05:02:08 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 hears calls for retaliation

2025-06-05 06:05 ET - In the News

The Globe and Mail reports in its Thursday edition that Prime Minister Mark Carney is facing increasing pressure from premiers, industry, labour and business groups to retaliate against U.S. President Donald Trump's doubling of steel and aluminum tariffs. A triple-bylined item reports that even as he called the tariffs "unlawful, unjustified and illogical," Mr. Carney said Canada will take its time responding, citing broader talks with the U.S. that he said are progressing. Mr. Trump initially imposed tariffs of 25 per cent on the metals in March but doubled them to 50 per cent as of Wednesday. The tariffs apply to all foreign suppliers, but they will disproportionately hit Canada, which is the largest supplier of steel and aluminum to the U.S. "We are in intensive negotiations with the Americans and in parallel, preparing reprisals if those negotiations do not succeed," Mr. Carney said during Question Period on Wednesday. The chief executive officer of Algoma Steel, Michael Garcia, said Ottawa should immediately bring in tariffs on imports of foreign steel to address dumping in Canada from places such as Turkey, Vietnam and the Middle East. Mr. Garcia also called into question the viability of Algoma's U.S. business.

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