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Algoma Steel Group Inc
Symbol ASTL
Shares Issued 105,661,468
Close 2026-10-01 C$ 5.85
Market Cap C$ 618,119,588
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Globe says Algoma Steel hears Stelco CEO defend layoffs

2026-10-02 07:05 ET - In the News

The Globe and Mail reports in its Friday edition that Cleveland-Cliffs boss Lourenco Goncalves says Ottawa's potential lawsuit against the American steelmaker for allegedly violating employment commitments in Canada makes no business sense, promising that laid-off workers will be called back if the trade war ends soon. The Globe's Niall McGee writes that on Monday, the American steelmaker said it plans to lay off up to 500 workers at Stelco's Hamilton plant and its Lake Erie Works operation in Nanticoke, Ont. The company said the layoffs were necessary to ensure its survival during the conflict. When the federal government approved Cliffs's $3.4-billion acquisition of Stelco Holdings in 2024, it imposed a series of legally binding conditions, including maintaining for five years at least the same number of unionized employees in Canada, and the vast majority of non-unionized workers. On Thursday, Mr. Goncalves, a strong supporter of President Donald Trump, said he takes the Prime Minister seriously: "He said that he will sue us. But is this a good business decision for Canada? I don't think so. I'm not asking for anything other than allow me to have a market to sell my galvanized steel. That will resolve the problem."

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