Look, guys, you haven't fucking woken up. So, now I'm going to force you to wake up.'"

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