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Algoma Steel Group Inc
Symbol ASTL
Shares Issued 105,661,468
Close 2026-10-22 C$ 6.42
Market Cap C$ 678,346,625
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Globe says Algoma told Goncalves ignoring the data

2026-10-23 08:01 ET - In the News

The Globe and Mail reports in its Friday edition that Cleveland-Cliffs boss Lourenco Goncalves argues an "avalanche of imports" Ottawa has failed to adequately reduce has led to his decision to lay off 500 steelworkers in Ontario. The Globe's Jason Kirby writes that the trade data don't back up the assertion that Canada is in the midst of an onslaught of foreign galvanized steel. On a year-to-date basis, the volume of imports of coated steel from outside the U.S. has plunged more than 30 per cent since 2025 to the lowest level since at least 2019, and are down about 60 per cent over two years, an analysis of Statistics Canada import data shows. Since the Trump administration slapped steep tariffs on steel imports with the strong encouragement of Cliffs and other steelmakers, the federal government has imposed steep tariff-rate quotas to deter steel dumping in Canada. Ottawa has also mandated federally funded projects prioritize the use of Canadian steel. It's not just trade data that raise questions about Mr. Goncalves's reasons for idling Stelco's galvanized steel operations. The move has baffled its customers, with some pointing out that amid supply restrictions, galvanized steel prices have surged this year.

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