04:47:08 EDT Thu 03 Jul 2025
Enter Symbol
or Name
USA
CA



Algoma Steel Group Inc
Symbol ASTL
Shares Issued 104,933,802
Close 2025-06-20 C$ 9.40
Market Cap C$ 986,377,739
Recent Sedar Documents

Globe says Algoma Steel boss unhappy with new quotas

2025-06-23 06:14 ET - In the News

The Globe and Mail reports in its Saturday edition that Algoma chief executive officer Michael Garcia says the federal government's new quotas around imports of steel fall far short of what is needed during a vicious trade war with the United States. The Globe's Niall McGee writes that Prime Minister Mark Carney on Thursday announced that Canada is limiting imports of foreign steel from countries that do not have free trade agreements to 2024 levels. If the group of countries, which includes major steel producers such as China, India and Turkey, ships above that quota, 50-per-cent tariffs will take effect. Mr. Garcia said that while the quotas are "a good first step," much more needs to be done to tackle what has become a systemic problem for the Canadian steel industry. "It's not going to make much difference with the challenges we're facing." That is because the amount of foreign steel that was purchased by Canadian importers last year, and in the few years before that, was already extremely high -- making up about two-thirds of the market. Algoma has been trying to win more business at home to make up for lost revenue in the U.S. The CEO had pushed Ottawa to limit foreign steel imports to 25 per cent of 2024 levels.

© 2025 Canjex Publishing Ltd. All rights reserved.