05:06:28 EDT Thu 03 Jul 2025
Enter Symbol
or Name
USA
CA



Algoma Steel Group Inc
Symbol ASTL
Shares Issued 104,933,802
Close 2025-06-11 C$ 8.70
Market Cap C$ 912,924,077
Recent Sedar Documents

Globe says Algoma Steel sees rival AMLPC cut work force

2025-06-12 07:15 ET - In the News

The Globe and Mail reports in its Thursday edition that ArcelorMittal SA is laying off steelworkers in Hamilton as part of a restructuring plan as the multinational steelmaker grapples with punishing metals tariffs imposed by U.S. President Donald Trump. The Globe's Niall McGee writes that in a news release on Wednesday, ArcelorMittal Long Products Canada said it is shutting down its Hamilton wire drawing mill permanently and consolidating its operations in Montreal, leading to the loss of 153 jobs. Stephane Brochu, chief executive officer of AMLPC, said in a release that the restructuring is necessary to ensure the sustainability of the company's wire drawing business. Wire drawing is a steelmaking process that uses dies to reduce the diameter of wire and increase its length. AMLPC's wire is used in the telecommunications, construction and automotive industries. Luxembourg-based ArcelorMittal employs nearly 10,000 people in Canada, with 2,000 working for AMLPC. Algoma Steel Group recently said it is planning to lay off 35 people. The Sault Ste. Marie, Ont., steel producer told The Globe last week that the 50-per-cent tariffs make it unviable in the United States, barring a massive run-up in the price of steel.

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